Progress to Date

  • Original Loan Amount: $204,000.00
  • Balance at Beginning of 5-year Goal (1/1/08): $188,983.82 @ 6.00%
  • Balance at Refinance in February 2009: $148,000.00 @ 4.625%
  • Outstanding Balance: $0.00 (PAID IN FULL!!!)
  • Latest Payment Date: April 2011
  • Latest Additional Principal Amount: $17,623.22
  • Amount Ahead of Schedule (since refinance): $121,462
  • Time Ahead of Schedule (since refinance): 7 years 10 months
  • Interest Saved Last Month: $23,972.48
  • Total Interest Saved: $28,435.55 ($1,037.74 on original mortgage; $27,397.81 on current mortgage)
  • Months Remaining in 5-year Goal: 20
  • Average Monthly Principal Needed to Meet Goal: N/A (Goal achieved)
  • Progress List Explained

Monday, August 15, 2011

It's Official

Today, almost four months after we sent our final payment to our lender, we received a Release of Mortgage in the mail. It includes a cover letter from the lender, along with a very official-looking Release document, with a notary stamp and a sticker from the county Register of Deeds.

I'm glad to have it. I was just wondering this weekend when/if we'd ever receive anything more than an initial form letter from our lender stating that our loan had been paid in full.

The cover letter that accompanied the Release document includes a statement from the lender, encouraging us to "consider [them] for future mortgage needs."

I hope we have no mortgage needs anytime soon.


B-Kat said...

The question now...keep it or mortgage burning party?

Maybe keep it and burn a copy?!

Well done! I can't wait to get the same letter in the mail.

Mike said...

Pretty cool. What has been the biggest change since paying off the mortgage?

The Executioner said...

B-Kat: I've never understood the whole "mortgage burning party" concept. What exactly is there to be burned? No way would I burn the Release of Mortgage form: that's proof that we own the place free and clear.

Mike: The biggest change for me is the feeling that my wife and I are no longer one job loss away from financial trouble. Without the monthly mortgage obligation, we have a lot more flexibility in meeting our monthly bills, which are significantly smaller by comparison. We could last far longer on "emergency funds" paying our bills without a mortgage than we ever could with one. It's sort of like a weight has been lifted off my shoulders. Before, the thought of job loss was tinged with fear. Now, it would simply be an inconvenience.

Elle said...

Congrats on getting the paperwork and getting rid of your mortgage!

Middle Way said...

Congratulations on getting the hard copy!

Do you think you will stay in your home "forever" or can you forsee a time where you would want/need different?

The Executioner said...

Good question, Middle Way. We may not be in this house for the rest of our lives, but probably for a decade or more at the very least.

Anonymous said...

I'm currently paying for my home, and I've been looking for a sample release of mortgage document to use for visualization.
Do you think you could post a copy of yours, perhaps with identifying info blurred out?

Aimee L'Mieux said...

Hahah! That is soo cool that you were able to pay off your mortgage. I'm hoping to live in a state where there are low mortgage rates so that I can get mine paid off quickly too. It's just better in the long run. I'm so proud that you guys paid it off so quickly! What an ACCOMPLISHMENT!

benbriz said...

we just got our release of lien on one of our rent houses. have one more left and then we will start attacking the primary residence that we have on a 15 year note. really enjoyed your blog.