Home ownership

[kcollins4]

Got a strange check in the mail today from our mortgage company. Seems as though we've overpaid the escrow by $745. While it's nice to get a check like that, it really got me wondering. My wife called the mortgage company and it seems the payoff on our house is............$770! They basically refunded whatever was in the account and are awaiting our final payment.


What a beautiful day it is! Seems like only yesterday (twenty years) that we moved into our "starter home" 1600 sq. ft. of castle.

Now we'll be saving around $450 a month. (Still have to pay taxes and insurance) That more than makes up for our part of the youngest daughters college loans. The little bit left over will go towards a new (used) truck for KC.

Been driving this Dodge since we bought it new in 2001. The wife got a new (used) car last year so it's my turn!

Funny, I never noticed blue birds singing in the backyard before...

 

[Ausjoe]

That's a real nice feeling for sure. Congratulations.

 

[luckyed]

Congratulations. Must be an awesome feeling.

 

[spartanmanor]

I am looking forward to the day I have paid off my house. Congratulations!

 

[mfhale]

Congratulations, Kevin!

I certainly am looking forward to that day.

 

[Ohighway]

Got a strange check in the mail today from our mortgage company. Seems as though we've overpaid the escrow by $745. While it's nice to get a check like that, it really got me wondering. My wife called the mortgage company and it seems the payoff on our house is............$770!

So can I assume you're gonna' send them their check back plus $25 ??

Congratulations !!

 

[wajobu]

Nice work! I like how the bank waits for YOU to notice and they can't resolve the final payment...you need to be actively involved. Don't forget to chase them for the deed...they WILL forget that if you don't. Now sock that payment away in the bank for a rainy day...ah, but you have plans for it already!

 

[Impedance]

I had the opposite happen to me... Letters from the county saying taxes were unpaid. Turns out that the mortgage company underestimated the escrow, so now to make up for it, I'm paying more

 

[electronjohn]

Can't wait for the day my house's is paid off. Still have to figure out how to send checks to the mortgage company when I'm dead, though.:scratch2:

 

[BmWr75]

Congrats dude!!! I look forward to the day.

 

[kcollins4]

I had the opposite happen to me... Letters from the county saying taxes were unpaid. Turns out that the mortgage company underestimated the escrow, so now to make up for it, I'm paying more

Yup, our escrow payment changed every year. Just an estimate anyway.

My question for you other homeowners, how do you handle your taxes and insurance now. Ours was included in the mortgage payment. Do you open a separate savings account and make estimated payments, kind of like your own escrow account? :scratch2:

 

[usedto]

My question for you other homeowners, how do you handle your taxes and insurance now. Ours was included in the mortgage payment. Do you open a separate savings account and make estimated payments, kind of like your own escrow account? :scratch2:

Depends on your county. Here in San Joaquin Co., Ca. you get a property tax bill in November - you pay 1/2 or all by Dec. 10, and the other half by April 10.

The bank should notify the assessor that they no longer have an impound account, but don't trust them. Check with them yourself a month or so after you get the paid note.

 

[pioneervato]

I think the norm is that your taxes and insurance are handled through escrow and so it is included with the mortgage payment. Last year I got a refund of $1400 + from my escrow account and this year I received $550. Since my credit union is my mortgage company they just made a direct deposit to my savings account on both occasions. Did not expect them both times and thought they had committed an error and gave me someone else's money.

Congrats on the end of your mortgage payments. I wish I could say the same for myself.

 

[Dan ʕ•ᴥ•ʔ]

Congrats, Kevin! I think I'll always remember the day I walked into the bank and paid mine off way early.
"Hi, I'm here to pay off my house loan." "Ummm...what?" :lmao:

 

[jimfet]

As many fights that he had with his wife and girlfriends, I bet there are some holes punched in the walls. Especially the bedroom.

Damn! I did it again. This is supposed to be in the Mike Tyson thread. Twice this week I've done this. Man, it's bad getting old.

