Answer: Most likely invest. Especially if you can do it in a tax-free vehicle like a 401-k or IRA. The key element is the tax effect. Interest on the home returns cash from the tax man. When you factor this in the effective interest on your home is probably a lot less than the expected …
Tag Archive: interest
Why is home mortgage interest a tax deductible?
Answer: Because the Gummint wants people to own homes. (Actually, the Gummint wants people to own expensive homes to pay property taxes on.)
questions about refinancing home mortgage? ?
with the fed cutting the rates so low, now would be a good time to think about refinancing right? my mortgage interest rate is currently 6.25 fixed, i think we owe about ,000 on it. my husband and i have excellent credit, and we’ve been in our home for 5 years. would refinancing lower our …
If shantel and kwami made a downpayment of 20,000 on a 175,000 home, what would be their monthly mortgage paym?
If shantel and kwami made a downpayment of 20,000 on a 175,000 home, what would be their monthly mortgage payment assuming the finance for 25 years at 6.75%. How much would they save on each monthly payment by making the down payment? How much interest would they save over the life time of the loan? …
My return goes down if I enter my 1098 mortgage interest on my primary home loan. Do I have to claim this?
My tax return goes down if I enter my 1098 mortgage interest paid on my primary home loan. Do I have to claim this “dedeuction”? Yes, I am itemizing. Turbotax, I add the 1098, and the refund goes from 6k to 3k. Do I have to enter it? Can I forego this “deduction”? No idea …
Is it better to pay your home taxes & insurance yourself or let the mortgage pay it?
Right now our home taxes & insurance are spread out through each month. Would it save any money if we just pay it ourselves each year instead of spreading it through the mortgage? I know it would obviously lower our monthly payments but I mean is there any other way it would be better. I’m …
Will our current mortgage lender automatically finance us for another home purchase?
We are moving and selling the first home. We are in good standing with the current mortgage company. We have lived here for almost 3 years- we have had two payments that have been a few days late. Also, will they keep us at our current interest rate? Answer: No, the rate will be based …
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