If we pay our entire house off, not only will we NOT have any more mortgage debt to pay off every month, but we’ll also have a nice stash of cash if we ever sell! Dannnnnnng, never thought about that before! Haha… how dense am I? ;)
What that means is just insane to me. Not only would we not have to work as hard, or as much?, but if we were to ever sell and go back to renting (key part there), we’d gain $XXX thousands of dollars right into the ol’ bank account again! AWESOME!!! So pretty much every dollar that goes to the mortgage, minus the underwater part – a cool $60-$70k at the moment for us – will get funneled right back out to us later. That’s pretty neat.
I don’t think it changes anything as far as my main goal of wiping it all out or anything, but it’s a huge perk to look forward to once that gorgeous day eventually hits. And could very well cure me of my wishing to rent once and for all! Haha.. imagine that?
So yeah, that’s all I got for you today on that. I just couldn’t believe I hadn’t thought about it before, and just had to share my revelation with y’all ASAP. It still sucks maintaining the house and what not, but maybe *that’s* why everyone dreams of owning so much? Cuz it’s like sitting on a big pile of cash once it’s paid off?
Bonus tip: Find a good "balance transfer" offer to help pay off debt faster!
If you’ve been making payment after payment (on time) and still haven't been able to get your debt under control, snatching up a good balance transfer credit card offer may be the ticket to try. That’s where in order to gain your business - credit card companies will let you transfer your existing debt to a new card and let you pay ZERO PERCENT interest on it. Saving you tons every month!
What's the catch? Usually balance transfer cards charge a fee (around 3% of your debt balance) to let you transfer your balance to their 0% interest offer. But we've found a great credit card that will let you do a balance transfer absolutely free. Click here to learn more and see if you qualify!
PS: If you don't trust yourself with another credit card, ignore this! This strategy is to help you get out of debt quicker, not risk adding more to it.