Next Steps After Paying Off Your Mortgage
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- Опубліковано 15 чер 2024
- Congratulations, you just paid off your mortgage! Now what? And I’m not just talking about what you do with the freed-up money, though I know you’ve already got lots of ideas…I’m talking literally what’s next?
The article mentioned in the video: www.mybanktracker.com/blog/fi...
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This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Im back to look at the video as i am about to pay my mortgage off in the next 30 minutes. I CANT BELIEVE IVE DONE THIS!!! 22 years in the making
congrats and definetly dont let people hate i wouldnt even tell people
My last payment goes in 24 hours, already breathing a sigh of relief.
Congrats! Wife and I are on it. Motivation here.
wow congrats. i still need 60k more to pay off 457k mortgage
👏
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Lourd-Bab However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@PilouBen Oh please I’d love that. Thanks!
@@Lourd-Bab Judith Ann peace is her name
Lookup with her name on the webpage.
Paid off my house today!!!!
My Dad and I just paid off our house this year. And it only took us less than 30 years to pay off the debt, which we paid off 27 years early. And my Dad and I are officially debt free.🎉
Congratulations 🎈 nice to know
He gets to a point about 4 minutes in.
1. Make sure you’re free and clear, both with the bank and the county.
2. Make sure you’re getting your property taxes mailed to you (direct bill).
3. Homeowner’s insurance company needs updated that there’s no longer a lien on the property.
4. Watch for a refund from the bank for your escrow balance (money that’s been collected by the bank monthly for your property taxes). Your property taxes may go up because you’ll lose the deduction that a mortgage entities you to. If you get an equity line of credit you may still be able to get the deduction.
He gets to the main point close to the end of the video:
5. Work with your financial planner on how to spend the money. Silly me, I thought that’s what the video was going to answer instead of going through the boring details of the process with the bank and county.
What is #4 that "Your property taxes may go up because you'll lose the deduction that a mortgage entitles you to"? Go up by how much?
@@yannip2083 probably double.
@yannip2083 my mgt deduction is 70.00.
@@yannip2083property taxes do not go up if I pay off your house. They can go up with it paid off or not. Taxes voted to go up, house values shoots up, u could get tax increase. If county votes on an increase for etc, they can go up. Whether house is paid for or not.
9 out of 10 people don't benefit tax-wise having a mortgage. CFPs aren't tax pros anyway.
In a UA-cam full of clickbait and get rich quick schemes, this quality video deserves millions of views.
On our last home we did not set up escrow. It is not always a requirement. We paid our insurance and taxes direct on our own so that the house payment never fluctuated with an escrow account recalculation. 74 days until last payment!
Who else is watching this without having a paid off house?
in 8 months ill be paying off
8 more payments for us as well 😊
Omg 8 months for us as well! Good luck, keep it up
🙋♂️🙋♂️
In about 10 years from being done, but I’m also 10 years ahead of schedule on my 25 year mortgage
Government deduction on property taxes for having a mortgage is hilarious.
Leave it to the government to reward people for maintaining debt.
Thank you for the information you are the first one tell me about what next.
Excellent informative and accurate information video!! THANK YOU!
Wow, this is exactly what I was looking for. No one else shares these vital steps. Thank you.
This is an extremely helpful video. Working on paying off my home- we have about 3 years left but I like the idea of planning easily
WOW!!! This video was a blessing to pop up in my feed! I will be paying my home off in Sept of this year and I had no idea I needed to do hardly much of anything once I pay it off. Thank you for making this video. I’ve saved it and set a reminder to view it again a month before pay off. Again thank you!
It’s your phone listening your conversations
I paid off my house, which was at 3% interest. Stupid right. I paid it off because I'm concerned about the future.
Well, I will be paying off our house in Dec 2023 with just 1.74%. I want to start 2024 with a paid off house though a lot of people will say, my decision is stupid, Lol.
Do you still feel stupid a smart decision in this economical environment? I paid mine off 18 months ago and ten years early - absolutely no regrets.
@@sunshinewolf5980smart decision.
I've heard horror stories where the home insurance company has cancelled coverage once you pay off the house this is the reward for for paying off your debts
Cool info, just paid in full,
Thank you lord 🙏
paid our new built house off in 10 years flat. last payment was july 2017. now investing hard and both still working.
cash pouring in everywhere
Bidenomics
Congratulations 🎉 😄
@@philcarson6731😂 definitely not.
Great video. Smashingly good 👍
Thank you for advice..
Great info....just paid in full!!
