Can You Spot The 596 000 Difference In Identical Homes
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Can You Spot the $596,000 Difference in Identical Homes?
When you look at two seemingly identical homes, what's the real difference? It's not the landscaping, location, or luxurious bathroom fixtures. The $596,000 difference lies in the financial decisions you make when buying the home.
I recently met someone referred by his financial advisor for guidance on structuring his mortgage as he prepared for retirement. He plans to retire in 13 years and had refinanced his mortgage to a 15-year fixed-rate loan, hoping to own his home outright by then.
Many homeowners believe the best way to pay off their home faster is by making extra principal payments using a 15-year mortgage, bi-weekly payments, or adding an extra $100 each month. However, these methods aren't always the most effective approach.
A smarter strategy might involve a conservative tax-deferred mortgage acceleration plan that allows you to pay off your home just as quickly?"or even sooner?"while offering other benefits. You can maintain flexibility, liquidity, and safety of principal by letting your equity grow in a separate fund. This fund remains accessible during emergencies, temporary disability, or unemployment. Additionally, maximizing tax-deductible mortgage interest by keeping the loan balance high helps you accumulate cash to pay off your home in a lump sum.
For example, by strategically refinancing and leveraging the tax-deductibility of mortgage interest, our client was able to save enough (earning a 6% return) to pay off his home in 8.5 years instead of 14. By continuing to invest his monthly savings, he would have $596,000 more than his mortgage balance by retirement.
Don't surrender your money's liquidity, safety, and potential returns to the mortgage company. Get informed and structure your mortgage to fully benefit from the start.
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