During late 2013 while I was traveling out-of-town for work, my wife Nicole found our “forever house”.
This home had everything she was looking for including an attached garage, open floor plan, updated kitchen, walk-in closet and a big backyard on a half-acre lot. She told me that this was THE ONE and as soon as I got home from out-of-town, I had to see it.
My wife has excellent taste and the majority of the time we are in sync. I wasn’t worried about liking it. I was worried about getting a BIG MORTGAGE to pay for it!
Honestly, I had been burned before. My first home purchase was a disaster.
I bought more home than I could afford in 2004 and when the housing market tanked in metro Detroit around 2009, I owed more on the house than it was worth. I did not want to be in that position again.
Surprisingly, when I got a look at the house Nicole found, I loved it too. It felt like home instantaneously. Even the neighbors were perfect.
We decided to go for it.
BUT… I had a few rules that we discussed to ensure we would pay off our mortgage in 5 years:
So you’re ready to pay off your mortgage?! Congratulations!
There are some important hoops you have to jump through to make this momentous occasion official. After all that hard work in paying your monster loan, let’s make sure you cross all your “T’s” and dot your “I’s”.
What would it feel like to never make a mortgage payment ever again?
For our Mortgage Freedom series, we’re interviewing Colin Murphy who eliminated his mortgage in less than five years. Colin is a father, a husband, and a Chicago native. He’s going to let us peek inside and see how he made this monumental feat happen.
Eliminating the largest debt in your life … Owning your home outright.
If you’re reading this and you’re thinking, “Well … you always have a mortgage. That’s just something you need to pay forever. No one pays off their mortgage.”
Well, I have a guest today that completely disagrees with that statement.
Talaat McNeely joins me today on the show to discuss how he and his wife, Tai, paid off their $330,000 mortgage in just 5 years. Not only did they complete this impressive feat incredibly fast, but they did it on a single income.
This was no small feat. Your hard work and dedication in paying off this massive debt should be celebrated.
But how do you celebrate something that only a fraction of the US population has done?
My family recently paid off the $195,000 mortgage on our home and we were asking ourselves this very question. We thought about painting our front door red or throwing a party with some close friends. After some spirited fun back and forth with my wife, we landed on four fun ideas that we could do together as a family.