Hi all – I hope you’ve all been well and sorry that I haven’t been active online for a long time. Life gets in the way 🙂
I’m now hitting my new target – elimination of the mortgage!
I have 2 mortgages:-
– equity loan over $5k
– main mortgage over $80k
Today (meaning Wednesday) I killed the equity loan. For some reason I just kept it going like a little kitten which hasn’t got a home! It wasn’t that expensive, and I thought ‘ah well, it’ll go in 2015 so what’s the rush’. Well, something hit me two nights ago and I was determined, upon waking up yesterday, to just kill it with some of my emergency fund. So I did. And it’s gone…. well, at least from my bank account. I’ve now got to impatiently wait a few days to make sure it has actually reached my equity loan account and then I’ll be able to breath easily!
It’s funny, because once I made the payment it felt so liberating to do it – even though I was scared to reduce my emergency fund from 6 months to just over 3 months. However, I bit the bullet and done it.
I’ve also decided to add an additional $900 to my main mortgage, and start reducing that too. I cannot make any additional payments, other than $900, or I’ll get penalised for the privilege. So, with the excess amount (for next month), I’ll be putting into a fixed bond account for a couple of years, and then once I have enough then – bam – death of the mortgage for me.
I’m aiming for 3 years max to eliminate this normal household debt-monkey 🙂
Peace, people – and keep on doing what you’re doing – get rid of your chalice around your necks and boot Sally Mae out of the house!