I made my last 438 k mortgage payment just now. My bank doesn't seem happy.

Discussion in 'Psychology' started by Calculator2, Mar 7, 2010.

  1. So I make my last payment and bank that never made a mistake on how much I owe them suddenly starts making mistakes on last few payments. (mistake to their benefit)

    I was always polite and patient in correcting these mistakes no matter how long I have to be on the phone. Because I knew I was gonna pay it off soon and wouldn't let it bother me.

    Not even a congratulations on my last payment. Not even Thank you It was a pleasure doing business with you for the last 8 years.

    Why do I get the feeling that my bank doesn't like people that pay mortgage on time and over the set payment whenever possible. I get the feeling they would be more polite to a deadbeat.
  2. pupu


    Not to many greedy fat pigs like to see their slaves go free
  3. I understand that. Still if I was a bank employee or manager I would muster up a "congratulations"

    I thought this is proper etiquette. Maybe these younger employees have different professional culture :confused:
  4. Lethn


    Banks HATE people who pay off their debts and so do credit card companies. You have to realize our entire ecnomic system is based off debt and credit so when people start being wise with their money and save that is when the banks and credit card companies start to lose. A lot of them are used to the boom and bust culture almost to the point of fantacism so naturally they're going to not want you paying off anything you owe.

    Just pat yourself on the back and slap them in the face the next time they try and call you about insurance when they shouldn't.
  5. 377OHMS


    Nice work! Congratulations!

    I know, I know, they say it isn't advantageous to pay off your mortgage. I say bullshit. Nothing is sweeter than paid-for real estate. I usually try to get a 15-year note for just that purpose.

    Now, if you are in california (at 438k that is a fair bet) you should promptly file for tax reassessment and get that property tax bill as low as possible. After that they can only raise it 2% per year even if the state goes bankrupt etc.

    I'm on a 30-year note now, probably time to look at getting back to a 15-year.

    Anyways, nice job.
  6. Thanks, however I am interested in that "they say"

    Granted I don't hang out too much in restaurants and bistros but I've never heard anyone say you should delay paying off mortgage.

    Call me a dinosaur but if anyone calculates how much money bank makes off your mortgage, why wouldn't someone want to pay it off.

    Call me a conspiracy nut too but it seems to me that is Bank bullshit they want people to believe and made sure people heard it as some kind of wisdom.
  7. Based on your posting history, I suspect your definition of "polite" is not one generally recognized by others.
  8. I am brave online but polite and reserved in person. Which is typical of clean shaven white guys like me :D

    I think we really are desperate for more honesty like the one I just demonstrated in this post, in politics, in banking, in personal life.
    Everywhere I look it seems all we got are lies now.
  9. 377OHMS


    Oh, "they say" that there is an opportunity cost to paying off the mortgage. They say that since the mortgage money is relatively cheap that it is better to invest your discretionary funds rather than paying off the mortgage.

    I usually work to pay off early.
  10. The main group I hear encouraging people to not pay off their mortgage are financial advisors who want you to dollar cost average your available funds into the market every month. They say that it is much wiser to get the historical 8% stock market return rather than pay off a mortgage that only costs 2-3% after the tax deduction. Of course, the financial advisor benefits financially when you invest more money rather than paying off your mortgage.

    If the stock market only goes up, financial advisors are correct. However, recent history has shown that dramatic declines are also possible. Unless your mortgage is severely underwater and you plan to walk away, paying off all of your debts including your mortgage is a very wise decision.
    #10     Mar 7, 2010