I am blown away.... I operate a mortgage company in Dallas, Texas and am a Certified Mortgage Planning Specialist. I have watched and heard "professonals" advise people to take what little money they have and bury it into the "walls and floors" of their house.
This is EXACTLY why people have their homes foreclosed upon. Yesteryear thinking is not a prudent choice for today. People are socking money into a home which only prevents the dollars left unpaid from accruing interest for the lender. Interest is either paid or made! Most homeowners who have a 6%-7% interest rate will net effectivly be paying 4%-5% (post tax deduction.) This same homeowner is shoveling "net" earned dollars into the equity of their home... it is not safe. It is not liquid and it is not working for them. The much better choice is to fund tax preferred accounts (401k, roth ira etc...) and MAKE interest work in favor of their futures! For more info visit www.866whyross.com Every Sat & Sun talkshow at 2p
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This is EXACTLY why people have their homes foreclosed upon. Yesteryear thinking is not a prudent choice for today. People are socking money into a home which only prevents the dollars left unpaid from accruing interest for the lender. Interest is either paid or made! Most homeowners who have a 6%-7% interest rate will net effectivly be paying 4%-5% (post tax deduction.) This same homeowner is shoveling "net" earned dollars into the equity of their home... it is not safe. It is not liquid and it is not working for them. The much better choice is to fund tax preferred accounts (401k, roth ira etc...) and MAKE interest work in favor of their futures! For more info visit www.866whyross.com Every Sat & Sun talkshow at 2p