Creating and maintaining wealth is a very difficult task. Ask any millionaire!!! The delicate balance of living a dream lifestyle and holding expenses tight creates this difficulty. As a financial advisor, I have assisted people accumulate monies to live their dream life while discovering ways to reduce their necessary expenses. Everyone would agree mortgages are necessary expenses. Probably the biggest expense most of us have. Mortgages present the opportunity to secure income tax deductions while utilizing the house to live. What if you could reduce your mortgage interest rate to 3% and be required to pay interest only for 5 years? Would you refinance your current house? Purchase another? While refinancing a clients mortgage, I discovered such a mortgage. The client will save lots of money the next few years. Here is his scenario:
Client #1 $500,000 Loan Amount
Current
30 Year Fixed @ 6.00%=P&I $2,997.75/ month
5th year loan balance $456,989.77
Equity (assuming no appreciation) $43,010.23
Past
LIBOR ARM @ 3.00%=Interest only $1,250.00/ month
Applied additional $1747.75 / month to principal for 5 years
5th year...
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