The Mark Cabal Team
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Arlington TX Real Estate Blog

Mortgage Payoff Fees And Procedures To Know

“Work a lifetime to pay off a house.
You finally own it, and there’s nobody to live in it.”
 – Death Of A Salesman

After twelve years of methodically refinancing my property whenever rates dipped, and consistently paying down principal every month, I finally own my two bedroom condo in Pacific Heights, San Francisco free and clear!

The condo originally cost $580,000, which I thought was relatively good value for a 2/2 with parking and a park view in 2003. I had relocated from Manhattan two years earlier where all park view condos cost a bloody fortune. Go watch Millionaire Dollar Listing New York to see for yourself. My condo is nothing fancy, but it has everything one needs to live a comfortable life in my favorite city in America.

According to Zillow, USAA, and a one bedroom sale in the same building last month, the value of the condo could be worth double its purchase price with a little bit of updating. Whatever the real value is, I don’t plan on ever selling because it is an income generating engine. Real estate is “forced savings” at its finest.


Whenever I was feeling liquid, I’d mosey down to the local Citibank branch to pay down some extra principal – $500 here, $10,000 there, it adds up. When paying down a mortgage off cycle, it’s important to instruct the teller to pay down “principal only,” otherwise, they may use your money to pay down your upcoming principal and interest payment....