Selecting the Right Mortgage
Atlanta CPA on Selecting the Right Mortgage for You and Your Family
Picking the right mortgage for your family is perhaps the most important financial decision you will ever reach. Knowing what to look for and to consider is your best defense to avoiding common mortgaging pitfall, protect your family “nest egg” and to stave off unwelcome financial stress.
-Interest Rate. Mortgage Interest remains perhaps the largest tax deductions for homeowner, regardless of the mortgage and real estate debacle of the last few months and years. Constant monitoring of this expenditure should always be done to ensure that you have a good rate, what your net after tax payments truly are and that the payment period is relevant and appropriate. Many have over the years rushed to refinance when rates fall just a bit, but there are many more variables to consider that just the monthly payment.
-Avoid Surprises. Though mortgage companies might promote that there is no closing cost, these monies are typically added to your mortgage balance, rolling the costs into the loan and making you not only eventually pay these closing costs but the resulting interest on the balance over the next thirty years as well. It at all possible, it is prudent to consider when refinancing to reduce the payment period of your loan thereby working towards paying off the principal balance sooner than later.
-Payment Period. Equally as important is to keep in mind the year you plan to retire so that you might be able to succeed in the goal of retiring debt free. Adjusting to living on a fixed income will be difficult enough without having a fixed monthly mortgage payment, which must also be paid in additional to normal living costs.
-Always “Under-Buy”. Though advertisers will tell you to get it now, pay for it with credit and to buy all you can, nothing could be further from Biblical truth of money and how it was intended to be used. Debt, if at all possible, should be avoided. If it cannot be avoided, such as in the buying of a home, it should be limited. It debt is required a Believe should work diligently to pay it off, while doing everything in their power not to acquire any more. To help ensure that you do not overbuy I suggest you do three things before acquiring any additional substantive need:
-Consult with Biblical truth and CPA’s/l Advisers Who Are Fiscally Conservative.
-Evaluate if you can still safely make the payment if you have a thirty percent reduction in monthly/annual income. This will ensure that you buy “within your means” and not up to your means. There will be many in your life who will make offers to you that will not be in your best interests and the offering of a credit or a bank saying “you qualify” is no different. Being sure that you financial commitments are well below what you can afford is your best bet to short and long-term financial success.
John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond.
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What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31
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