Getting The Best Mortgage Deal

Best Mortgage Deals

Finding the best mortgage when you’re buying a house is challenging.

Not only are there many types of mortgages but also many different ways to get them. To help you sort your way through the mortgage maze, the mortgage expert we refer all our clients to offers their advice on how to find the right mortgage for your particular needs.

Competition for mortgage loans is ferocious. In addition to a shrinking market, the Internet is complicating matters by equalizing the mortgage industry and making all loan officers look the same. All this additional information confuses buyers.

In fact, nothing could be further from the truth. Most mortgage companies are content to offer the lowest price, complete the transaction and move on.

However, a true mortgage professional works differently by taking the time to evaluate and recommend a mortgage strategy that best meets a homeowner’s unique financial goal, through integrating the mortgage into their personal financial plan.

We love to share expert advice on how to live your Incredible Retirement. For more like this one, sign-up to receive our monthly newsletter.

Incredible Retirement Tip: Financial Media Is Not Your Friend

incredible retirement tip

When I look at the offerings of the financial media today— radio, TV, print or online—I always feel as if I’m somehow inferior because I’m not on top of the latest news about investing.

I can only imagine how guilty people who aren’t financial professionals must feel—all because of the business press!

Financial journalists advocate becoming an “expert” on all subjects.

If you’re taking out a mortgage, then you need to know not just everything about mortgages, but also everything about homes and house repair.

And, if you’re taking out a car loan, then you need to know everything about car repairs and in fact, how cars are assembled.

I don’t know about you, but I’ve intentionally chosen not to spend my time learning all this drivel. Some of you may find doing all this research enjoyable and rewarding, but I’m definitely not in that camp.

Since I’ve decided that I don’t want to know how a car is built, I have also chosen not to do any of my own repairs, including changing the oil. Instead, I have found a mechanic who I trust. I believe that he is an expert at his work and, furthermore, he’s not going to cheat me.

That’s why I find it incredible that so many people treat the financial media as if they’re trusted advisors.

The reality is that the primary goal of the financial media is not to educate you. The publications or programs have to make a profit. They have to sell advertising, which is accomplished by delivering more viewers/readers for their advertisers.

Instead of looking to the media for your information, why not receive our monthly newsletter instead? Stay informed, sign-up now.

Should You Pay Off Your Mortgage?

should you pay off your mortgage

Planning for retirement brings up numerous and varied questions about how best to plan for your financial future. One of those often is: Should you pay off your mortgage?

The short answer is yes. One of the best ways to lessen the stress of worrying about the economy or the direction of the stock market is to own your home debt free at or before retirement.

There are some myths around whether yes is the best answer to that question. One of them is related to the value of tax deductions.

The popular but inaccurate argument is that you’ll pay more in income tax because of the lost interest deduction. To that argument I have a challenge: The first person to give me a logical answer to this question—How do you make money when you give away $1 of interest to the mortgage company and receive back $.15 to $.35 (depending on your income tax bracket) from the IRS? —Gets $10,000.

It all comes down to one thing: The single biggest hurdle to overcome in building and keeping wealth is eliminating debt.

If you no longer had to make your mortgage payments, credit card bills or car payments, you would have more freedom with your remaining investment funds because you won’t need to get as high a return. Lower investment returns aren’t necessarily bad provided you’re lowering your risk proportionately.

For answers to more common questions related to retirement planning, check out Brian Fricke’s book, Worry Free Retirement.