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Additional Details
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Elle | Is it really better to have a mortgage? |
I've had people tell me that you should always keep a mortgage because of the tax deduction. Is that really true? We paid our house off 2 years ago and it feels great to not have a payment, but I'm wondering if it would be a good idea to mortgage our house and use the cash to buy some investment property. |
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W. E
 |
CONGRATULATIONS ON PAYING OFF YOUR MORTGAGE -
Now - kick me ok - I am a Mortgage Broker, but in this case - Don't re-mortgage your home - ok. The reasoning is this.
1. IT is PAID for.
2. Figure up what your payment would be.
Decide if it is worth getting the tax break,vs the payment.
3. If you wanted to have a payment - why NOT pay yourself - the money - put it into a seperate account, let it build interest - and in 12 months - see how much you have.....
4. If something happened to you or to your spouse, could you / would you what to have a mortgage to pay off.
5. Are you retired. If not, retirement may not pay for all you need, so having a mortgage payment would hurt you more than help you.
6. What you could do, is not touch the house. But get 100 percent financing on the investment property, that way your home will all ways be free and clear. Let your investmant pay for itself.....You could write off the interest, the repairs, etc at year end (talk with a tax accountant that deals in investment property) for a true picture of what you can take off.
What ever you do - use a Broker - ok
Unless you have terrific credit and can get 100 percent at your local bank.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Good Luck to you both. |
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reggiewjr1
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You should consult a Certified Public Accountant and / or a Certified Financial Planner about your specific situation. But generally, YES, it is better.
The mortgage interest gives you a significant tax deduction, but again you may only need a certain size mortgage to get the most out of that deduction, so talk to a CPA about how much that might be.
Also, if you pulled the equity from your home, and put it into a say, a mutual fund; you'd be paying, say, 7% interest on the mortgage(just an number for math mind you); and your mutual fund would be paying you 10-11%. You'd actually profit 3-4% overall. Consult a CFP for your best options here.
Or you could invest in a second investment / rental property as well. |
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~Trey
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Hi Linda,
There has always been some misunderstanding regarding this topic.
The farther into the loan one is, the amount of tax benefit decreases.You are paying less interest.
So, to tie up money for the single and sole purpose to gain tax benefit has to be carefully weighed because their are other solid financial means to circumnavigate around the tax man.
I'm not a CPA, and do not make claim to knowing all the tax laws, however I do see peoples tax returns, credit reports and finances everyday.
The more successful people have more of a diverse portfolio and some do have clear titles to their properties.
Talk to a good CPA and they will help you avoid a mortgage and yet find other viable tax benefits. Best of both worlds for you.. |
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laidback79
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You will still pay taxes on your property if you own, right. It is always good to invest. |
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Dan
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Linda this is a very difficult question to answer and you'll see a variety of answers as I'm sure you've gotten various opions. Yes there is a tax deduction, but like one of the other answers is does depend on the amount that is considered "interest". Depending on the market your considering to purchase investment properties it can be a risk, but with any reward there is a risk. I suggest consulting a reputable Realtor that has years of experience. Personally I believe with home sales slowing now is the perfect time to buy and here is my reason. With the markets slowing in most markets, people are panicking and selling under market value. With that said, the Federal Government can't afford for out great country to go into a recession. I'm anticipating the interest rates to go down and once they do the American public will again have faith and homes will start selling left and right...again. That is my personal opion and by no means am I an expert in finances or even a CPA. I hope this answers your question but if you need anything else please email me tadgeman@yahoo.com |
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andrew f
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Depends upon the returns you get from your investments.
The fact that you are asking the question, which is one you should be able to answer yourself, tells me you need to educate yourself more about investments.
Only when you can answer the question yourself, should you make the decision.
In other words, igonore others' advice and GET EDUCATED. |
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OMGOSH !!!!!!!
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Actually it is true that you get a tax break. I know of several people who have taken a Reverse Mortgage so that they are not being slammed with taxes. |
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Harry_Cox
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I would think that not having that mortgage payment would outweigh any tax deductions you might get. |
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Janet K
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You want to go back into debt? The tax deduction amount won't be nearly as much as paying a mortgage. |
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C B
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This is a fairly complicated question and my answer will only scratch the surface. The Mortgage deduction is an excellent way to reduce your tax liability and as long as you actually have the money there is no risk associated with a mortgage. Investing in other properties may or may not be a good idea depending on your age, income and where you will buy. I would see a financial planner. They will help steer you in the right direction. If you have any consumer debt like a car payment or a credit card you might consider a home equity line of credit. You will likely get a lower interest rate and the interest payments are tax deductible. Everyone has a unique set of factors to consider and talking to a qualified professional will probably save you more money in the long run the the consultation costs. |
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kmur
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I have a rental property in which I owe about $31,000. The interest rate is 7 percent. There is also PMI in this payment. I have a credit line of an interest rate around 3.5 percent. would it be better to use money from that line of credit and pay off the mortgage on the rental property? |
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