My wife and I have been paying down the principal on our $200,000 mortgage for almost four years now. The balance currently sits at $20,000. We are knocking at the door of mortgage payoff paradise!
You have been persistent, you’ve become best friends with Zillow and your hard work has paid off. You have finally found your dream home. Now, it’s time for the important next step of choosing your mortgage.
Tomorrow is the 241st anniversary of the United States of America declaring its independence from Great Britain. While I’m preparing to spend a fun family day filled with hot dogs, beers and fireworks, I remembered that I also made a declaration of my own at the beginning of the year about my goals for 2017. We’re halfway done with the year so I thought I’d check in, share my progress and hopefully, you’ll do the same with me.
My day had come. I had put in the extra effort and made a true impact on multiple important pieces of business I was working on. It was time for a pay raise.
It’s home buying season! If you’re looking for a house right now, this very well could be one of the most difficult times to buy real estate. The amount of available homes is super low and prices have skyrocketed. In metro Detroit where I live, available homes have dropped 38% from last year to this year and prices have increased 9% already. As I googled other real estate in major metro areas, a similar story of low inventory and high prices spanned the country.
The home mortgage is quite often the largest expense in your typical annual budget. Since your mortgage eats up such a huge chunk of your monthly income, completely ridding yourself of it could be quite freeing.
My wife Nicole and I completely agree with this sentiment of mortgage freedom. We’re just not interested in having a mortgage anymore. So, we’re getting rid of it.
2017 is right around the corner!
I’ve made some exciting and challenging goals for myself for the new year. Some are short-term and some are long term. I like to dream big with my goals, but also infuse some reality into the process.
2017 is my “M&M&M” year … Marathon, Mortgage and Millionaire.