Listen: Thirty Year, Sixteen Thousand Dollars, Fifty Thousand Dollars discussed on Dollar Bank Mortgage Hour
"Equity loan and home equity line of credit or use a line of credit for the entire project. It's a it's a great way to borrow a we have a lot of meetings when we talk about home equity loans, and and where the market is in a lot feel that maybe the interest rate elimination to certain level. Hurt the way it's treated may hurt home equity loan interest or production. I don't believe that. I it is very difficult to borrow fifty thousand dollars at four and three quarters percent. Over fifteen years, regardless of the tax ramifications because home home equity has a different tax ramification. But the caps you hear about for deductions that was all real estate taxes. It's not necessarily interest. It's real estate taxes get capped at ten thousand dollars a year. So if you had a property where you're paying sixteen thousand dollars a year in real estate taxes, you're going to be able to duct ten but interest is up to seven hundred fifty thousand on a mortgage. So that sometimes I hear that getting combined and people thinking well a standard deduction and has gone up to twenty four thousand for two people twelve thousand for an individual. So if you have a hundred and fifty thousand dollar mortgage in your taxes or four or five thousand dollars a year is a good possibility. You just take the standard deduction you won't need to itemize your your real estate taxes in your mortgage interest. But the terms are still best in a home equity loan. If you're looking for additional or a mortgage, the terms and the interest rates are still far better than any other option. What about for a senior say seventy years old, and maybe the best route for them depending upon the amount of debt that they have is to really refinance in a conventional mortgage. Is there anything that prohibits a seventy year old from being able to get a thirty year fixed rate mortgage? No, absolutely not and I will tell you. I have customers are seventies eighties nineties that do calls and asks that exact question because they're assuming be I won't be there for the three hundred and sixtieth payment are probably won't be here. But no, that's that's not a factor at all age has nothing to do with the term of your mortgage or what's available to us far. As mortgages, if if I've had ninety year old individuals takeout thirty year loans, buying a house. If you die and the house goes to your estate the."