3 years ago i re-mortgage my house with the one account, did i do the right thing?
Answer:
plus the taxes you did pay. Depends on how long you intend to stay there, the interest rate you now have, and if you pulled money out of your home.
If the rate is 7% or less, good. If you intend to stay there another several years then you will recover the cost of the refi if the payments went down. If you are moving you gave up money that would have been better spent paying on the mortgage principal balance and leaving all else alone.
It builds your own wealth to own your home free and clear. That is the single largest asset most people will ever have. Look at the power you have if you owner your home debt free. You can save the cash to buy anything w/o borrowing and making banks richer.
Tax deduction? Is it wise to spent $7500.00 to save 28% of that in taxes? NO! It is better to pay the taxes only as it costs less than interest that you did deduct but look at how much you had to spend top save only the amount that is equal to your tax bracket. What if you are in the 15% tax bracket, is it worth paying $6500.00 to save 15% of that amount? Again no.
So my friend work towards debt free, you'll live longer, better and sleep more contently than ever before.
yes you did
you probably did - 3 years ago.
If you were tied in for a period of 3 years it may be worthwhile seeing a financial advisor(independant) and seeing if you can get a better rate again.
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