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home mortgage: Great Investment - 02/23/12 12:15 PM
If you invest in a savings account, you'll make less than 1% and will have to pay income tax on the earnings. On the other hand, contribute something extra to your house payment on a regular basis and you'll essentially, earn at the mortgage interest rate which is certain to be more than you're earning in the bank.
Making additional principal contributions on your mortgage will save interest, retire debt and build equity. An extra $100 a month in the example shown will save thousands in interest and short the term of the mortgage as well.
Reducing your cost of … (4 comments)
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home mortgage: Points...What Points? - 01/23/12 02:20 PM
Points refer to prepaid interest on a home mortgage and can be fully deductible by the buyer in the year paid if the right conditions exist. The points must be used to buy, build or improve a taxpayer's principal residence but not all fees charged by the lender are necessarily deductible.
According to IRS Publication 936, "The term 'points' is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. A borrower is treated as paying any points … (2 comments)
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Lori Dee Doerfler, (928) 208-9827
Lake Havasu City,
AZ
More about me…
RE/MAX Prestige Properties
Address: 330 Smoketree Avenue S, Lake Havasu City, AZ, 86403
Cell Phone: (928) 208-9827
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