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Mortgage paid off!! Totally debt-free!

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  • #16
    Originally posted by cypher1 View Post
    Congrats, DS! Another 20 more years of payments for me. :
    I refinanced last fall from a 30 to 20 yr.
    I had been in my house 3 years at the time, so I shaved 7 years off.

    Once my student loans are gone I'm going to run the numbers and see if moving to a 10 yr makes sense.
    Brian

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    • #17
      Siman Tov ! Mazal Tov !

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      • #18
        So of course my repayment got screwed up. Honestly, it might have been my own fault. Rather than going to the bank and doing the wire transfer in person, I did it online. The problem is I don't think there was anywhere to associate the transfer with my loan number, so the money was sent but they have no record of it being received. The reality is they probably got the money but didn't know who it belonged to. I'm on the phone with them now trying to get it straightened out.

        Since the payoff figure was only good through Wednesday, I'm going to end up owing a little more in interest. I'm hoping there's some way they'll let me pay that that doesn't involve spending another $10 for a second wire transfer.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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        • #19
          I haven't gotten it totally settled yet but I've made progress. What happened is when I went online to do the wire transfer, there were 3 options: same day, next day, and 3-day. Same day was $30. Next day was $10. 3-day was free but would have been too long, so I picked next day. The problem is that next day isn't a wire transfer; it's an ACH payment but that wasn't at all clear to me. The mortgage company only accepts wire transfers, not ACH payments, for payoffs. The bank customer service associate I spoke to said what will happen is that payment will get rejected and bounce back into my account in a couple of days. To make the payoff, I need to start over and choose the same day wire transfer option. She refunded the $10 fee I paid.

          Not a huge deal but the website definitely didn't make it clear that the next day option wasn't a wire transfer or I wouldn't have chosen that option. Now I just need to request a new payoff figure and do a fresh wire transfer to pay it off. I also need to make sure I get that first payment back in my account.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

          Comment


          • #20
            Originally posted by disneysteve View Post
            I haven't gotten it totally settled yet but I've made progress. What happened is when I went online to do the wire transfer, there were 3 options: same day, next day, and 3-day. Same day was $30. Next day was $10. 3-day was free but would have been too long, so I picked next day. The problem is that next day isn't a wire transfer; it's an ACH payment but that wasn't at all clear to me. The mortgage company only accepts wire transfers, not ACH payments, for payoffs. The bank customer service associate I spoke to said what will happen is that payment will get rejected and bounce back into my account in a couple of days. To make the payoff, I need to start over and choose the same day wire transfer option. She refunded the $10 fee I paid.
            Not to rag on BoA once again, but....they really charged you $10 for an ACH money transfer?!? ::shudder:: At least they refunded it to you...

            I will never understand why the financial industry is so vehemently trapped in the 1940s. Only wire transfers for mortgage payoffs...Medallion guarantees for investment transfers...FAX MACHINES FOR EVERYTHING!!! .... It's ludicrous given today's technology, interconnectedness, and secure data transfer capabilities.

            Sorry to hear it's been a pain to get worked out... At least the "extra interest" on <$2k will be just pennies.
            "Praestantia per minutus" ... "Acta non verba"

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            • #21
              Originally posted by kork13 View Post

              they really charged you $10 for an ACH money transfer?!?
              They don't normally charge for ACH payments. I make those all the time. The fee was to do it next-day.

              I will never understand why the financial industry is so vehemently trapped in the 1940s. Only wire transfers for mortgage payoffs...Medallion guarantees for investment transfers...FAX MACHINES FOR EVERYTHING!!! .
              They accept wire transfers or certified checks.

              HOWEVER, while speaking with the customer advocate today, she realized there was a third choice. We have enough in our escrow account to pay off the loan. I just had to send her an email authorizing them to use those funds to pay off the loan. I did that and the payoff is now processing so we should be all set. They will refund us the overage between what was in escrow and how much we owed (about $600). The only other thing I need to do is make sure the original transfer gets back into our account.

