Like many Americans, I worry about my mortgage. It isn't something that keeps me up at night, and thankfully I have always been able to make my mortgage payments. However, it is something that is an ongoing concern from a financial standpoint. Granted, I do not have any complaints about my mortgage, even though this is the top consumer reason that Americans complain to the government. I have refinanced a couple of times, and I have always had pretty easy experiences with banks. Still, it can be a little stressful to owe so much money.
A sense of obligation
You play scenarios in your head, even if they are a bit negative. What happens if I lose my job? What happens if there is a major natural disaster that severely damages my house? Since I live in Southern California, prices are high and there is always the possibility of major earthquake damage. Obviously I made the decision to buy a house, so I can't blame anyone for this added responsibility. The good news is that I do not have any other debt, but that mortgage is a large amount of money.
Market fluctuations
We purchased a house in the late 1990s, which means that the value appreciating a great deal in the first few years of ownership. Obviously the value then went down quite a bit and has only recently started growing again. Therefore, I have equity, but realistically that equity doesn't do me much good because I do not intend to sell anytime soon. Therefore, the ebbs and flows of the housing market do not cause me much excitement or stress. I won't worry about the value of my house until years from now when I get ready to sell it.
Looking forward to the end
At this point, I am very much looking forward to being done with my mortgage. I have a number of years to go, but it is still something to anticipate with some level of excitement. There are financial "experts" who suggest that it isn't always a good idea to pay off a mortgage early since it is helpful to have mortgage interest to deduct. I understand that mentality, but I will still work hard to pay it off as quickly as possible. It is hard to put a price on peace of mind.
A sense of obligation
You play scenarios in your head, even if they are a bit negative. What happens if I lose my job? What happens if there is a major natural disaster that severely damages my house? Since I live in Southern California, prices are high and there is always the possibility of major earthquake damage. Obviously I made the decision to buy a house, so I can't blame anyone for this added responsibility. The good news is that I do not have any other debt, but that mortgage is a large amount of money.
Market fluctuations
We purchased a house in the late 1990s, which means that the value appreciating a great deal in the first few years of ownership. Obviously the value then went down quite a bit and has only recently started growing again. Therefore, I have equity, but realistically that equity doesn't do me much good because I do not intend to sell anytime soon. Therefore, the ebbs and flows of the housing market do not cause me much excitement or stress. I won't worry about the value of my house until years from now when I get ready to sell it.
Looking forward to the end
At this point, I am very much looking forward to being done with my mortgage. I have a number of years to go, but it is still something to anticipate with some level of excitement. There are financial "experts" who suggest that it isn't always a good idea to pay off a mortgage early since it is helpful to have mortgage interest to deduct. I understand that mentality, but I will still work hard to pay it off as quickly as possible. It is hard to put a price on peace of mind.
