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The New Rules About Money And Your Home

First, let's look at the old way of thinking about money:



The Old Way of Thinking:

First, get the lowest-rate mortgage...
Then, start a bi-weekly mortgage program...
And, send in additional money whenever possible to reduce the principal
balance...

All so you can pay off the mortgage as soon as possible.
This Depression Era mindset has been burned into the American psyche.

But, is it possible this is exactly what you should NOT be doing?

The rules have changed. Now...

Choose the best mortgage, not necessarily the one with the lowest rate.

Stay away from bi-weekly mortgage plans.
Never send extra money to your mortgage company.
Paying off your loan is like putting money under your mattress.
Your goal is to make the smallest payment with the biggest tax-break
possible.

That means never paying off your mortgage.

Here's why:

Reason #1: Mortgages don't lower home values.
Your house will grow in value (or not) whether or not you have a
mortgage. In fact, most people discover that, over time, their mortgage
balance falls while their home value rises - creating substantial
wealth they never expected.

Reason #2: Your mortgage is the cheapest money you'll ever buy.
Most people need to borrow money during their lives, so why pay 18% to
credit cards when you can borrow at rates of 7% or even less?

Reason #3: Your mortgage is the best way you can lower your taxes.
Interest you pay on personal loans, auto loans and credit cards is not
tax-deductible, but for most of us, interest you pay on mortgage loans
is fully tax-deductible, making the cheapest loan you'll ever get, even
cheaper. Imagine borrowing money for a net cost of less then 5%1 You
can do it with a mortgage loan!

Reason #4: Get the cash out of the house - while you still can.
The main reason people turn to borrowing is because they have little or
no income. But if you ever suffer a job loss, major medical or other
financial crisis, you could find yourself unable to get a home loan.
That's because lenders don't like to lend money if you are already in
financial difficulty. That's why you should get a big mortgage now,
before you need it - while you still can.

Reason #5: Your mortgage becomes even cheaper over time.
Depending on the loan you choose, your payment never rises - but your
income likely will.
That means today's mortgage payment becomes increasingly easy to pay
over time.

The rules of money have changed. And nowhere is that more true than
with mortgages.

If you want to know more, go to my site enter your info to view a very
informative video.
It's about 40 min long, but it's GREAT stuff!

http://www.ezleadcapture.com/member/wlg.htm