 Should I cosign on a home purchase with my fiancee? |
| My future wife has the down payment and all costs covered for an investment property. We will still live at my parents home and collect rent. I agreed to co sign on a loan with her since she saved ... |
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 How long before I have to move out? |
| We received a landlord 5 day notice today, the 8th, because we are late by 8 days paying our December rent, but we just gave them our 30 day notice on Dec 1st and we are moving out on Jan 1st anyway. ... |
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 On average, how much does it cost to break an apartment lease? |
| Like if you signed a one year lease, but you want to move out a few months earlier?... |
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 Parent signing a lease for a minor? |
| I'll be 17 in two months, I'm planning on getting my own apartment. These apartments go off income, and I make around 650$ a month. I'm willing to work more hours then I already am if ... |
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 Any advice for a first time home buyer with limited finances? |
I'm a first time home buyer (25 YO) and I'm 100% sure that I want to buy a house when my current lease is up. I have already pre-qualified so I know what I can afford.
My ... |
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 Can I use force to evict tennants from my home? |
| Due to the mortgage crisis and higher interest rates, I have had to raise the rent on some of my properties. One family doesn´t seem to like this, and are unwilling to pay and have talked about ... |
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 Selling house with tennant? |
Probably a stupid question, but, is it possible to sell a house whilst there is a tennant living there on a short term (6 month) lease??
Answers would be gratefully recieved..
T... |
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 Why do people think they are home owners when they never even get close to actually owning their home? |
| People flick their noses at renters, yet in reality for most 'home owners' they never actually own the home. They merely pay interest most of their lives. Possibly by the time they are 90, ... |
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 Why is the fall of house prices in the UK reported to be a gloom? |
It should be a celebration!
Why can't houses be seen as homes again instead of unjust get rich quick investments?
Additional Details
This "got to rip you off" ... |
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 My roommate refuses to pay rent, move out and/or pay me back, both our names are on the lease...what do i do? |
| my roomate and i both signed and put our names on the lease. she has not paid august month rent so i covered all the fees, utilities etc. i gave her till the 22nd to pay me back and she basicly said ... |
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 Should I give the key back to landlord's friend/neighbor? |
| We are scheduled to move out by today. The landlord lives in NY and we live in CT. She has asked that I give the keys back to her friend and my neighbor tonight and let her do a final walkthru in the ... |
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 Buying a home for the first time...what type of mortgage is the best for us? |
| My wife and I have great credit (730), we are looking for a loan for a primary residence, $409,000. We want to come to the table with 0 down, no money out of pocket. What type of loan is best for us? ... |
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 I need help making my rent this month.? |
| I was wondering if anyone out there can help me solve my HUGE problem. I need 1500 by next Friday in order to pay my rent; otherwise I will be evicted and put out on the streets. I was wondering if ... |
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 Should people change the locks if they buy a new home? |
We have just brought a new house recently and I took it for granted that we would get new locks put on the front and back doors so I got a few quotes.
Now my husband tells me we are not ... |
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 Realestate agents? Are you the one who is supposed to find the lender or is the buyer? |
| I live in NC. Im not sure if that matters. Anyways, my friend is looking for a house and he has gone with someone who has just finished up their realestate classes and recieved their license. The ... |
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raymond_baehr | Should I pay off my home loan and lose my tax deduction? |
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szelvenskiy
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Actually it depends on the interest rate and your tax rate.
Normal 30 years mortgage goes around 6%. If you have money to pay it off, you can allocate it to index funds, which can bring you on average 8-10%. This move certainly not guaranteed and requires investment discipline.
I would first maximize my 401k and IRA and then make higher payments on the loan. This way I will have tax deffered grows of my investments, minimize my taxes, will have my house paid off and descent chunk of money to retire. |
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Figato
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Yes. Better with no interest than interest with a deduction on the interest. You'll still get a deduction on your property taxes. |
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northfulton39
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AZKludgeQueen is spot on - give her the 10 points. |
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saghieh
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you will save interest it is better than the tax deduction |
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LIL MISS VIXION
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yes! the better u get rid of ur tax the free-er ur gonna feel!!!
**LIL MISS VIXION** |
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Richard H
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you won't get the tax deduction, but you will free up a lot of money (the money you were using to pay the loan is now available if you choose to pay it off) so your choice. |
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sugaalolly
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i'd rather pay off the house.. and say the heck with the interest..and put away the money that i would be paying on mortgage for other things.. |
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mizzred
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no. payoff credit card bills and other non tax deductable bills instead |
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Moshi
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Exactly, exactly, exactly! I agree with Figato and Homer742. For even a little more money to have in your pocket, call around for less expensive homeowner's insurance. I saved an extra $400+ annually switching companies, still getting very, very comparable coverage that I had with my previous insurance company. I think when people have a TREMENDOUS amount of money, paying interest on a mortgage loan might be advantageous come tax time. But for so many of us "average Joes" or "average Moshis", it may not work in our favor. |
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powrmkrwd
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im not an expert but it seems like alot sense to pay off your home now ,have another kid use it as a tax deduction if you need one |
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swtsugarbear522
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I would pay off the home loan and lose the tax deduction...less debt |
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homer742
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Probably. You might be able to make more money borrowing against the equity in the house than you would from the tax deduction. That could be calculated. Also, wouldn't it feel good to pay it off, too? |
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hjtys
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Bro, I've got the same situation. Congrats it feels great doesn't it? My Financial advisor tells me to invest in State and Federal municpal bonds that are not taxed. I'm in the 35% tax bracket and need a tax shelter. My accountant saws that I've been successful leveraging the money that I have based on my investments and not playing it safe. If I use this money to pay off my house, I won't have that much liquid financial leverage that I am accustomed to. He advises that I pay down my house to about 100K and use the rest for investments. My wife thinks that we should pay off the house, and with the money that we save, we can invest that for the future. All 3 ways are right, the question is, what's the most right?
GOOD LUCK!!! |
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jahcurtis1rhyme
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Well really I would because I would like a roof over my every night and day and at any time you can get money. I would say yes pay off the house loan so you can a house to stay in. |
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AZKludgeQueen
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Pay off highest-interest debts first. Then, if you're down to just the mortgage, you need to look at what kind of return you can make on your money by putting it into something else, compared to the interest rate on your mortgage. If your mortgage interest rate is low enough, you might do better to put the money somewhere else and make a bigger return. Remember that the tax deduction just saves you 30% (or whatever your tax rate is) of the amount you already paid the bank as interest, so losing the deduction doesn't really lose you anything. |
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caesar13790
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which saves you the most through out the year, the tax deduction is not equal to you total intrest paid, then pay off the loan. |
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chevy21
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I think you should because it might help you credit score and it will mentally help you to know you dont owe money to anyone |
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