"Dana Bain: This is just another reason why we as mortgage brokers (70,000) nationwide need to support - donate The National Association of Mortgage Brokers. Also why mortgage brokers should be looking to diversify. The short - medium term future looks like it's going to be a play field of government interference."    View Post

"Troy Topham: Do you want to be free and clear? What about your tax deductions? I Hell yes! And, hell no! Why would you want to pay $x in interest to avoid paying <$x in tax? Troy Topham: How about a refi into a lower interest rate, And spend a few thousand dollars to do this!That in itself is a 3-4% hit that has to be recouped. Troy Topham: take the rest and put it into 6month or 12 month CD's that are paying well over the 2%?!?! Unless you can get at least more than you are paying on your..."    View Post

"a17: I would strongly recommend that you make sure the rent is covering the payment with positive cash flow I don't see how this makes a difference... if the decision to keep the house as a rental has been made, I doubt that positive cash flow was the only criterion. Equity considerations were also included, and the use of mortgage acceleration techniques is what I call a synthetic long on the house. While house value increases build equity, paying less interest has the exact same effect. If..."    View Post

"Ed, Ed Mauney: Is this appropriate to use mortgage acceleration? Is my conclusion correct that you therefore have about $4,000 of discretionary income left every month after all your expenses. If so, and even if you have a lot less, mortgage acceleration is definitely "appropriate". Your method of MA depends to an extent on how much you do have available. Just as a broad example, I had a prospect recently who has $2,000 available every month. Just simply making that $2,000 extra mortgage..."    View Post