Grateful to be mortgage free after so many years on Maui!

Reblogger George Thoma
Mortgage and Lending with Island Lending Hawaii, LLC | Equal Housing Lender NMLS# 312260 / 1460208
Original content by Georgie Hunter R(S) 58089 HRE# 58089 - RS

Grateful to be mortgage free after so many years on Maui!

Yes, it really can happen - that mortgage can be paid off and you can own your home completely.  While it seems like 30 years, or even 15 years is such a long time, sooner or later the time passes.  If you've behaved, and not pulled all the equity out of your home, there will be a light at the end of the tunnel.

We probably all start out with a 30 year mortgage since it's the most affordable option when starting out on the home ownership track. Those 30 years stretch out into the future forever, but that's the price to pay for having your own roof over your head, and the security of being your own landlord and never getting an eviction notice.  With time, and some home improvements, things start to look better.  Interest rates fluctuate and sometimes it just makes sense to visit with a mortgage broker again to see if the monthly payments can be minimized.

So along comes a refinance or two, and hopefully with a downsizing into a 15 year plan to pay off that debt.  Always avoid the temptation to use your home as a piggy bank - don't opt for increasing your mortgage amount, even if they promise lower monthly payments!

My Maui home - in Haiku Maui

Keep your eyes on the prize at the end of the long road, and follow these simple tips to reach your goal:

  • never borrow more than you can afford to pay back
  • don't pull out extra equity unless you have a bullet proof plan to pay it back promptly
  • never miss a payment!
  • pay an extra payment whenever you can, it will benefit you hugely in the long run
  • when refinancing, always opt for the shorter pay back term

It's been a year since we made our last mortgage payment on our Maui home, and I can tell you it's a wonderful feeling of FREEDOM.  Each month we can now put those thousands of dollars to much better use... such as fixing up the property!  We are so grateful that we always paid on time, with some extra payments along the way. 

Don't give up on your dream of owning your own home - it will be worth it in the end!

 

Thanks for reading my Maui blog...

Buying or selling real estate on Maui?  That's what I do.  Let me help YOU.

Georgie Hunter R(S) e-Pro, Hawai'i Life Real Estate Brokers
26 Baldwin Ave, Paia HI 96779
E-mail or call/text: 808 283-0635

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Rainer
592,321
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Thanks for sharing!

We probably all start out with a 30 year mortgage since it's the most affordable option when starting out on the home ownership track. Those 30 years stretch out into the future forever, but that's the price to pay for having your own roof over your head, and the security of being your own landlord and never getting an eviction notice

Nov 21, 2019 04:18 AM #1
Rainmaker
1,277,958
Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

Congrats to you and your family on paying the mortgage on your home in Maui.  What a story you have to share especially with  first time home buyers.  You know years ago homeowners at the end of their payment use to have a Mortgage Burning Party with they celebrated with friends, family and even their clergy.

Nov 21, 2019 05:31 PM #2
Rainmaker
1,565,619
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Hi George!  Thanks for sharing the good news.  I hope you're busy helping lots of other people starting on the home ownership road!

Dec 11, 2019 04:41 PM #3
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