 

[avguytx]

Ahhhh....what a wonderful feeling that must be! I know it felt darn good just getting to pay off my truck in the summer of 2009....but at the expense of having to sell my house and move due to the company I was with going under. I'm ready for home ownership again and the mortgage payment again! Yeah, I know...weird.

Congrats!

 

[Bstable]

Congratulations! I know what a good feeling that FINALLY is.

I bought my house in 1994 when I was making $9 hour. It is a 2 story house, and the downstairs (no more stairs) is a rental, so I was collecting rent to help with the mortgage payments. Actually at a certain point I was making $5 a month, and paying the mortgage. In 2004 I refinanced, and paid off the 20 year loan by 2006. Now I collect $700 a month.

Go out and have a nice meal, and savor the feeling. Check out Barter town, now that you have all that extra disposable cash.

 

[Arkay]

I had a similar but opposite experience. I was out when the postman tried to deliver a registered letter to my home, just before the long Chinese New Year holiday weekend. He left a notice, which said that I could pick up the letter from the local post office, from today onward. A full week of anticipation, thanks to the intervening holiday.

I tried to think of what it would be, since I wasn't expecting anything registered, especially at my home address, which I hardly ever use for any purpose, directing almost all my mail instead to a Post Office box, for increased security. Everything I could think of that it might be, was something BAD. Having it nagging at the back of my mind reduced my enjoyment of the holiday period a bit, but I kept hoping it was something I hadn't thought of, something that would be okay. I told myself it would be like that, but there was still this vague dread in the back of my mind.

Well, today I went to the post office, and the registered letter was... from the post office itself, saying that my PO Box rental was overdue. I thought I'd paid it, but I was remembering paying my wife's, instead (we each have one, although I carry both the keys and check both; we've had them since before we got married). It isn't a lot of money (about $67 per year), so I paid it immediately, but it took most of the day to completely shake off that vague nagging feeling of "impending doom" the notice had triggered. I kept trying to envisage it as something harmless that I just hadn't thought of... which is exactly what it turned out to be, but I wasn't as successful at it as I usually am.

Anyway, all's well that ends well, although I'm not happy to have had to pay MORE money than I thought. I'd rather be in kcollins4's shoes, getting money BACK and getting something more permanent, for the money I'm paying out.

Oh, well... that's life!

 

[tincat2]

if it were me, untrusting soul that i am, i would first make sure that the bank removes the lien from the deed as recorded at the courthouse. my way would be to take the final payment in and to receive the deed in hand, properly notated as 'paid in full'. then i would go to the courthouse and have the removal of the lien recorded. at that point, the tax people should start sending their bill directly to you. notify the insurance co. as to what's up(they may want a copy of the unencumbered deed-and may seize the opportunity for a rate increase). then how you save for, or make the requested payments is a matter of your own convenience.
you may want to investigate the county charges for removing the lien from the recorded deed beforehand, and if it is significant, work, it so the bank covers them. staying involved until things are the way you want them is always a good idea. it's not always a matter of some form of greed, but often is simple neglect or laziness on someone's part which leads to annoying delays and errors. i expected the lawyer to fold the charges to record a deed of trust into closing costs(which i agreed to split w/the buyer). when he failed to do so, i discovered it would cost almost $2k to get it done. keep after it-you've worked too long to have someone's coffee break mess things up. and congratulations.

 

[Permanent Waves]

Congrats: it's so great to own a house free and clear! :tresbon:

We paid off ours a couple of years ago and it's nice to know all we'll really have to worry about is the (hopefully unlikely) disasters of fire, tornado, earthquake, etc. (yea, we got insurance, but you know how that goes). Of course we could always "upgrade" to a bigger house (ours is 1900 sq ft) or move somewhere in the future, but with just the two of us we feel no need; ours is almost too much already. (I actually wanted a little smaller of a home--like 1500 sq ft--but the gf wanted more space).