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| Pay Off Mortgage-Get A Tax Deduction For Interest Or Donations? |
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| Written by Alon Bersamina |
| Thursday, 08 October 2009 08:10 |
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Did you know that you can lower your tax bill and pay less for mortgage interest if you pay off your mortgage faster? But you advisor will never tell you this as they want you to invest all on stocks. Higher stock market returns and tax deductions are the holy Grail of why you invest your money and hold of paying off your mortgage debt. But what they will not tell you is that investing in the stock market is a high degree of risk. Let me prove that to you. Take a look at your retirement savings account statement and you will notice that your nest egg has been moved down by half the amount during the last eight months. That alone should be enough proof. I am not campaigning against making retirement savings account contributions. I believe that still has to be done first. What I am trying to say is that you should spend your extra cash on paying for your mortgage. Your financial advisor would most likely tell you that you would lose tax deductions if you start paying off your debt. This is a weak argument. This should, by no means, hinder you from paying off your mortgage. Do you know that you can get tax deductions if you donate to charity? So, will you prefer paying off your mortgage early, saving thousands in interest, and using part of those savings to make contributions to charity or just plain tax deductions from mortgage interest? I dont know about you but Id much rather get a deduction for doing something good than worrying about the deduction for mortgage interest. The reason why most of us dont pay off all mortgage early or even if we try, we cannot stick with this consistently, is that we dont have a system in place. Its not your fault that you fall off the wagon and cannot pay your mortgage debt faster even if you tried. One way to pay off your mortgage debt is to use the mortgage acceleration system. This method uses a home equity line of credit as a checking account to help you rapidly pay off your mortgage. It accumulates interest savings for you automatically every month and automatically uses this to pay down the mortgage debt. You can shave at least 13 years of your mortgage and save thousands of dollars without spending more or changing your lifestyle using the mortgage acceleration method. About the Author: Toknow more and answer the question whether or not to use pay off mortgage strategies simply go to the free mortgage accelerator calculator and enter your details today.You will be in a position to determine and answer your question if you should use pay off mortgage strategies by determining the extent of your savings and the mortgage interest you are saving. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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