The first time I felt like an official grown-up was when I got my first mortgage. The entire process, from gathering information on my assets and signing pages and pages of documents, to stepping into my own house, was a big deal. Even though I had to reduce my shopping budget to pay for the mortgage, I was ecstatic. I could finally decorate the house however I wanted, and of course, get my own dog!That was seven years ago and since then, I've done one refinance and signed another mortgage when I moved into my current house. That means I have paid over 80 months of mortgage, with close to 50 months for my current house and I still have at least 300 months of payments to go. That seems like a lifetime, but I really don't mind.
I really do enjoy paying my mortgage. It is a big chunk of my budget and a huge amount of debt, and every time I look at the monthly statements it's depressing to see how much is allocated to interest versus the actual mortgage. However, it dereases my tax bill (except last year, ouch!) and it makes me take care of my house more. Granite countertop? Done. New patio and a fence in the backyard for the dogs? Done.
So month after month, I happily send a check to my mortgage lender. When I'm ready to move or to refinance, I'll be happy to complete my paperwork and sign pages and pages of documents.
Anyway, if you are in the process of looking to refinance or to find a new mortgage company, check out the top mortgage searches on AOL for some more resources. For example, did you know there are so many mortgage calculators out there? Besides calculating the usual information, such as how much mortgage you can afford, you can also calculate how much you'll save in taxes, if you should pay points or not and more.
Wherever you are in the process with your mortgage, good luck and I hope you'll be as content as I am when you send a check to your lender.
For more information on mortgage, go to AOL Money and Finance. Also search for mortgage on AOL Search.
Top mortgage searches on AOL Search:
1. Mortgage calculator
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3. Reverse mortgage
4. Mortgage news
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See sponsored links for: mortgage, refinance, home equity loans.
Reader Comments (Page 3 of 3)
41. Interesting and informative conversation. Does any one need an appraisal?
Posted at 3:28PM on Aug 28th 2007 by Anthony
42. LOOKING FOR THE BEST LOAN OF 45000.00 FOR 20 YEAR PAYOFF @ LOWEST RATE
Posted at 4:39PM on Aug 28th 2007 by PAUL
43. I take from the rich to give to the poor !
I can move the mountian with your help !
I will help you get back on track !
email me ANNABAYBDLL@AOL.COM
MORTGAGE LOAN CONSULTANT!!!!
Posted at 5:29PM on Aug 28th 2007 by anna hand
44. After reading all the commentary which I found to be helpful my situation I never owned a home being single in the Navy for the last 20yrs. There is a perception that capitalizes moving the single guy overthat of families more cost effective is probably a good reason why. I have no complaint but steroe types had some effect future promotions. On the mentioning of net worth it is important to know ones value most agree it's money. Just as important other two things 1 just as important personal inventory of past accomplishments 2 situational awareness. The 3 I found can compliment eachother to continualy grow. Like this if I were doing what everyone else is doing it sands that I get the same results? maybye not? If I do something different chances are better to find something new ang get a different result. I recently been learning on nline how to purchase a house and asking people has helped me some. Where it does not help is that's when they bought their house years ago in a different housing market/economy. The current situation of housing is going bad did not apply to them. Almost every where people selling for a year have not moved out. I would say and rethink most agree that buying a house decades ago, don't even compare to the pain IM seeing now. Rising forclosers will disable the economy if it contuniues to rise as families getting evicted will never be able to own a house again. I personaly would not like to live in a forclosed home to my fear of the family comming back to destroy the house in fit of revenge.
What I been hearing is the housing market was not this bad since the start of the great deppresion as we at the speed of light we are in a brink of arescession. I guess we are not technically in rescession will take a politician to declare one.
There is another thing that comes with situational awarness to invintory those perceptions to determine if they are false to your current stitaution. I know supply and demand and if their are less openings in the supply side some people will not make it and most will have difficulty. Some times it's better to wait and have something come to you then to chase something that has the potential to whip your but. I think everyone a has good reason sides to explain why things are the way there. I also think that with technology had made many more complexities in our lives that distract from our abilities to properly inventory ourself. I don't trust any of the mortgage rate calculators cause it's really most unknown how they come up with the value I know what but if it's to good be true, it problably isn't. There no better person to assist you other then yourself what I learned when I found through self learning takes away the bias's out there and online also. For anyone who had a house for awhile as property tax's don't rase as fast as what an assesd value does that increases the tax bill amount without raising tax's.
