Today is our Paris911 Team Tuesdays, we will be speaking with Robert Montoya about credit repair. With the lending guidelines becoming more constrictive, in order to attempt to prevent the falling apart of the current market, we will get into the “mechanics” of improving credit.
You can see other episodes of our Team Thursdays by typing those words into the MacBoX at The main Santa Clarita real estate website of Paris911.
Mortgage Interest Deduction:
This is a method that only 40% of the actual homeowners take advantage of. I could not believe it when I read that statistic. And you know what I probably think about “statistics”. 🙂
However, if that statistic is truly the case, that is sad. When you buy real estate, you have interest you are paying as part of your “principal and interest”(mortgage payment).
In fact, when you first purchase residential real estate, a majority of your payment is going to be interest. The banks want’s what is due to them upfront in most cases.
The longer you continue to pay on your home loan the less the interest you are paying becomes and more of your payment is going to the “meat” of the home loan, the principal.
If you have the income and if you are paying taxes, you may be able to write off all of the interest and get “credits” applied to your taxes.
Ask a qualified accountant for more information related to the Mortgage Interest Deduction and how that would apply to your specific circumstances.