Wow..IL…never had a mortgage! I thought we did well by saving the needed 20% down payment by scrimping and saving for 2 years and paying it off in less than 15 years.
Wow..IL…never had a mortgage! I thought we did well by saving the needed 20% down payment by scrimping and saving for 2 years and paying it off in less than 15 years.
Well as I tell everyone, you too could live without a mortgage if you were willing to live in the dump we lived in for decades. Oh it wasn’t really a “dump” but it was a gut rehab that took 20 years to complete. Most people are not willing to live that way.Originally Posted by frugal-one
We bought the house for $28,000 cash, and it had been gutted—just 4 walls and floors, not even any interior staircases. DH spent one year full time getting it minimally habitable and we moved in with electricity in only only two rooms, dry wall in some places, etc. Then he went back to full time working for someone else and worked on our house on weekends.
$28,000 was more than we paid for the first house. We had absolutely nothing when we got married. The house was very small and we got a VA loan to put up a garage. It was adequate for the 3 of us.
WE bought a duplex in May 2021 at a nice low rate. I couldn't get a 10 year mortgage, so I got the 15 and had them calculate the payments with extra principal so it will be paid off in 10. Nice to see the principal reduce every month.
"Do not accumulate for yourselves treasures on earth, where moth and rust destroy and thieves break in and steal. But accumulate for yourselves treasure in heaven, where moth and rust do not destroy, and thieves do not break in and steal. For where your treasure is, your heart is also." Jesus
That is a slick trick! I didn’t know you could manipulate payments that way. Well, you are in banking so have some knowledge about ways of the world.
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