Mortgage Rates | Current Mortgage Interest Rates 2017-18 VENTURA CA
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In this Article we shall focus on answering some common queries of Ventura CA mortgage borrowers:
Ventura Mortgage Borrowers Having Second Mortgage
Borrowers often take second mortgage especially when they are looking for a home. Newly married and a small child. A borrower would prefer to have cash in the bank than put all the money down towards the mortgage.
Often in such situation borrowers put less money down and go for two mortgages. One a major mortgage and the second called the second mortgage at a higher rate of interest with the same bank or some other bank.
The advantage to the borrower is that the borrower intends to manage his house payment with his current cash flow or income instead of being squeezed out of his hard savings. A small child may mean a contingency and cash in the bank is good.
If you have a second mortgage and assume you bought the home in 2014. Its about time you should be looking at consolidating the mortgage together and have one payment and one bank and one mortgage.
One of the reasons is that the feds have signalled that they would be increasing the rates to come. So if you have an ARM on the second, it’s likely that those rates when they adjust would mean a higher payment.
In 3 years of time the home value has moved up and if you consolidate the two it makes more sense to gain lower payment.
So when you bought your home when you became a father and now your child is 3 or 4 years old. Generally it’s been seen that with passage of time especially when child is 3 or 4 years old the expenses are on the rise.
Consolidating will help you with lower payment.
Tax advantage of borrowing money for home renovation for Ventura CA mortgage borrower:
If you already are a home owner and you decide to go for a second mortgage for home renovation. The best part of borrowing money for home renovation is that first you get a tax break. So if you have borrowed for home renovation and you fall in the tax bracket of 25%. Assuming you have an annual interest payment of 10,000. You can claim a deduction of $ 2500 against your taxes.
Second should you ever sell the home? You get advantage even on capital gains. The reason being home renovations are seen as capital investment on home that reduces your profit when you make a sale. Talk to your Tax advisor for more details.
Call Ventura CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
30 yr fixed refi 3.807% APR 3.775%Rate | At 0 pts
20 yr fixed refi 3.500%APR 3.500% Rate | At 0 pts
15 yr fixed refi 3.044%APR 3.000% Rate | At 0 pts
10 yr fixed refi 2.940%APR 2.875% Rate | At 0 pts
Artical by Roger Shanker
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