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Completely Random

December 21st, 2014 at 04:28 am

I just saw a television ad for a credit union in our city offering a mortgage loan for 10 years. They call it a Ten and Done loan. It seems there are likely plenty of credit unions offering something similar.

When I saw it I about $20K per year if we were to stay in this house and need to pay off our loan in that same period of time. Considering we just paid off nearly $14K without too much effort, it isn't out of the realm to pay off nearly $20K each year for the next 10.

The only hiccup is we are moving this summer. The best option would be to live on an Army post, if that is where assigned, and not have any housing debt. Or pick a home with a smaller mortgage. It will be interesting to see what happens!

If you have a mortgage, could you pay it off in 10 years? Do you want to?

The Equity Goal

August 9th, 2013 at 09:04 pm

I do have an equity goal. It just hasn't been firmed up in my brain or written here on my blog. The goal is $63,045 (or more!) The ideal goal will be to reach this by June 2015, which is 22.5 months away. This is the next possible move date, although we would like to stretch it out as far as we can. The Army dictates that so we'll see.

We have about $24,500 in cash. We have paid off $6,304 in principal since last year. I expect we will pay another $9,900 by the goal date with regular payments. This leaves $22,341 to meet the goal. On average we will need $1,015.50 per month.

If you have been reading my blog, you know that I'm sending in all the extra funds (i.e. snowflakes) to the mortgage. Right now for 2013, I'm averaging $233 per month in snowflakes. That means we are still short $782.50.

I made a list of possible places to find some of this shortfall: lower our cell phone bill/plan, eliminate our home phone, eliminate the cable bill which allows us only local channels, find and actually move cash on hand to an account(s) with higher interest rates, sell more stuff on hand, and get a job.

I think finding a job will be easier once my daughter starts to drive. She has lots of places to be and they are always conducive to work hours. I also know my husband WILL get a raise next year. So while I may not be able to average $1000 this year, I will be able to easily exceed that next year.

And if home values in this area continue to rise, then I expect some of our equity will come from appreciation. Some online sites state this area should rise by 2%...not much, but something!

I also want to apply some money from our regular income to this goal. I have made a good effort. I know the money is there. I think I'll start with just $50 a pay period and gradually increase it each month.

I need to get moving to make the changes to the cell phones, home phone and tv. The sooner I get the changes made the more I can save towards the goal. And I need to start moving money around too to get the higher interest rates.

Yikes! This is really daunting. I know it's not a perfect plan, but it is a start. Any comments or thoughts on my plan?

Long Distance Searching

May 17th, 2011 at 01:47 pm

Searching for an apartment long distance is hard. Pictures online always look pretty good. Then you read reviews about mice. What? Who wants to live in a gorgeous renovated warehouse if mice are an issue?

Trust me. There are some very nice apartments with some awesome benefits, but man those are pricey, upwards of $1200 or more for a one bedroom. I would feel better with an apartment for $800 or $900.

That said. I think someone, likely DH, will be traveling to the east coast to apartment hunt for a couple days. Likely by airplane.

A furnished unit would be ideal, so he would not have to move very much stuff. However, we may be looking at unfurnished to save money. The only big outlay I can think of for furnishing a home for him is a bed. We'll want another one for a guest room at our next home anyway. We have an extra tv, a chair, even a couch he could take. There are extra towels, sheets, kitchen utensils that we can do without here.

Interesting enough, I'm the one thinking about this more than him. Why is that? Ugh. Beyond stressful.

Please don't comment that DH should live on post. It is not an option for many reasons. If he could live there for free or cheap he would. He can't. This arrangement is our choice in lieu of moving our girls two times during the next school year.

It's Paid Off!!

March 11th, 2010 at 01:41 pm

The home equity loan is PAID OFF!!

I have tried to log into our account with the mortgage company and it seems not to exist any I'm taking that as the official sign!!

The loan was taken out 3 years 5 months ago when we purchased our current home. We made a plan January 2009 to get it completely paid off. And now here we are!

Only debt now: the mortgage and our van loan...which we will start working on this year. Smile

Thanks for cheering us(me) on along the way!!

Payoff Check in the Mail

March 9th, 2010 at 01:51 pm

The certified check that I ordered for our home equity loan payoff arrived in the mail yesterday. Today it is going back out in the mail to the mortgage company!! The processing center is less than two miles down the road from my house, so I expect they will receive it tomorrow. Maybe by Thursday I can log on and see a zero balance. Smile

Waiting on Certified Check

March 6th, 2010 at 03:22 pm

We are still waiting to receive the certified check we ordered earlier this week. Maybe today in the mail? Please.

The check is to pay off the final amount on our home equity loan. So, we are still in waiting mode. Wait. Wait. Wait.

Update: No check in the mail.

Update: Home Equity Loan Payoff

March 2nd, 2010 at 04:09 pm

Our regular payment did go through with the mortgage company yesterday and our new balance is $82.19. Yipee.

Um...not sure why the ticker on my sidebar is not cooperating. I even tried making a new one and it did the same thing. Ugh!!

