Real Estate Home Mortgages/Mortgage

Advertisement


Question
I bought my house for 438000 back in 2009 with 70000$ down and rate of 4.78 for 30 years fixed rate. In 2011, I re financed with 10000? Down for 10 years with fixed 3.25. I am paying 3790$ a month.
The question for you is, how much tax I am saving in each of following scenarios: ( remaining payments 104):

- continue to pay the same for the remaining 8 years from now if I put 50000$ fifty thousand $ down?
- refinance at 2.75 with 50000$ down for 10 years?
- refinance at 2.75.  With 50000$ down for 10 years if I continue to pay 3790$ a month

I just want to evaluate my choices. Please help.


Jamil

Answer
Jamil -
Thank you for your request, but this is not a mortgage question; this is a question
better addressed to your CPA/accountant; I have no clue how much you would save in
taxes - a. because I don't have all the details on your specific situation and b. because this is an accounting question
As a mortgage originator, all I can tell you is what the payments would be on the various rates (which you can do yourself with any online calculator).
Of course, I can make recommendations as to what course I think would be better for you - based on the interest cost - but you asked about taxes.
Please reach out to your accountant for help on taxes.
Thank you again for your request.
- Al
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

All Answers


Answers by Expert:


Ask Experts

Volunteer


Al Rodenburg

Expertise

Risk Management Consultant. see: Identity Theft Solutions and Life Events Plans.

Experience

As a person who has worked with individuals who have experienced identity theft and major life events, I am pleased to be part of Harvard Risk Management Corporation.

Organizations
CMPS Institute; Houston Northwest Chamber of Commerce - Committee Chair; WCR - Womens Council of Realtors; HAR - Houston Association of Realtors; Houston Northwest Business Networking Group (founder); The Woodlands Area Chamber of Commerce

Education/Credentials
Certified Mortgage Planning Specialist (CMPS Institute) ; University of Illinois - at Chicago; Florida State University; Principia College; Lake Forest School of Management; Roosevelt University; Salt Lake CC

Past/Present Clients
Al has a diverse national clientele.

©2016 About.com. All rights reserved.