Today I wired the payoff payment to our mortgage company. We own our house free and clear! Thank you Lord! Yahoo!
A friend asked me today how long it took us. If you count the payments we've been making since our first house, building equity as we sold and re-bought and did it again for our present, third house, it has been twenty-two years. We had originally hoped to pay off in fifteen, but we were tempted into upgrading to larger, nicer houses whenever there was a bubble in the housing market, and continued to increase our debt service. However, we have stayed put in this house for fifteen years, riding through the worst bubble burst in history (2007). We also benefited from dropping interest rates and refinanced twice until our last mortgage had only 4.25%. We don't deserve such favor. But it does show that a SILK (Single-Income, Lots of Kids)family can still make it and do well if one is frugal and follows practical biblical principles. We have never bought any new vehicles on time. The only debt we have carried is for the house. We might have been smarter to put more money down and avoided tens of thousands in interest dollars; but we can hope our children have learned from us to do even better than we did. Indeed, Nathan hopes to pay for their house in less than seven years--a good biblical number.
Soli Deo Gloria!