Next Steps After Paying Off Your Mortgage

Рет қаралды 85,796

Күн бұрын

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.

Пікірлер: 129

@smartanajones4u Жыл бұрын

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

@terrencemcphail5782 Жыл бұрын

congrats and definetly dont let people hate i wouldnt even tell people

@michaelkeudel8770 Жыл бұрын

My last payment goes in 24 hours, already breathing a sigh of relief.

@mikejohnson7067 Жыл бұрын

Congrats! Wife and I are on it. Motivation here.

@danielrafael1385 Жыл бұрын

wow congrats. i still need 60k more to pay off 457k mortgage

@batman9512 Жыл бұрын

👏

@nikiclaypool8800 2 жыл бұрын

Paid off my house today!!!!

@TimPaddy 2 жыл бұрын

In a KZfaq full of clickbait and get rich quick schemes, this quality video deserves millions of views.

@joedessenberger2048 Жыл бұрын

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!

@katarinahinsey3931 2 жыл бұрын

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.

@yannip2083 10 ай бұрын

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?

@katarinahinsey3931 10 ай бұрын

@@yannip2083 probably double.

@lovechangesus 4 ай бұрын

@yannip2083 my mgt deduction is 70.00.

@cherylbroadenax1006 2 ай бұрын

@@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.

@daralynx2 2 ай бұрын

9 out of 10 people don't benefit tax-wise having a mortgage. CFPs aren't tax pros anyway.

@georgewilliams8357 Жыл бұрын

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.🎉

@Smart802 8 ай бұрын

Congratulations 🎈 nice to know

@ericolens3 24 күн бұрын

27 years early?! nice job, but HOW? regular income? low cost mortgage? Life insurance policy?

@watchman9198 Жыл бұрын

Who else is watching this without having a paid off house?

@danielrafael1385 Жыл бұрын

in 8 months ill be paying off

@SpookyEng1 7 ай бұрын

8 more payments for us as well 😊

@user-xo1lg3nj8m 2 ай бұрын

Omg 8 months for us as well! Good luck, keep it up

@hernanecomh 2 ай бұрын

🙋‍♂️🙋‍♂️

@watchman9198 2 ай бұрын

In about 10 years from being done, but I’m also 10 years ahead of schedule on my 25 year mortgage

@michaelfreeman681 2 жыл бұрын

Thank you for the information you are the first one tell me about what next.

@ROCKETS2965 7 ай бұрын

Government deduction on property taxes for having a mortgage is hilarious. Leave it to the government to reward people for maintaining debt.

@dionisiotato4730 Жыл бұрын

Excellent informative and accurate information video!! THANK YOU!

@Jersey1971 7 ай бұрын

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

@manie3232 24 күн бұрын

Thanks for all the info. Some things I knew already and the others I figured.

@bruced.370 3 жыл бұрын

Great video. Smashingly good 👍

@sadabh5553 6 ай бұрын

Thank you for advice..

@justinianoamado276 2 жыл бұрын

Cool info, just paid in full, Thank you lord 🙏

@AwakenedHebrew 2 ай бұрын

Wow, this is exactly what I was looking for. No one else shares these vital steps. Thank you.

@youvegot2bkiddingme133 2 жыл бұрын

I love your advice.

@smartanajones4u 2 жыл бұрын

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!

@Imhere12345 2 жыл бұрын

It’s your phone listening your conversations

@ryan3716 3 ай бұрын

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

@Shama27330 Ай бұрын

THIS is the video I’ve been looking for on this topic! It took a minute (about 4 minutes) for him to get started with the good stuff…but excellent information! Practical information. Great job! Thank you.

@saurabhdave2000 20 күн бұрын

Very useful information. Great video, thanks!

@coraasuncion4989 5 ай бұрын

Thanks for these info

@tysteele62 2 жыл бұрын

Great info....just paid in full!!

@Nash4Nashville 2 жыл бұрын

Read Rich Dad Poor Dad asap.

@tombyrne6433 Жыл бұрын

Nice information paid in full

@yannip2083 10 ай бұрын

EXCELLENT video!

@PilouBen Ай бұрын

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.

@Lourd-Bab Ай бұрын

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

@PilouBen Ай бұрын

@@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

@Lourd-Bab Ай бұрын

@@PilouBen Oh please I’d love that. Thanks!

@PilouBen Ай бұрын

@@Lourd-Bab Judith Ann peace is her name

@PilouBen Ай бұрын

Lookup with her name on the webpage.

@dailytheology1689 6 ай бұрын

Thank you

@ElreyRayo 2 жыл бұрын

Gracias from Texas 👍

@tranger4579 Ай бұрын

Dose the homestead exemption stay in place or do I have to refile. Great information

@randydarr5410 Жыл бұрын

I paid off my house, which was at 3% interest. Stupid right. I paid it off because I'm concerned about the future.

@sunshinewolf5980 11 ай бұрын

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.

@tinanolan1485 6 ай бұрын

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.

@tinanolan1485 6 ай бұрын

@@sunshinewolf5980smart decision.

