MossRoad
Super Moderator
- Joined
- Aug 31, 2001
- Messages
- 57,990
- Location
- South Bend, Indiana (near)
- Tractor
- Power Trac PT425 2001 Model Year
Needless to say our was a bit more than that. Well a lot more. But we came here in 2002. Had to move here for the new job in Harrison Ar. at the time and so the wife could still travel to her job at the time in Springfield, Mo. Through the diligence of the wife, we managed to pay off the 30 year loan in 18. Glad to see it gone.
Nice!
After we paid off our first home in about 4.5 years by making double payments, we bought 20 acres. We did a blanket mortgage combining the value of the land with the value of the house. Since the value of the house was more than 20% of the value of the blanket mortgage, we didn't need a down payment. Payed that off in 5 years as well. Then we bought our current house. We did another blanket mortgage with the combined value of the new house with the existing house. Again, since the existing house was worth more than 20% of the blanket mortgage, we didn't need any down payment on that either. We were on track to pay this house off in 5 years as well, when my father passed away. He was gracious enough to leave my siblings and me a nice sum, so we payed off this house in 3 years instead of 5, and bought a used van to haul our growing family around in. Anyhow, we are now in our 5 year house going on 24 years!