If you’re focused on paying off your mortgage, good for you. It’s generally always good to pay down debt. However, I’d also like to share with you the biggest downside to paying off your mortgage that may surprise you. It’s been seven years since I paid off my rental property mortgage. It was a mortgage […]
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This post will teach you how to get the lowest mortgage interest rate possible to save money. Mortgage interest rates have increased by roughly 2% since the start of 2022. Therefore, it’s more important than ever to position yourself for a lower rate. Thankfully, homeowners have gained a huge amount of equity since 2012. I
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Back in 2011, I decided I wouldn’t pay off my mortgage until I retired. I was still working in banking and had a strong amount of cash flow. I thought I was going to work for at least another five years. Then, in 2012, I retired by negotiating a severance package that provided for six
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When there are mortgage market abnormalities, we must take advantage to get the lowest rate and best terms possible. Mortgage market abnormalities happen all the time, as I’ll show in this post. There were two mortgage abnormalities to learn from in 2021. This case study can help us take advantage of future mortgage market abnormalities
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So you are shrewdly considering investing in real estate outside your state. Good news. Yes, you can get a mortgage in one state to buy a property in another state. With work-from-home booming, there are some fantastic demographic shifts happening across America. Many people are now considering moving to a lower cost state due to
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The US government has blessed us with the ability to deduct our mortgage interest expense from our income. This thereby enables us to lower our tax liability. The maximum mortgage tax deduction ultimately depends on income, which I’ll get into below. Although you could deduct mortgage interest on up to $1 million in mortgage indebtedness
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One of the most common paths to building wealth is through homeownership. However, when there isn’t a level playing field for all people to buy a home, then there’s a problem. This article looks at mortgage interest rates by race to see if there are any differences. Below is a chart highlighting mortgage rates by
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For the longest time, I’ve been a proponent of the adjustable rate mortgage (ARM). Paying a higher rate for a longer duration than necessary doesn’t make economic sense. However, when the average 30-year fixed mortgage was under 3% in 2021, I no longer was as biased against 30-year fixed-rate mortgages. A sub-3% average 30-year fixed
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As soon as your real estate offer gets accepted, you notify your lender with the relevant ratification documents and lock in a rate. The rate lock is usually for 30 – 60 days. However, sometimes things take longer than expected and you need to get a mortgage interest rate extension. A mortgage interest rate extension
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Millions of people are quitting their jobs today in order to find more meaning with their one and only life. There are two things everyone should do before leaving your job: 1) Negotiate a severance package and 2) refinance your mortgage. If you do both, you are going to significantly improve your finances in the
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