@isabelgeddeshines4059 18 күн бұрын

Considering paying off mortgage it's 3.2 percent. We would be paying off 20 years early. I do have some fixed income and stocks

@manie3232 24 күн бұрын

The only thing I need to worry about now is my HOA. They are now allowed to issue very hefty fines. I already had to pay about a thousand dollars in fines. And they threatened to put a lien on my house because I was busy and not aware of the fines etc being so busy working 12 hour shifts at my job. I heard they can even foreclose (virtually steal) your home!

@jayk9783 2 жыл бұрын

Great Video Dec 2022 will be my payoff date 👍😉 can’t wait

@marietaylor5174 2 жыл бұрын

January 2023 will be my payoff date.

@jayk9783 2 жыл бұрын

@@marietaylor5174 congratulations 🎉🎊🍾

@isaachunt5799 3 ай бұрын

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

@philcarson6731 2 ай бұрын

Bidenomics

@ShutterSpeedGaming 2 ай бұрын

Congratulations 🎉 😄

@ShutterSpeedGaming 2 ай бұрын

@@philcarson6731😂 definitely not.

@anthonymejia7838 28 күн бұрын

I have scheduled an aggressive goal to pay off my home mortgage by age 50 which is in 42 months . . .already making double payments and probably will have triple payments by this time next year!

@RobertHobbs-pb4mi 4 ай бұрын

I paid off my house today 🎊 🙏🏽🙌🏼👏😎

@germagic2 2 жыл бұрын

I will pay off my home tomorrow and I am nervous

@engrmom98 2 жыл бұрын

How did it go?

@jamesp9998 Жыл бұрын

@@engrmom98 I guess they didn’t pay it off

@laverncollins1589 2 ай бұрын

I paid off my house and now USAA has more has doubled my insurance. I'm not sure what to do now.

@ShutterSpeedGaming 2 ай бұрын

Switch insurance companies. Get “All state” insurance. USAA be over charging.

@yocomment4707 2 жыл бұрын

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

@James-yi1vk 2 жыл бұрын

People try and say it but its unlikely true. YOU HAVE A PAID OFF HOUSE! Smile every day because you are closer to peace!

@GODLEYSHOTZ Жыл бұрын

Most won’t have any change to their taxes

@steven19767 Жыл бұрын

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.

@danielrafael1385 Жыл бұрын

how much money extra u gettin now

@steven19767 Жыл бұрын

Why?

@ShutterSpeedGaming 2 ай бұрын

@@danielrafael1385none of your business 😂

@crazyadventuresandreviews 3 ай бұрын

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.

@stomptheelites 6 ай бұрын

Video starts at 11;15 your welcome😎

@makemoremoneytoday9083 2 жыл бұрын

Can you take out a loan against the house once youve pay it off ? Like if you needed extra money or something...

@supernovahk19 2 жыл бұрын

You sure can., the house is a collateral again.

@TheBlueCollarMillionnair-ko1pr 8 ай бұрын

you can but that wouldnt be a smart move. You got out of debt; dont go back in it

@laurieb2296 Жыл бұрын

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 ?

@rob2738 Жыл бұрын

Pay your house off. Then save for retirement. That’s what we are doing. 😊

@laurieb2296 Жыл бұрын

@@rob2738 Thank you!

@G..G.. 8 ай бұрын

Pay off the home

@laurieb2296 8 ай бұрын

@@G..G..Paid it off in July. 100 percent debt free yay!

@laurieb2296 8 ай бұрын

@@rob2738 Paid it off in July. 100 percent debt free.. yay!

@dangrather1280 3 ай бұрын

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.

@ShutterSpeedGaming 2 ай бұрын

Congratulations 🥳🥳

@Smart802 8 ай бұрын

I never celebrate I just feel relieved and bank balance empty of course it may recover slowly 😂

@johnjaco5544 4 ай бұрын

Pay my house off in 12 years. Retired young Life is good. Been out of the market for years, Doing just fine.

@mattdg1981 2 ай бұрын

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.

@AstonM6 5 ай бұрын

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.

@goducks11111 Жыл бұрын

I'm got 11539.22 left on mortgage 🎉❤

@mattmarkey7949 7 ай бұрын

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)

@logdon17 5 ай бұрын

Words you will never hear, "I regret paying off my mortgage"

@justinwilson8344 2 ай бұрын

I’m 5 months away from this Goal! At 28 I am so ready.

@ShutterSpeedGaming 2 ай бұрын

Congratulations 🎉

@Nash4Nashville 2 жыл бұрын

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.

@derrickchapman8504 3 ай бұрын

I brought a house and paid it off in 2 years and I waiting to see how debt free feels

@tranger4579 Ай бұрын

It feels awesome 👏

@maxsmart8954 10 ай бұрын

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!!!

@practicallandlording2787 6 ай бұрын

900 lb gorilla... Asset stripping mtg to an entity you control and PAY IT MONTHLY. One car accident to no house WAAAAH

@ratapaga5963 7 ай бұрын

If you paid off your mortgage, now rent and buy another home.

@mattmarkey7949 7 ай бұрын

NO!! Aggressively save and invest for as long as it takes and THEN get started on home number two 👍

@guylocal6423 2 жыл бұрын

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 :)

@ShutterSpeedGaming 2 ай бұрын

😂😂😂