I called for our payoff amount which is now $82.69. Wow! Interest of $0.50. I ordered our certified check for that amount and it will be sent out tomorrow. We bank online so I don't have a bank to walk into and request the funds. I'm hoping the mail is super fast!

Once the check arrives, I'll get it sent down the street to the processing center about a mile from my house. I'm looking forward to logging in to our account and seeing that big fat zero.

According to Plan

March 1st, 2010 at 10:48 pm

I did make our final regular payment on our home equity loan today in the amount of $118.01!! Never again will I have to make this payment.

I'm waiting for the mortgage company website to update our balance in order to update the sidebar here. I expect that $116.81 will go towards the principal balance. That will bring the balance under $100. Yipee!!

So stay tuned until tomorrow, when I will confirm and update the sidebar. Smile

Progress: 2010 Financial Goals

February 27th, 2010 at 06:49 pm

Our basic goals for 2010 break down like this:

1) Max out our Roth IRA's = $10,000
We make monthly contributions that are automated
2) Save 7% of basic pay in TSP
Automatically taken from paycheck
3) Pay off home equity loan
Only $199 plus interest to go!
4) Save money for college = $3,300
We are scheduled to start contributions in March. I hope to automate these as well
5) Add money to emergency fund = $7,000
I expect we can start adding money in April Smile
6) Pay off van beginning balance = $19,444
Balance is now at $18,579.87 from regular contibutions only. We will begin adding extra in June
7) Convert IRA's to Roth IRA's
Approximately 65% of our IRA's were converted in February. May not convert the rest until later in the year.

I'd say we are on track so far in meeting all goals. Yipee!!

Closer to Zero

February 26th, 2010 at 01:51 pm

Yipee!! I made the $1,800 principal payment to our home equity loan bright and early this morning. Obviously, I'm very anxious to get this thing paid off. Smile

New Balance $199.00

I like that we are getting closer to zero.

No Spend Day

February 25th, 2010 at 10:13 pm

No spending for me today. I spent more than enough the last few days!

I started some spring cleaning today. I washed two bathroom shower curtains and bath mats. Tomorrow, I'm washing comforters.

It doesn't seem that much like spring when snow is everywhere. However, it is getting warm enough for a little melting. Primarily off the roof!! I'll take it.

I can't wait for tomorrow when I will make an $1,800 payment to the home equity loan!! Smile

Home Equity Loan Plan Details

February 23rd, 2010 at 07:05 pm

This post is primarily for my own needs, however I know people like to read this kind of thing.

Current Home Equity Loan Balance: $1,999

On Friday, February 26 pay $1,700 towards principal from paycheck.

On Monday, March 1 pay $118.01 regular payment (last one of which $116.20 will go to principal payoff!) and a extra principal payment of $100.

Edit: I'm going to make a $1,800 payment first, then the regular payment.

After the above payments the principal balance will be $82.80. I will call the mortgage company for a final payoff amount. I expect this to be $83.30. I will request a certified check from our bank. This check will cost me $5 to obtain. I will have the check mailed to us to send with the payoff letter. Once I mail the final check I expect payoff to occur within one to two days, since the payoff address is just blocks down the road from our house.

I wish I didn't need certified funds. Now, it is possible I could simply pay it off online and they would write off the little interest that is owed. However, the website and an email response confirmed that certified funds are required. They will even return personal checks if received.

That is the plan. I'm excited that we are so close.

Paying HEL off....

February 19th, 2010 at 06:27 pm

next week!!

I mentioned last week when I made a $1000 payment to our home equity loan that I hoped the Army would pull through with some money so that I could pay off the loan before April 1. The good news! Yes. The money I was hoping for will be here next week.

I peeked at my husband's pay stub for next week. They are not withholding taxes and have paid us the Hazard Fire Pay that he is due from being in the zone this month. (I expect him home Sunday. Happy Dance!) This is an extra $780!!

I already have $917, okay let's round that to $920, that I plan to pull from the regular paycheck funds.

If you are following along, you know that equals $1700 to put toward the loan payoff next week.

I'm also scheduled to make our regular payment of $118.01, which at least $116 will go to principal, if I make the big payment first!

It seems I will be about $183 short of paying this loan off. I'm now looking for some extra cash. In the end I think I'll pull it from some emergency funds. I can pay us back when my husband gets paid midmonth!

We are so close. Yipee!!

We Need Certified Funds

February 13th, 2010 at 04:05 pm

Since we are getting very close to paying off the home equity loan, I decided to check in to the payoff procedures. It looks like I will need to mail certified funds. Our bank will charge us $5 for the check, which I can request online and have them mail for us. No charge for snail mail.

Right now, I make all of our payments online, so I find this certified funds a little annoying. Seriously, if my electronic funds have been good thus far why do the last few dollars have to be official? Okay...I do kind of get why, since they are releasing the lien the bank wants to know the funds are good. Right? Just a tad irritating. I'll deal with it.

I plan to pay most of the loan electronically and leave the last $50 to $100 to be sent by certified check. The location for this check to be mailed to is just down the road from me. Might take two minutes to get there if I drove a check down, but I guess they probably don't accept walk ins!

Makes me think I should go get a job down the road processing mortgage payments. That might be fun.