There I sense alot of corruption in local politics to allow that to go on also. I realize that when there are to many hands in the pot that takes a group of seven people for one to buy house no one can't convince the temptation there that there is no hanky panky going on. No matter the what rules and oaths they take there is high potential of conflict with interest. Just because the say loud and clear is hardly based on merrit to deliver and turn the promises into like some long forgotten shell game.
The housing market is far from a streamline process that's where the confusion is comming from, it's not the of fault of the customer who should always be right he is being treated like he is awlays wrong today. There is no man/woman who walks te face of the earth in th US that does not feel like this unless they support housing been run amuck. Anyone who owns a house even being able to afford now the housing system (like if there is one, so probably not) left uncheck will kick you to the curb. I wish everyone good luck what they are doing I can see the positve with houses IM green behind the ears but almost impossible to dampen my feelings about the current now of getting a house. we can project where we will probably be in the future past performance in housing does not reflect future performance they say that with mutural funds which are more predicatble then housing like every one out there with power who supposed to help are killing the middle class and dumbing them down. I sure said alot
Things have changed and everyone I hear is saying around me nothing new to me from everwhere I go so what is real did things really change or the perception is that they did and meaning nothing new cause change has never stopped. Whatever it is that made ourlives so difficult some evil is going on. All be safe and good luck
Rob
Posted at 5:42PM on Aug 28th 2007 by Rob
45. ALWAYS REMEMBER THAT NO MATTER HOW MUCH YOU SPEND IN DOING A REFINANACE DEAL OR REMORTGAGE DEAL, YOU ALWAYS LOSE NO MATTER WHAT YOU MAY BE SAVING OR THINK THAT YOU ARE SAVING ITS ALWAYS LIKE BUYING A CAR YOU NEVER GET THE SAME MONEY THAT YOU PAID FOR IT, NOT EVEN HALF IN SOME CASES, SO DO YOURSELF A FAVOR, IF YOU DONT FIT THE MOLD DONT EVEN TRY TO GET INTO A BIGGER MESS
Posted at 5:45PM on Aug 28th 2007 by RAMON GONZALEZ
46. Bridge Loan vs. re fi n 1st mortgage + 80/20 on new purchase. Which is better considering the market?
Posted at 6:15PM on Aug 28th 2007 by Ann
47. Concerning housing a mold sounds old and smelly to me especially that's why I getting a new house one time in my life. Hopefully there will be less then 7 memebers to help this customer out. The less means more. Jobs concerning aprassiers hopefully be less. Hey I can walk into a house and see if it's worth it to buy, it's my money or bye if not. Im not going to ever pay big bucks on common sense of value and based on rocket science. If the goverment gets a control on the American Dream your done out of a job buy.
Rob
Rob
Posted at 9:49PM on Aug 28th 2007 by Rob
48. That is the happiest mortgage holder I have ever heard of! Is she for real?? I'm a mortgage broker from Canoga Park, Ca. If every client was like her life would be easy for me, but they're not! Since my practice is completely honest I needed to find a third party resource to show my clients that I'm not the only one who thinks this way! So I Found http://www.fixthatmortgage.com. At first it was a chance for me, but after I sent a client or two there to reassure them of my practices they started trusting me full on! Since http://www.fixthatmortgage.com offers free phone advice and calculators my clients felt as if they had a middle man or something.
Just letting you all know about it. Brokers who perform honest practice, this will help you gain your customers' trust!
Posted at 12:31AM on Aug 29th 2007 by Robert
49. I think that y'all have missed Jason's point. He did not say that owning a home is a mistake, he said that paying interest is a mistake. Interest is tax-deductible, which is good. But, if you pay $1,000 in interest, you do not take $1,000 off of your tax bill. You deduct $1,000 from your taxable income and pay $250 or less in taxes (depending on tax bracket). So, the tax-deduction cost you $750. Tax-deductions cost money (to get one, you have to spend more money than you take off of your tax bill). I believe that Jason was saying that it is better to pay the extra in taxes than to pay the interest.
Posted at 11:50AM on Aug 29th 2007 by Rusty