We purchased our first home for roughly $250,000 in 2001, just five days after my 24th birthday. Four years later we purchased our second home in North Carolina for roughly $600,000. Our current loan is a 30 year term at 6%. In all due honesty I thought we’d be strapped to pay for it each month. The summer rentals barely covers a 1/4 of the mortgage payments, but with good jobs and thrifty lifestyles we’ve managed to handle the mortgage plus all associated costs.
Now, nearly three years later we are refinancing our 30 year mortgage down to a 15. Tomorrow morning our mortgage papers should arrive in a fed-ex package from North Carolina. This evening over dinner my husband said, “this may be our last mortgage.”
A huge grin set over my face as I thought about this fact. At 30 years old I may be signing the last mortgage documents I’ll ever need to sign. In 15 years, at the ripe age of 45, I may be saying goodbye to mortgage payments forever!