Ah, the joys of home ownership... About This Page:

[graygables]

Do you own your home (or does the bank still own it?) What kind of mortgage do you have? How many years do you have left or are you planning to sell before it's paid off?

I was thinking about this. We had a contractor stop by and was talking about a client who is paying cash for his $500,000 home and had to cut $50,000 off the bid b/c he didn't want to take out a loan . He was telling us about another person he knows who is doing an interest only loan and we discussed how scary that was to all of *us* b/c of the instability of our work. This contractor just built a new house, so he's in deep right now, but we only have 5yrs left on our mortgage, which is a huge relief to me. We are in the "family home", so have no intentions of ever moving, unless it's to sell it all and buy an RV (the contractor's dream, too! )

[disneyknut]

paid in full home.. I only have to remember to pay the taxes every Fall.. The house has been paid off for at least 5 years now & I still forget when the taxes are due & am scrambling to the tax office at the last minute

[DISNEYGOOF]

[ QUOTE ]
Do you own your home (or does the bank still own it?) <font color="blue">The bank for now </font> What kind of mortgage do you have? <font color="blue">We were at 30 years but re-fied to 15 years. </font> How many years do you have left or are you planning to sell before it's paid off? <font color="blue">12 years left and we are planning to stay in this house short of winning the lottery </font>



[/ QUOTE ]

[simbarel]

April 1 will be the 4th payment which means only 356 to go! It was our first home so we were able to get a really low rate through the State Housing Authority and we qualified for a $30k grant from the city which covered our down payment so luckily our payments are rather low in comparison to everyone else in this area.

We like the lot better than the house, which is why we're spending lots of time and money making it better.

[chezp]

Well unfortunately I guess the bank owns it until the mortgage is paid off. We've got two - one's an endowment (only 12 years left to go on that! ) and the other is a repayment, but there's 22 years left to go on that. I haven't got as far as thinking about whether we'll sell before it's paid off. I guess we may well do.

[MickeyMAC]

Ours is paid in full. All I pay is the property tax each year--December 31.

[disneymom9092]

Bank still owns it for about 10 years-maybe less as we pay an extra $200 a month off the principal.

[clio]

Ours is paid in full. We just have to pay the taxes twice a year in July and January.
Liz

[greystone98]

We built just over 6 years ago and signed a 30 year note (after selling our first home with less than 10 years to go - paying add'l principal).
We put quite a bit down so we have more than 60% equity and still pay extra principal but we're still more than 20 years away from paying it off.

I don't know if we'll still be here in 20 years or not. The land behind us is undeveloped and we feed the deer and other wildlife yearround. If ever developed, DH will not be pleased and has already mentioned he'd love to build again.

[GoofyMom]

We still have 5 or 6 years on our mortgage. I don't know whether we'll sell before it's paid off or not. DH keeps talking about moving "up", but I'm happy enough here.

[Colexis Mom]

We built our house, so had to put 20% down. With the market going up, and the extra payments we've been making, we now have about 65% equity in the house

Officially we have another 22 years before it's paid off, but at the rate we're going, we should be done in about 11