Curious Points - Interesting Facts
Want a 17.5 year mortgage without big payments?
If you have a 30 year mortgage, make 1 extra payment a year. The closer you make this payment to your 1st payment anniversary the quicker it is paid off. Do this every year. Make sure your tell your lender to apply the full payment to the principle. If you apply this same trick to a 15 year mortgage you will then have your mortgage paid in approximately 7.5 years.
Tax Free Exchanges
Owning a double can be great way to buy a home, selling your investment requires serious tax thought. Remember you pay 32% on your depreciation recapture, 20% on appreciation…this holds true for ANY investment property…call for tax free transaction information.
Fixed or Adjustable Rate?
There is a simple form to show the effects of the adjustable rate mortgage: the ARM vs. FRM that determines the breakeven point where the savings of the ARM exceed the cost of the FRM based on certain assumptions. ASK!