Here are some best information on
refinance mortgage loan home equity loans home imp
An Overrated Tax Strategy: The Home Mortgage Interest Deduction
The mortgage interest deduction just might be the most overrated tax saving strategy there is, and yet it is considered by many to be a primary reason for home ownership.
Look, I present financial seminars for thousands of people every year. During breaks people will invariably come up to me and ask me questions about their personal financial situation. I tell them to do five basic things
- Get out of debt and stay out of debt.
- Save 3-6 months of expenses for emergencies and emergencies only.
- Use the envelope budgeting system. It's the best budgeting system ever developed.
- Open a Roth IRA so that you can have tax-free investments and tax-free income for the rest of your life.
- Pay off your mortgage so that you can own a home free and clear.
The one that always meets with the most resistance is the one about paying off a mortgage. People will often say, "I don't want to pay off my mortgage because I need the tax deduction."
That kind of logic gives me a headache. Here's the deal: If you pay $1,000 a month in interest on your mortgage, and if you're in the 28% tax bracket, you will still pay $720 a month in interest ($1,000 minus 28%). So it's only a good deal compared to not getting any tax deduction at all or -- in many cases -- paying rent. A mortgage interest deduction does not "save" you money over not paying any interest at all.
In my entire career I've never heard anyone who owned a home free and clear say, "Gosh, I sure miss having that mortgage payment." So once you've found a home that you want to live in for the rest of your life, work toward paying off your mortgage early. You'll be glad you did.
(c) Larry Holmes
Larry Holmes invites you to visit http://www.smart-money-report.com/ Your common sense guide for financial and investment success.
More Useful Resource and Updates on refinance mortgage loan home equity loans home imp
- When A Mortgage Loan Is Necessary For Your Aventura Home Purchase (Turks.US)
If you think that it's impossible to purchase an Aventura home with your limited budget, then you are in for a shocking surprise. Actually, there is a way to boost your funding for a home acquisition without putting you into a financial hurdle paying for it -- and this is through mortgage loans.
- Cairns Lockie Mortgage Commentary 29 August 2008 (Scoop.co.nz)
Welcome to the fifteenth fortnightly Cairns Lockie Mortgage Commentary for 2008. We aim to keep you informed on developments at Cairns Lockie, Home Loans and the mortgage market in general.
- Rates put the bite on new home sales (Adelaide Now)
THE property market continues to struggle with high interest rates and a slowing economy, with new home sales falling in July, a survey has found.
- New home sales fall in July: survey (The West Australian)
The property market continues to struggle with high interest rates and a slowing economy, with new home sales falling in July, a survey has found. The Housing Industry Association (HIA) survey found new home sales declined 7.2 per cent in July.
- Bankrate: Mortgage Rates Dip Again (PR Newswire via Yahoo! Finance)
Mortgage rates were lower for the second week in a row, with the average conforming 30-year fixed mortgage rate falling to 6.60 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points.
- New-home sales rose slightly in July, prices fell (El Paso Times)
WASHINGTON?Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink. The Commerce Department reported Tuesday that new-home sales rose by 2.4 percent last month to a seasonally adjusted annual rate of 515,000 units, the most since April.
- Why consider refinancing? (Federal Reserve Board)
The interest rate on your mortgage is tied directly to how much you pay on your mortgage each month--lower rates usually mean lower payments. You may be able to get a lower rate because of changes in the market conditions or because your credit score has improved.
- UPDATE: Aug. British Home Prices Post Biggest Annual Drop Since 1990 (Nasdaq)
LONDON (Dow Jones) -- British house prices continue to fall at a rapid rate, with the average home in August fetching 10.5% less than it did a year ago, mortgage lender Nationwide reported Thursday in its monthly survey.
- Aug. British home prices post biggest annual drop since 1990 (Market Watch)
British house prices continue to fall at a rapid rate, with the average home in August fetching 10.5% less than it did a year ago, mortgage lender Nationwide reports Thursday in its monthly survey.
| 
