Why pay off your mortgage? Can usually earn more by investing that $$

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Dec 15, 2018
10:14:42am

Jersey hunter All-American

Pay off the mortgage when you retire. Until then, pay minimums and invest the rest.

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Jersey hunter

Bio page: Jersey hunter
Joined: Mar 24, 2012
Last login: May 5, 2024
Total posts: 7,054 (78 FO)

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Messages

Author

Time

So I go to pay off my mortgage and they refuse to let me unless I pay a $25 fee

Acorn

12/15/18 9:26am

Probably a fee for reconveyance. Normal when dealing with loans secured by real estate.

Pimpin4Paradise

12/15/18 9:29am

That being said, if that’s what it is, why wouldn’t they just explain it?

Pimpin4Paradise

12/15/18 9:31am

How much additional interest did you have to pay but not paying it off a few

byubyu

12/15/18 9:29am

RobAdams

12/15/18 9:38am

About $1.50. $2K at 0.9%. Difference between my mortgage rate

Acorn

12/15/18 10:29am

I wish I had the mental fortitude to pound out details like this.

kotacoug

12/15/18 10:51am

I did it in my head. But people are missing the point focusing on the $1

Acorn

12/15/18 10:55am

I figured it wasn't very much.

byubyu

12/15/18 11:00am

I don't believe you.

Acorn

12/15/18 11:04am

When you pay it off don't expect anything like a car title to show up in the

Don_Juan_El_Guapo

12/15/18 9:31am

You could ask for a copy of the note or even the reconveyance that they send to

Manti

12/15/18 9:41am

They're supposed to send you the original mortgage or deed.

Mister P

12/15/18 10:07am

Nope. Never happened.

Don_Juan_El_Guapo

12/15/18 12:02pm

Then you might not have clear title. Once you pay off your mortgage

BYUMizzou

12/15/18 1:16pm

Exactly, I had a home equity loan close and I received several notarized docs

Busiturtle

12/15/18 1:24pm

Is there anyway to prepay on mortgage interest for the next year?

Busiturtle

12/15/18 9:36am

Wait so you avoided paying $25 in fees to rack up another 30 days of interest? Brilliant!

cougsrule

12/15/18 9:38am

Not to mention time spent on the phone, online, and writing this CB post about it . . . and it's still not resolved.

rainorsnow

12/15/18 9:43am

he has to hurry and drive 35 minutes to RC Willey for free hot dogs and a coke

BlueFrog

12/15/18 9:54am

More value than your 78,000 posts on CB. LOL. I don't like hot dogs.

Acorn

12/15/18 10:33am

I agree with this to a point.

bluecougar1985

12/15/18 9:55am

Not to mention that a fee for reconveyance 1- Is paid by everyone else as well. 2 - Was probably spelled

Pimpin4Paradise

12/15/18 9:55am

I wonder why my next mortgage payment says $6.01 due

Acorn

12/15/18 11:08am

He would have spent his time on here anyway so that's a wash.

El Careeb

12/15/18 10:00am

Yep. Compare my 1.8 posts a day to people posting 20 or 30 times a day

Acorn

12/15/18 10:36am

This is sport. That is why I posted about it.

Acorn

12/15/18 10:48am

Like what has already been mentioned, this is a standard fee that you likely can’t get around.

rainorsnow

12/15/18 12:53pm

Why to people type before they think? Why do people assume they are the

Acorn

12/15/18 10:30am

Just pay the reconveyance fee and be done with it. Kind of a silly molehill to

Manti

12/15/18 9:42am

But the principle of the thing!

Busiturtle

12/15/18 9:47am

He has taken on a challenge. That’s worth something.

man-at-arms

12/15/18 9:49am

I think people with poor comprehension skills missed the part

Acorn

12/15/18 11:02am

Oh I got that part. But there is a fee to record a deed of trust reconveyance

Manti

12/15/18 11:14am

If every mortgage is paid off (and they are) then it should be included in

Acorn

12/15/18 11:24am

Yeah you are definitely not the norm. It's very rare for people to just pay

Manti

12/15/18 11:27am

This is my second time. The first time was in California and I was 37

Acorn

12/15/18 11:34am

Kind of funny the mortgage company is so adamant as well.

bluecougar1985

12/15/18 9:58am

I probably could have asked for a supervisor, but being on the phone very long

Acorn

12/15/18 11:06am

I’m very much like you... I fight these fights every time. Because it’s the

bluecougar1985

12/15/18 12:09pm

Not really. And not in this case.

pink22

12/15/18 7:35pm

I find the ‘ not a big deal’ argument interesting. You see it at car dealerships

kotacoug

12/15/18 10:54am

Exactly. It is a sport. Just like when people haggle with cars

Acorn

12/15/18 11:09am

In his original loan documents he agreed to pay a reconveyance fee when the loan

Manti

12/15/18 11:09am

Maybe yes, maybe no. I wonder how they are going to bill me for that $25?

