Sabot L'ours (sabotlours) wrote,
Sabot L'ours
sabotlours

Free and Clear

I have been waiting for some time to make this post. I just received a statement from my mortgage lender that I am at the point where I can make a final payment on the house. How much do I owe? Oh, about $100. That's right! After I send in a check for $100, FurCentral will officially be totally mine! Let me tell you, there is a HUGE emotional boost with this knowledge. Everyone is afraid (or should be) of being homeless. It's one thing to be a homeowner with a mortgage over your head where the loss of an income could lead to foreclosure, and a totally different thing to be a homeowner with only the tax man on your case. It's one thing to make $1000+ a month in payments and another to only need about $200 a month set aside for taxes (and a little more for insurance).

If you are making mortgage payments, I would highly recommend throwing in an extra few hundred bucks (or more) a month towards the principle. Not only will it get your balance down quicker, but it will also make more of your regular monthly payment go towards principle and not interest. Be aware that your lender might try its best to make things difficult for you. My bank always tried to assume that I was just making next month's payment a little early and took out interest and escrow before applying the rest to principle. It didn't seem to matter that I filled in the line on the form for "additional principle" or that I wrote "to principle only!" on the check. They always seemed to get stupid when the check arrived. They also are making it hard to break away from them. My final payment can't be a personal check. Oh no. I have to pay with a cashier's check. They also throw in some garbage fee to transfer the title into my name. Whatever. I just want to end being beholden to anyone.
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