Read Rich Dad Poor Dad asap.
I love your advice.
Thanks for these info
Nice information paid in full
Great Video Dec 2022 will be my payoff date 👍😉 can’t wait
January 2023 will be my payoff date.
@@marietaylor5174 congratulations 🎉🎊🍾
EXCELLENT video!
Bought a house at 30. Paid it off aggressively in 10 years. I figured I was able to do everything I wanted while paying it off so I just kept putting the same amount for the last 15 years into retirement savings. Now my savings are worth more than my house.
Congratulations 🥳🥳
Gracias from Texas 👍
I just paid off my house I only have one life to live my kids are grown I'm buying the sports car I want brand new.
how much money extra u gettin now
Why?
@@danielrafael1385none of your business 😂
I paid off my house and now USAA has more has doubled my insurance. I'm not sure what to do now.
Switch insurance companies. Get “All state” insurance. USAA be over charging.
Thank you
I will pay off my home tomorrow and I am nervous
How did it go?
@@engrmom98 I guess they didn’t pay it off
I paid off my house today 🎊 🙏🏽🙌🏼👏😎
Here i am excited im about to finsh paying my house but everyone i know says i will pay more taxes and bla bla all negative stuff im now in doubt
People try and say it but its unlikely true. YOU HAVE A PAID OFF HOUSE! Smile every day because you are closer to peace!
Most won’t have any change to their taxes
When I paid off all my debts and home the first thing I did was create a FU account, it’s money I don’t touch that’s sits there only for emergencies it’s basically there so you don’t have to take any BS from anyone. You’re a free man then.
Video starts at 11;15 your welcome😎
Words you will never hear, "I regret paying off my mortgage"
If you have never needed to file a claim on your homeowners insurance while you carried a motgage get rid of it and instead put that money in a interest bearing savings account. You dont have to have homeowners insurance after your home is paid off.
Pay my house off in 12 years. Retired young Life is good. Been out of the market for years, Doing just fine.
I’m 5 months away from this Goal! At 28 I am so ready.
Congratulations 🎉
Oh yeah, I'm looking forward to a visit with the county, and the school district. 🤡 I know a guy who went to pay his taxes, they told him he didn't own the property. Yes, I do. No, you don't. Who owns it? We can't tell you. A trip back home for paperwork and four hours later it was finally resolved.
I never celebrate I just feel relieved and bank balance empty of course it may recover slowly 😂
I am debt free except my mortgage $94,000. I can pay it off in two months but two financial planners want me to invest the $94,000 instead of paying it off. They told me to wait 3 years when hubby retires but I want to be 100 percent debt free. We plan to move in 3 years. What’s your advice ?
Pay your house off. Then save for retirement. That’s what we are doing. 😊
@@rob2738 Thank you!
Pay off the home
@@G..G..Paid it off in July. 100 percent debt free yay!
@@rob2738 Paid it off in July. 100 percent debt free.. yay!
I brought a house and paid it off in 2 years and I waiting to see how debt free feels
Can you take out a loan against the house once youve pay it off ? Like if you needed extra money or something...
You sure can., the house is a collateral again.
you can but that wouldnt be a smart move. You got out of debt; dont go back in it
I'm got 11539.22 left on mortgage 🎉❤
Congrats! I only owe 500 dollars and checked online earlier today....turns out I only have to make two more 600 dollar payments 😅. I don't even care lol. Fuck them, I'm almost done. How many years did it take you to pay off? ( I know you aren't done yet but you practically are)
Ask your lender for a notarized copy of the deed and ask your County for the deed of trust or land patent from the original Lord. When neither party can produce said docs., sue them.
900 lb gorilla... Asset stripping mtg to an entity you control and PAY IT MONTHLY. One car accident to no house WAAAAH
If you paid off your mortgage, now rent and buy another home.
NO!! Aggressively save and invest for as long as it takes and THEN get started on home number two 👍
Pay off the mortgage and get another home. Rent the first one and pay the new one!! We need the tax break on the interest . Leverage your money. Stay away from stupid debt!!!
Believe me If I know how to pay my mortgage ASAP I know the value of the money and believe me I will not waste my money listening your suggestions :) Because I got my money to pay my mortgage not listening you :)
😂😂😂
Thanks to Trump I lost my itemized deductions and my refund is practically nothing...I am glad I will have mortgage paid off this year!
How is that Trump's fault? If you want a larger tax return, change your W-2.
Biden is worse 😂 Bidenomics
Is that a Boston accent I'm detecting
Michigan 😂