Thursday, 1 March 2012
Tax deductible mortgage? Strategic planning!
Make your mortgage tax deductible!
For most of us buying a house is our biggest investment and the mortgage will be the biggest monthly obligation we will have to keep up religiously. Given the importance of a mortgage plays in our personal finances, there a few very important things you should know to save money and to use your mortgage as a financial tool, says mortgage expert Monica Mcleod of MortgagePRO the mortgage company provides mortgages for clients across Canada since way before the turn of the century.
Consider your mortgage as a debt. Generally, as a rule, when approaching a debt, it is important to evaluate every option to determine how to reduce its interest cost, higher the principal repayment and or regular payment, thus basically paying the principal down as quickly as possible and saving on interest payment as much as it is possible.
Get the best rate possible. Are you sure your bank is offering the best rate it is out there, what you are not only deserved but also entitled to? Are you sure they have your best interest at heart? Most assured, the mortgage product they are offering you at the branch is one and only they have, and while others are available out there can be brought to you by your mortgage broker ensuring you are well served by choosing the one with the best repayment options besides the best available interest rate, serving your needs and not of the lenders. Shopping for rates and product can be done conveniently, let you mortgage broker do the task for you. Brokers are experienced to package your request to the liking of the mortgage lender.
Squeeze play. There are ways to optimize your mortgage payments the way you are paying most for the principal and not to the bank to enhance their bottom line and profitability. You can consider for example the amortization period, thus paying less interest. Making weekly or by weekly payments; good way to shorten amortization. Lump sum payments are also considered strategy. When your saving account only yields 2% and you pay 3% on your mortgage, best to pay your mortgage down, the math is easy.
Mortgages as a financial tool. The rich have been using their homes and investment properties as a tool to maximize their return besides to ensure to pay less tax. Accumulated equity in your real estate, home can also be used as a source for home improvement, continued education, investments or just taking a vacation. You can also borrow tax free against you property and make yourself virtually mortgage free with efficient equity. Little strategic planning can take you to huge saving an we can help you with it, says Zoltan Padar of MortgagePRO.
When you need a mortgage, you need a pro; MortgagePRO. We can show you how can you save over $15,000 on a 5 year $300,000 mortgage, we can also help to make your mortgage tax deductible, pay your mortgage down faster and use proven technics to make your equity to work for you.
visit us at www.mymortgagepros.com you will be glad you did
Put your ducks in a row, get a HELOC today, we know how, let us help.