Reasons to Love Your Mortgage!

When I’m talking to someone, whether it’s a friend or a client, they often tell me that they hate their mortgage. To them, like most people, they feel that having a mortgage payment is a big financial liability and a once-upon-a-time promising investment.

Little did they know that having a mortgage is better than none. Here are ways to make the most out of your painful mortgage payments:

Cut Your Taxes.

I have clients that purposely asked to continue refinancing their properties because they want to have it as a tax write-off. You can write-off up to $1.1M mortgage loan on your first and second homes.

Equity.

Taking equity out of your home is now easier than ever and many do take advantage of it. Nothing is better than having the liquidity of taping into your earnings while your investment is still going strong. Whether it’s fixing up your home, consolidate debt, and/or emergency funding for all the other things.

Cyclical Movement.

The cyclical movement of the real estate market provides a reassurance that no matter how much your home’s value plummets, there is a chance it would still go back up and appreciate. Many would hold on to the property as long as they can and try to sell it during a more profitable time and/or if they are no longer under-watered, protecting your downside.

Overall, having a mortgage is not so bad. The best way to go about it is to choose a program that best fits your needs. Don’t opt for a 30-year fixed if you know you will be moving or selling your home shortly. Don’t be afraid of the adjustable rate, although these have gotten bad raps over the years, if they are right product for you. Don’t be scared of jumping in to an FHA program if it’s the right time to buy as it never a bad investment if you buy the home to live in. Learn to love your mortgage, you will see that it will be easier for you to make that scrutinizing monthly payment if you do.


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Tawnee Dinh - Loan Officer

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