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An Overrated Tax Strategy: The Home Mortgage Interest Deduction

The mortgage interest deduction just might be the most overrated tax saving strategy there is, and yet it is considered by many to be a primary reason for home ownership.

Look, I present financial seminars for thousands of people every year. During breaks people will invariably come up to me and ask me questions about their personal financial situation. I tell them to do five basic things

1. Get out of debt and stay out of debt.

2. Save 3-6 months of expenses for emergencies and emergencies only.

3. Use the envelope budgeting system. It's the best budgeting system ever developed.

4. Open a Roth IRA so that you can have tax-free investments and tax-free income for the rest of your life.

5. Pay off your mortgage so that you can own a home free and clear.

The one that always meets with the most resistance is the one about paying off a mortgage. People will often say, "I don't want to pay off my mortgage because I need the tax deduction."

That kind of logic gives me a headache. Here's the deal: If you pay $1,000 a month in interest on your mortgage, and if you're in the 28% tax bracket, you will still pay $720 a month in interest ($1,000 minus 28%). So it's only a good deal compared to not getting any tax deduction at all or -- in many cases -- paying rent. A mortgage interest deduction does not "save" you money over not paying any interest at all.

In my entire career I've never heard anyone who owned a home free and clear say, "Gosh, I sure miss having that mortgage payment." So once you've found a home that you want to live in for the rest of your life, work toward paying off your mortgage early. You'll be glad you did.

(c) Larry Holmes

Larry Holmes invites you to visit http://www.smart-money-report.com/ Your common sense guide for financial and investment success.

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More Useful Resource and Updates on california best refinance mortgage rate home loan online com

• St George cuts home loan rate to 7.74% (The West Australian)
  St George Bank Ltd has cut its standard variable mortgage interest rate by 62 basis points. The rate will fall to 7.74 per cent, from November 14. The move follows the decision by the Reserve Bank of Australia (RBA) on Tuesday to lower the official cash rate by 75 basis points to 5.25 per cent.



• Westpac cuts home loan rates (Herald Sun)
  WESTPAC has cut its home loan rates by 65 basis points following yesterday's rate cut by the Reserve Bank.



• Westpac, NAB cut home loan rates (Daily Telegraph)
  WESTPAC and NAB have cut home loan rates, but by not as much as the RBA's 75 basis point cut yesterday.



• Business briefs: 30-year mortgage rate stays the same (The Sarasota Herald-Tribune)
  SOUTHWEST FLORIDA -- The average rate for a conventional 30-year fixed mortgage on a owner-occupied, single-family home with 20 percent down late Monday was 6.375, the same as it was on Friday, Sarasota's Sentinel Mortgage reported.



• NAB cuts home loan rates (Adelaide Now)
  NAB has reduced its standard variable home loan rate by 62 basis points, a day after the Reserve Bank cut official interest rates by 0.75 of a percentage point.



• Westpac, NAB, ANZ cut home loan rates (The West Australian)
  Westpac Banking Corporation has became the second of the four major banks to its cut its home loan rate after this week's bigger than expected easing in monetary policy. However, like Commonwealth



• Commonwealth Bank reduces home loan interest rates by 0.58% (Thaipr.net)
  The Commonwealth Bank announced that it was reducing its standard variable home loan interest rate by 0.58% pa. This cut in home loan interest rates follows the Bank's previous interest rate cut of 0.



• Commonwealth Bank says to cut mortgage rate by 0.58% (Reuters via Yahoo! Malaysia News)
  SYDNEY, Nov 4 (Reuters) - Commonwealth Bank of Australia , the nation's No. 2 lender, said it would reduce its standard variable home loan interest rate by 0.58 percent, following the central bank's 0.75 percent rate cut.

• Mortgage101.com
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