Acorn

12/15/18 11:13am

You're wrong. I guarantee your documentation referenced a reconveyance fee.

Manti

12/15/18 11:16am

I think you are wrong. Unfortunately, you don't have my documentation

Acorn

12/15/18 11:20am

I promise I'm not. I've seen hundreds (probably thousands) of mortgage

Manti

12/15/18 11:23am

I have seen about 10, and despite your looking at thousands

Acorn

12/15/18 11:29am

I salute you. Keep up the good fight.

RobAdams

12/15/18 9:49am

Paying off your mortgage: $25

El Careeb

12/15/18 10:00am

The thing is, he isn’t sticking it to the man. The only person losing here is him. He’ll end up paying the fee in the

Pimpin4Paradise

12/15/18 10:17am

Pay a full mortgage payment. They'll have to pay back the difference.

Mister P

12/15/18 10:05am

Why pay off your mortgage? Can usually earn more by investing that $$

Jersey hunter

12/15/18 10:14am

President Faust encouraged us to and was supported by President Hinckley.

Mister P

12/15/18 10:19am

I don't take investment advice from my religious leaders.

Baron

12/15/18 10:20am

Smart man.

pink22

12/15/18 10:48am

Why?

bluecougar1985

12/15/18 12:26pm

Because that’s crazy. They aren’t financial advisors.

pink22

12/15/18 1:40pm

I don’t consider them warning to get out of debt ASAP to be financial advice.

bluecougar1985

12/15/18 6:30pm

But I am.not in debt if I can pay it off if that is the case.

Baron

12/15/18 9:46pm

It’s not investment advice. It’s the principle:

canofpicante

12/15/18 2:49pm

Paying on time is my word. No need to rush it.

Baron

12/15/18 9:47pm

Interesting. If God were giving me financial instruction I'd follow it to a T.

Megamind

12/15/18 5:59pm

If God was sure but not a prophet. Remember the early bank by Joseph.

Baron

12/15/18 9:49pm

Or remember Joseph the Prince of Egypt. I'm sure accumulating 7 years of bumper

Megamind

12/15/18 10:37pm

President Faust paid off his mortgage by selling another property he

kotacoug

12/15/18 10:56am

Pretty sure it was Elder Eyring like 10 years after Faust died.

supertux

12/15/18 9:27pm

Two different talks. Faust had a low interest loan. Eyring sold a property.

Megamind

12/15/18 9:34pm

Do you honestly think President Faust was telling us not to contribute to 401Ks

Megamind

12/15/18 6:11pm

Sometimes it is needed in order to qualify for additional loans. And like he

byubyu

12/15/18 10:19am

To me there is no better feeling than owing nothing. I know this is CB where

O Gaucho

12/15/18 10:27am

Good for you. Debt doesn't nag me especially knowing I can pay it if want. That feeling

Baron

12/15/18 10:30am

Yep each person has to decide what brings them greater joy.

O Gaucho

12/15/18 11:01am

I agree completely! We're 6 months from having no mortgage and super excited.

IntelCougar

12/15/18 11:28am

Me too. We had a paid off home but then we moved to Colorado and our mortgage

Colorado

12/15/18 10:03pm

I am retiring. Didn't want to retire before I pay it off.

Acorn

12/15/18 10:38am

Leveraging is one way. Getting rid of liability is another. Different strokes.

canofpicante

12/15/18 2:47pm

Paying off your mortgage early is a guaranteed return on investment

Throwaway59840

12/15/18 4:13pm

Depends rate son a 30 year right now are about 5%. Hard to find a guaranteed

cougarfann888

12/15/18 5:06pm

This is a lie perpetuated by advisors that want your $$ in a brokerage acct and

MormonThug

12/15/18 7:31pm

Recording documents isn't free.

Jeremy

12/15/18 10:18am

Life’s too short to worry about stuff like this

Odysseus

12/15/18 10:46am

Life is too short to post more than twice a day on average on CB.

Acorn

12/15/18 10:51am

Says the guy who's been on here 14 years...

Odysseus

12/15/18 11:36am

Ha. It has been much longer than 14 years

Acorn

12/15/18 11:44am

I'm glad you're sticking it to the man. And don't take my posts seriously - I

Odysseus

12/15/18 11:47am

Wow. Namecalling now. OK. I admit, I am a goober.

Acorn

12/15/18 11:53am

How do you live like that? Worry about $25 over all the time and effort wasted.

pink22

12/15/18 10:48am

You must get worked up very easily. I am doing this for sport.

Acorn

12/15/18 10:58am

It’s fun?!? Your idea of fun is messed up

pink22

12/15/18 1:41pm

Nice pun: "I decide to wait out of principle"

fan_byu

12/15/18 11:34am

I can never remember the pal versus the ple. I wish they would just merge em.

Acorn

12/15/18 11:36am

You can merge them, but it will cost $25

fan_byu

12/15/18 3:50pm

After all of this, do you understand yet that this is a fee

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