Last week, my staff post at Get Rich Slowly was entitled “The hassle of being in debt.” In it, I reminded readers how I had to refinance my home mortgage AGAIN to remove my pesky and wasteful private mortgage insurance. I also mentioned that I plan on paying off my house as soon as humanly possible. Of course, this always stirs the pot a little. People do not seem to understand why I would choose to prepay my “cheap money mortgage” at 3.25%. So I thought I would lay it out there for everyone to see. Here are the 5 reasons I’m murdering my mortgage:
Reasons I’m Killing My Mortgage
I hate debt.
I despise it actually. I don’t like getting bills in the mail and I don’t like the crushing feeling of owing another person (or a company) six freakin’ figures. Maybe I learned it from my parents, but I just don’t like being in debt when there are other options. I have always been someone who chose to take the quick and painful way to do things over the long and drawn out route….and my mortgage debt is no different. I’m pulling this band-aid off at lightening speed, bitches!!!
I want to be debt free.
…..and not just so I can call the Dave Ramsey radio show and do the debt free scream. Wooooohhhhhhhhhhhhhhhhhhh!!!! Who am I kidding? I will definitely do that shit. But seriously, I want to be debt free because debt is a huge burden in my eyes. Having a mortgage payment means that I have to plan my life and my finances around it. I don’t like it.
I want to have more options.
Right now, our stable job situation means that we are stuck wearing the golden handcuffs. Being debt free means having more options in the future. Not having a house payment will free up thousands of dollars per month that could be spent any number of ways. I like the thought of having the option to take a much lower paying job if I wanted to. I like having options PERIOD.
I don’t care about my mortgage interest tax deduction.
There, I said it. I’ve already prepared myself for the hate mail. I do not care one iota about the amazing tax deduction I will be missing out on based on tax estimators and calculators. I don’t think that purposely staying in debt to reduce my tax liability makes much sense at all. You may disagree, and that’s fine.
MetLife, my old lender, was a huge pain in the ass to deal with. Amerisave, the company I refinanced with, was a huge pain in the ass to deal with. They’re all a pain to deal with and I cannot wait until I no longer have to monitor my account to make sure they don’t screw something up. One time, MetLife took $1,800 out of my escrow account and bought “forced place insurance” without even bothering to notify me. They said that my homeowner’s insurance had lapsed. Wrong! I have been with Allstate for five years and they had even paid the premium 2 months earlier OUT OF THE SAME ESCROW ACCOUNT!!! That kind of shenanigans makes me bat shit crazy and I am tired of having to watch everything like a hawk all the time. I’m glad to not be dealing with MetLife anymore, but I’m sure that Amerisave will be equally incompetent. Sigh.
Anyway, those are the main reasons that I am killing my mortgage. Like it or hate it, I’m doing it anyway. And to all my haters, I do realize that there is an opportunity cost for choosing to pay off my home instead of investing that money. Still, opportunity cost= schmopportunity crost. Let me rephrase that. I don’t care. And according to recent calculations, we are somewhere between 26 and 31 payments away from murdering our mortgage once and for all. I’ll keep you posted.