Tag Archives: ARM

SP True Stories: Bye, bye mortgage!

3 Jul

(Mark & Debbie personal testimony)

Back in the early 2000s financing was easy to get… so we selected a “stated”/”no-doc” loan.  But there were all kinds of confusing financing options.  I felt the Lord led me to get a 5-year fixed, “interest-only” for 5 years HELOC, which then became an (ARM) adjustable interest rate loan.  That may seem scary, but I was trying to follow the Lord’s leading as best as I knew.  The terms stated that after 5 years, our adjustable interest rate was going to fluctuate with the national prime interest rate.  Now, what I didn’t know, was what nobody could have known at that time… this would be an amazing blessing to us!

We always paid much more than our minimum required monthly payment.  But after 5 years, the interest rate and required payments started to rise, so I called the mortgage company and indicated that I was going to ‘go shopping’ for another loan.  They volunteered to reduce our interest rate by one point… at no cost.  Thank you Lord.  So we stayed with them. 

In 2008 Americans experienced the national real estate crisis and our nation’s prime rate dropped to 3.25%… which lowered our mortgage interest to about 2%.  That’s crazy low… for the last 10 years!!!  Only God could have fore-known that our type of loan would be such a blessing to us!  Thank you God!!!  

Except for our mortgage, we have had no outstanding debt of any kind, for about 15 years.  During this time, we were believing God for supernatural provision to provide for “everything pertaining to life and godliness” (II Pet 1:3).  including our mortgage paid off.  We even received prophecies that we were going to be mortgage free.

It’s now year 17 of our 30 year mortgage, with just over $11K remaining on our loan.  We were only about one year from paying it off… 12 years earlier than required.  Now here’s the latest fun development in this story…

Earlier this year someone asked about the balance remaining on our mortgage.  Shortly thereafter, they gave us the full amount to pay it off.  WOW!!!  So much fun!!!

Thank you God, for Your amazing care and provision!  Your ways are truly higher than our ways.

— MLH