Thursday, April 2, 2009

Mortgage Progress For April

I did it. I was able to make my extra mortgage payment today on the 2nd of the month instead of the the middle of the month (like I did in Feb. and Mar.). I have enough reserves built up so that making the payment at the beginning of the month didn't drain my bank account completely. It has been only 2 weeks since I made the extra payment for March so this seems really soon. If only I could make a payment every 2 weeks, how fast it would go!

Anyway, I paid an extra $1,236 toward the principle today bringing the mortgage total to...$47,462! If I follow my current plan I will have it paid off in 1 year and 7 months. I love making progress.

My boss was asking me about my home building plans today. I do hope to build a house on this land some day so I just talk about the kind of house I might like to build. It also gives me a chance to complain about the 10% pay cut we got since I now qualify for 10% less of a construction loan. I wonder if banks are even doing construction loans nowadays. I haven't heard anything about them. I told my boss that if I use one acre of my property as a down payment and it is worth, let's say, $50k, then I can get a $150k mortgage. That isn't much considering that to dig a well I would have to pay over $30k. Perhaps I could build a garage with an overhead apartment for that price. My boss could understand why building a house would not be in my near future. Building my shed-house is more realistic but my boss is sure that I am kidding about that :) We will see. Who knows what the future will bring.

7 comments:

Over the Cubicle Wall said...

Good job on the mortgage. You are inching closer to the less than 40k milestone.

I've thought about the garage with apartment above too. I like small spaces, plus I would like to have a camper/van, so it would be nice to be able to store it the same place as my permanent address.

Daizy said...

Yup, just 4 more months to reach that milestone.

I have so many different scenerios in my head. The bad part of a garage apartment would be stairs. But it would be a good start if I was planning to build a big house eventually. The apartment could be the guest house or art studio.

Would you build another garage near your house or some place new?

Over the Cubicle Wall said...

The stairs over the long term are a real concern for me too. I've drawn up my dream home, and it doesn't have a step in it.

Daizy said...

Mine has stairs but it is to a walk out basement so I could drive around to the lower level. The basement would be a roller rink for the kids. :P

Over the Cubicle Wall said...

That sounds like a big basement!

Lizzie said...

I dont suppose you guys live anywhere near each other? You do seem to have been separated at birth!

Lizzie

Daizy said...

Lizzie, I think we might have been seperated when I was in Tennessee as a baby. Perhaps my twin brother? And no, Arizona is pretty far away.