              I'm always amused when people complain about fax machines. We still use them every single day in the medical field. It's a standard means of communications because fax lines are secure. Email is not. There is secure email but most people don't have it.
              Steve

              * Despite the high cost of living, it remains very popular.
              * Why should I pay for my daughter's education when she already knows everything?
              * There are no shortcuts to anywhere worth going.

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              • #22
                What a pain! Sorry you had to deal with that Steve:-(.

                I'd of been more surprised if everything went off without a hitch, that's a rarity now-a-days!

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                • #23
                  Originally posted by Thrif-t View Post
                  What a pain! Sorry you had to deal with that Steve:-(.

                  I'd of been more surprised if everything went off without a hitch, that's a rarity now-a-days!
                  Yep. I was not at all surprised that there was an issue. In hindsight, I probably should have gone to a branch to do the transfer rather than trying to do it myself online but it seemed simple enough.
                  Steve

                  * Despite the high cost of living, it remains very popular.
                  * Why should I pay for my daughter's education when she already knows everything?
                  * There are no shortcuts to anywhere worth going.

                  Comment


                  • #24
                    write a check...be done with it

                    Gunga galunga...gunga -- gunga galunga.

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                    • #25
                      Originally posted by greenskeeper View Post
                      write a check...be done with it
                      You canít write a check to pay off a mortgage. Thatís not an option.
                      Steve

                      * Despite the high cost of living, it remains very popular.
                      * Why should I pay for my daughter's education when she already knows everything?
                      * There are no shortcuts to anywhere worth going.

                      Comment


                      • #26
                        Originally posted by disneysteve View Post

                        You canít write a check to pay off a mortgage. Thatís not an option.
                        swing and a miss....jerk.
                         
                        Gunga galunga...gunga -- gunga galunga.

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                        • #27
                          Steve, You may in a month or two have the bank wanting money for the courthouse paperwork to show that you have paid off your loan. When we sold our rental property that had two mortgages on it, we had to pay $78 x 2! Just an FYI in case.

                          My son Steve has paid off all debt that he had and has never had a credit card. When we were out for his birthday yesterday, he told me that since everything was paid off he has saved $1200! This is my kiddo with autism and life has come hard with him. He works a fulltime job and after years of working at a grocery store, he now is in one of the grocery pickup and delivery services. He can't coincide in his head that those years in a grocery store and helping me, means he can find things lickety-split. The day before he had about 6 deliveries, got $25 in cash tips, plus most leave tips on their account and every time he gets a 5-star rating the company gives him an extra $3. He loves it and is busy all the time. He has a goal sheet of what he hopes to achieve and what he needs money for both needs and wants, etc. But he was thrilled the day he made his last car payment.

                          Our car is the same age as yours and we have had it for 7 years now. It needs to be inspected in the next week, and will most likely need some work, but hopefully, we can keep it to 100,000 miles at least. It is only part of the way between 80000-90000 miles on the odometer. I will cry the day we can't find a Chrysler mini-van with the perfect height seat for me to get in and out of easily. Nothing like long legs with titanium knees to make problems getting in and out of cars. We only average about 4000 miles a year as we pretty much only go out for docs and groceries. When you are both in poor health, staying at home almost always is the best idea! I have had one new car in my life. The ex and I bought a car with 4 miles on the odometer, a Horizon. It was a lemon from day one and for some reason 10 years later when I needed a new car I bought an Omni (Horizon's twin sister). That car thought it was a tank. I never ever had problems with it. What I had problems with was my boys growing. Steve is 6'2" and his older brother not that tall, but tall enough that I had to say goodbye to it as we just didn't fit in it.

                          Anyhow congrats again and sorry that the bank and it's weird rules, caused some gray clouds over your elation.
                          Gailete
                          http://www.MoonwishesSewingandCrafts.com

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                          • #28
                            congratulations
                            LivingAlmostLarge Blog

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                            • #29
                              Originally posted by disneysteve View Post

                              I'll keep giving it to a "bank" but in the form of saving or investing rather than debt repayment.
                              Yes you taken a right decision, all the best for your future.

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                              • #30
                                Congratulations! I did the same a few months ago - so now we're debt free as well.

                                One thing I noted, was that after about a month, my credit score dropped by about 50 points. Not that I particularly care what my credit score is, but I found this intriguing.

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