Saturday, April 27, 2013

Mortgage Free Finally!!

Sunset in Comox (credit given to hubby and his iphone)

This week we quietly celebrated becoming mortgage free with the sale of our Alberta home completing on April 23rd.  It gives you such a personal sense of freedom to know that you own your home outright - something rarely achieved these days.

We still have bills, as everyone does, but we now have a bit more breathing room to do the things we want to.  

How did we do it?  

Hard work and living below our means.  We never tried to keep up with the Joneses even when we could have.  We quietly chipped away at the mortgage debt on our secured line of credit at it at every opportunity, while at the same time refusing to add any more debt to the pile.  We ate in rather than eating out.  We always bought used cars just a couple of years old versus new or leasing and paid for them in cash.  We take good care of our things so they last.  We cooked from scratch, used coupons, shopped garage sales and thrift stores.  We discuss finances as a couple on a weekly basis.  We pay off our credit card bills in full every month and primarily used them for point programs so don't end up paying interest.  We never pay retail, always looking for a sale.  We manage our own investments.  We plan purchases, do the research, avoid impulse buys and save up for wanted items.

It wasn't easy but now comes the payoff - a future of not paying another cent in interest to anyone.  If you dream of paying off your debts or mortgage the time is now to start planning how to do that so it can happen to you to.  

Time to Celebrate!

 

35 comments:

  1. Fantastic! So excited for you. This is our next step and we're almost there. We actually almost have the same amount of our mortgage saved up in our TFSA but don't want to spend that just yet. We live very much like you do, with one exception, we have been leasing our vehicles for the last few years as we can write them both off due to our jobs. We won't do this forever but for now, it works well and our payments are very low. We will get back to buying cars, paid in full and drive them forever but for this time in our life, leasing is making sense financially.

    Enjoy this wonderful freedom you have worked hard to achieve. Can't wait to get their ourselves. A few more years!!

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    1. We emptied our TFSA for the big move but now that the house has sold refilled them to the limit with the leftover cash after paying off the mortgage. We have thought about leasing due to having a company but for now are sticking with our older vehicles. Mine is set to be replaced next year. Thanks!

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  2. Hi
    This is SUCH good news! Well done!
    We became mortgage free when we built our new house (we'd bought the land back in 2001) - when we built our house we set a limit of what we would spend and stuck to our guns! While we were in the building process we rented a little unit, lived off hubby's pay and saved mine - this paid for all of the extras when building (septic tank, curtains, aircon, floor coverings, some new furniture, some 2ndhand furniture) and still meant we had a sizeable amount leftover from the money that we had from the sale of our last house. We've put that in a term deposit and have not touched that either - we could have, many times, but our plan is to have that as a back up for the future.
    It is the best feeling in the world to know that there is no interest to be paid, and no payment to be found each month.
    Congratulations! Time to celebrate, but in a frugal way, of course :)
    Judy xx

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    1. Great to have backup money in the bank. Thanks!

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  3. Wonderful! great when a plan works out! Would love to be there! will be there one day! Hard work pays off! ENJOY!

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    1. You will get there, just keep at it. There were times we asked ourselves why we were so conscious about getting out of debt when others just seemed to be piling it on - the answer comes in the form of our current freedom. Cheers!

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  4. Congratulations, a wonderful place to be and you summed everything up so well.
    Joy

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  5. We also have no mortgage but our a little different then yours. I inherited a home from my mom. But we never went crazy and blew the money. Or took out any credit line against the home.

    A little thought I find most people who struggle actual don't know the different between a need and want...actual there only three things are need, food, shelter, and clothing.
    Even having a computer is a want and sometime we as human is good for us to have want as long as there not a burden

    Good job and Congratulation for paying off your home.

    Coffee is on.

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    1. Sometimes inheriting a home can be costly with upkeep and repairs but what a lovely way to help you out in your life to remain mortgage free. You are absolutely right about needs and wants. Even the clothing issue can be unclear when someone blows tons of money on it. Cheers!

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  6. Congratulations!!! You worked hard to get where you are. Good for you!!

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  7. We too always lived (still do) below our means and that is why I can retire in June and our lifestyle won't change much. Actually, it will change a great deal, but only in a positive way. So many people work and have nothing to show for it.

    Congratulations on paying off your house.

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    1. We are a ways from retirement yet (hubby is 50 and I am 43) but we are so fortunate to be where we are now after all those years of hard work. Thanks!

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  8. Congratulations! One day we'll be mortgage free too- a little later than we thought due to moving house to escape the neighbour from hell, but we'll get there.

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    1. Sometimes you do what you have to do and it sounds like you have - you will still get there as certainly have the mindset.

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  9. Congratulations,i cant wait to be in your position.Years ago we were always told mortgage was a good debt i wish we had started being more sensible years ago.
    x

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    1. As your blog says - you are never too old to get there! Thanks!

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  10. I'm so excited for you! I've followed your journey and it's wonderful to see that you achieved your goal. After we sell our house, we won't have a mortgage either, but we also won't own a home. We'll be banking the money and renting instead. So no mortgage, no home equity loan, no cc debt, and we'll be paying off the small balance of a car loan. All we'll have to pay for when we move is rent, car insurance, personal property insurance, utilities and we're hoping hubby finds a job with medical benefits, otherwise that could drain the bank account pretty quickly.

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    1. I actually really strongly believing in renting versus owning too - odd since we just paid our mortgage off but sometimes renting offers so much freedom, especially in your position when funds will be in the bank should you ever decide to own again!

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  11. You celebrated QUIETLY?? I'd be screaming from the rooftop! Well, I sorta did - I paid my condo off a year ago but still have a small mortgage on my PEI home ($300/month)which is next on my hit list. Other than that I am debt-free. My line of credit was $56,000 three years ago and I paid that off in two years. What wonderful peace of mind you enjoy now - I'm so very happy for you :) !!

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    1. You are a prime example of how saving off your paycheck and making conscious decisions about paying off debt pays off - I am in awe and can't wait to hear of all your future plans!

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  12. Congratulations! That's something to be proud of, for sure! Isn't it a wonderful feeling to be in control of your own life?

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    1. Absolutely - ah the freedom! Thanks!

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  13. OH I AM SO THRILLED FOR YOU!

    CONGRATULATIONS CC and family!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Sft x

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    1. Thanks SFT - we are now in the Club!

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  14. Wow, congratulations!
    We are so far from that , I doubt it will happen for a long time. But, we are doing everything to live below our income. It's usually a draw, but we have the concept, and I love reading about what people can do.

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    1. It feels like such a short time ago that we were in your position but you shall get there eventually! Wishing you good health.

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  15. Woohoo! Congrats, that's a big accomplishment.

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  16. Paying off debts can be a long process depending on the amount and your mode of tackling the problem. The ways you've taken really helped you go through this ordeal. A change in lifestyle, being economical and practical, is definitely one best ways to clear outstanding debts. Good job! Irving A. Burton

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