Jan 14 2009
Tax benefits of a Mortgage
Many so called finance experts recommend that you should carry a mortgage because you will have a write off for your taxes. This is bad advice! I am not saying you should never have a mortgage. Most people at some point or another have a mortgage. What I am saying is that if you can afford to pay off the home with cash, you should not continue to carry a mortgage.
If you itemize, mortgages could lower your taxes. However, that amount will be a small part of what you end up paying for interest. So you are paying $10 to save $3. This so called logic is not smart or even financially responsible. If you have to carry a mortgage, by all means take the tax write-off. However, if you can pay it off, do so as soon as possible.
The amount of people in the world who are waiting to buy a home until they can pay cash is growing. If you can do so, you will be a step ahead of the so called normal family. If you can’t save to pay cash, make sure you are otherwise debt free and that you have saved at least twenty to twenty-five percent to place a down payment and do not take a mortgage for longer than 15 years. .
Being a smart home owner will fit into the rest of your plan as being the CEO of your own personal finances. Though mortgages are acceptable debt when required, they should also be paid off as soon as possible.
Hi, This is my 1st visit to your blog.Thank you for this advice That was very interesting and informative.Keep up the good work.
Wow! Thank you!
I always wanted to write in my site something like that. Can I take part of your post to my blog?
Of course, I will add backlink?
Regards, Timur I.
Hey, I like your site. It has a lot of great information.
WOW!!!!! that was just what i wanted to know, helpfull and to the point, please keep up the brilliant work and i will be back for more soon!
I want to thank the blogger very much not only for this post but also for his all previous efforts. I found http://debtdunk.com/?p=32 to be greatly interesting. I will be coming back for more informations . Have a fantastic day!
Thanks for posting this, It’s just what I was looking for on google. I’d much rather hear opinions from an individual, rather than a corporate site, that’s why I like blogs so much. Thanks!
Hello,I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your blogging efforts.
Do you plan to keep this site updated? I sure hope so… its great!
Hello from Belize! I have found your website on aol. Great content! Nancy D. Murphy x
Great stuff, my brother showed me this page. Do you post anywhere else?
You prepared a number fine points there. I did a good solid research for this particular issue and found out generally people will definitely agree with your website. Thanks
I trust you would not have reservations if I posted a part of this site on my univeristy blog?
Great blog and cheers to U. How long has this site been running now? Do you have an RSS feed? How often is it updated?
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the awesome work Look forward to reading more from you in the future.
Can you provide more information on this? take care
Super-Duper web page! I’m loving it!! Will arrive back again – taking you feeds also, Thanks.
Certainly, what a great web page properly informative posts, I will add backlink – bookmark this web-site? Regards, Reader.
Great advice, especially when you talk about how all debt should be paid off as soon as possible. While its true that some debts are more acceptable than others (mortgages for a home for example), that doesn’t meen that anyone should be comfortable with having that over their head.