Out of all the mortgages out there, a 15-year mortgage will likely save you the most amount of interest expense. 15-year mortgage rates are almost always lower than 30-year fixed mortgage rates. However, the absolute payment is usually larger given the shorter amortization period (15 vs. 30 years). But the big benefit of the mortgage […]
A 15-Year Mortgage Is Probably Best, But It Has One Big Disadvantage Read More »
The beauty of an economic downturn is cheap credit. And when there is a global pandemic, mortgage rates tend to go dow. As a result, every homeowner should be refinancing their mortgage right now as rates hover near all-time lows. Here are some home mortgage refinancing tips from someone who has refinanced many times. Since
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Before buying a home in the midst of a pandemic, you need to understand the state of the mortgage industry. This information is vital if you want to make the best purchase possible with the information available. In 2022, as we get out of the pandemic, the state of the mortgage industry is changing. Lending
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The ideal mortgage amount was $1,000,000 before the Tax Cut & Jobs Act was passed in 2018. Today, the ideal mortgage amount is $750,000, if your income can afford it. Assuming you put down 20%, a $750,000 mortgage means you’re buying a $937,500 house The reason why $1,000,000 was ideal was because that was the
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If you’re focused on paying off your mortgage, good for you. It’s generally always good to pay down debt. However, I’d also like to share with you the biggest downside to paying off your mortgage that may surprise you. It’s been nine years since I paid off my rental property mortgage. It was a mortgage
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This post will teach you how to get the lowest mortgage interest rate possible to save money. Mortgage interest rates have increased by roughly 2% since the start of 2022. Therefore, it’s more important than ever to position yourself for a lower rate. Thankfully, homeowners have gained a huge amount of equity since 2012. I
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Back in 2011, I decided I wouldn’t pay off my mortgage until I retired. I was still working in banking and had a strong amount of cash flow. I thought I was going to work for at least another five years. Then, in 2012, I retired by negotiating a severance package that provided for six
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When there are mortgage market abnormalities, we must take advantage to get the lowest rate and best terms possible. Mortgage market abnormalities happen all the time, as I’ll show in this post. There were two mortgage abnormalities to learn from in 2021. This case study can help us take advantage of future mortgage market abnormalities
Mortgage Market Abnormalities: Take Advantage To Get The Best Rates Read More »
So you are shrewdly considering investing in real estate outside your state. Good news! Yes, you can get a mortgage in one state to buy a property in another state. With work-from-home commonplace now, there are some fantastic demographic shifts happening across America. Many people are now considering moving to a lower cost state due
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The US government has blessed us with the ability to deduct our mortgage interest expense from our income. This thereby enables us to lower our tax liability. The maximum mortgage tax deduction ultimately depends on income, which I’ll get into below. Although you could deduct mortgage interest on up to $1 million in mortgage indebtedness
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