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Medical_miracle
Kurra Bewarse
Username: Medical_miracle

Post Number: 2390
Registered: 08-2020

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Posted on Friday, February 26, 2021 - 10:20 am:   Insert Quote Edit Post Delete Post Print Post


Andhravodu:

SALT exemption teesesi, standard deduction doubled from 6.2 to 12.4 k. So you can itemize mortgage deduction only

2 people standard deduction comes to 25k while mortgage interest may come max at 9-10k per year. Middle class will always choose standard deduction in this case vs. itemized




middle class ki 24k cover sesadu edo oka roopam lo...but upper middle class rich people ni kuda cover seyali kada. anduke vallaki use undela indirect ga mortgage interest unchadu. general ga yearly 18k atleast mortgage interest untadi ga 750k house meeda. so itemize sesi ee 18k cover sesukuntaru. adi idea.
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71554
Registered: 05-2004

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Posted on Friday, February 26, 2021 - 8:35 am:   Insert Quote Edit Post Delete Post Print Post


Andhravodu:

Middle class will always choose standard deduction in this case vs. itemized




Single income aithe its a close contest between standard deduction and itemized.

Itemized wins.
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Kodibochu
Yavvanam Kaatesina Bewarse
Username: Kodibochu

Post Number: 5476
Registered: 04-2019

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Posted on Friday, February 26, 2021 - 6:11 am:   Insert Quote Edit Post Delete Post Print Post


Andhravodu:

2 people standard deduction comes to 25k while mortgage interest may come max at 9-10k per year. Middle class will always choose standard deduction in this case vs. itemized



CLIPART--pouce
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Andhravodu
Kurra Bewarse
Username: Andhravodu

Post Number: 2996
Registered: 04-2017

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Posted on Friday, February 26, 2021 - 5:38 am:   Insert Quote Edit Post Delete Post Print Post


Medical_miracle:

house should be purchased after 2018 jan 1. itemize seyali. then you can claim this deduction


annai, ade mari

Itemize chesukuntappudu home mortgage interest + state and local tax (SALT) kalipi chesukunevallu

SALT exemption teesesi, standard deduction doubled from 6.2 to 12.4 k. So you can itemize mortgage deduction only

2 people standard deduction comes to 25k while mortgage interest may come max at 9-10k per year. Middle class will always choose standard deduction in this case vs. itemized
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Medical_miracle
Kurra Bewarse
Username: Medical_miracle

Post Number: 2389
Registered: 08-2020

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Posted on Thursday, February 25, 2021 - 11:14 pm:   Insert Quote Edit Post Delete Post Print Post


Musicfan:

2018 nunchi mortgage interest is gone to write off from our taxes. That advantage no more exists.




undi. kaakapothe house should be purchased after 2018 jan 1. itemize seyali. then you can claim this deduction.
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Gudivada04
Bewarse Legend
Username: Gudivada04

Post Number: 45570
Registered: 09-2004

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Posted on Thursday, February 25, 2021 - 9:16 pm:   Insert Quote Edit Post Delete Post Print Post

I had variable heloc at 2.3% for 5year term. Closed term for 4 years theesukunte 1.64% ki istha without penalty ani TD vaadu bumper offer isthe converted to fixed term. Ikkada high ratio mortgages are available for 1.39% for a closed 5 year term
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Spy
Kurra Bewarse
Username: Spy

Post Number: 1095
Registered: 07-2018

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Posted on Thursday, February 25, 2021 - 5:33 pm:   Insert Quote Edit Post Delete Post Print Post


Andhravodu:

intro rate 1 year ye anta ga, aa tarvata em chestavu


heloc anni anthe vuntayi ga...They varies based on base rate
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Andhravodu
Kurra Bewarse
Username: Andhravodu

Post Number: 2995
Registered: 04-2017

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Posted on Thursday, February 25, 2021 - 5:16 pm:   Insert Quote Edit Post Delete Post Print Post


Spy:

https://trustfcu.com/loans_homeequity.php


intro rate 1 year ye anta ga, aa tarvata em chestavu
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Nalla_baalu
Censor Bewarse
Username: Nalla_baalu

Post Number: 126909
Registered: 06-2011

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Posted on Thursday, February 25, 2021 - 4:44 pm:   Insert Quote Edit Post Delete Post Print Post

rich people ...home owners antha ikkade unnaara
Aug 11th 2011 weight -- 84 kg; Aug 11th 2012 weight -- 88 kg; Aug 11th 2013 weight -- 80 kg; July 2015 -- 90 kilos (5'10")
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Spy
Kurra Bewarse
Username: Spy

Post Number: 1094
Registered: 07-2018

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Posted on Thursday, February 25, 2021 - 4:05 pm:   Insert Quote Edit Post Delete Post Print Post


Musicfan:


1.49% ante nothing annattu, yes its like free money.

SPY give us details.




Local credit union...Not sure if it serves your place

https://trustfcu.com/loans_homeequity.php
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Andhravodu
Kurra Bewarse
Username: Andhravodu

Post Number: 2994
Registered: 04-2017

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Posted on Thursday, February 25, 2021 - 2:59 pm:   Insert Quote Edit Post Delete Post Print Post


Kodibochu:

Naa mortgage ye 1.99%. 15 year fixed.


nenu bhi monna refinance chesa, 2.5% for 20 years, but monthly payment favorable ani teesukunna

1.49 is great rate
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Kodibochu
Yavvanam Kaatesina Bewarse
Username: Kodibochu

Post Number: 5459
Registered: 04-2019

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Posted on Thursday, February 25, 2021 - 2:17 pm:   Insert Quote Edit Post Delete Post Print Post


Andhravodu:

dang, at that rate it's free money ne. evaru lender?




Naa mortgage ye 1.99%. 15 year fixed.
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71553
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 2:06 pm:   Insert Quote Edit Post Delete Post Print Post


Andhravodu:

dang, at that rate it's free money ne. evaru lender?




1.49% ante nothing annattu, yes its like free money.

SPY give us details.
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71552
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 2:05 pm:   Insert Quote Edit Post Delete Post Print Post


Spy:

1.49% ki free money approve ayindi naaku HELOC




super rate gaa idi, naaku aadu 2.75 ichi aha ohoo never before antunnadu, My credit score is around 790,, monnati varaku 810+ undedi enduko taggindi
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Andhravodu
Kurra Bewarse
Username: Andhravodu

Post Number: 2993
Registered: 04-2017

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Posted on Thursday, February 25, 2021 - 1:54 pm:   Insert Quote Edit Post Delete Post Print Post


Spy:

1.49% ki free money approve ayindi naaku HELOC


dang, at that rate it's free money ne. evaru lender?

nenu bhi oka look esta. music rao garu, approach spy kurrod immediately
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Critic
Kurra Bewarse
Username: Critic

Post Number: 3900
Registered: 03-2004

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Posted on Thursday, February 25, 2021 - 1:24 pm:   Insert Quote Edit Post Delete Post Print Post


Musicfan:




Not - you should never do that.
Rather you should refinance & increase your equity by paying intermittent amounts.

Lets say you are doing your monthly payments.

Quarterly give a 10K check to the mortgage account.
This amount will directly hit your principle - that way you are reducing the amount you owe.

MOVIEART--bemmi.rolu
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Kodibochu
Yavvanam Kaatesina Bewarse
Username: Kodibochu

Post Number: 5456
Registered: 04-2019

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Posted on Thursday, February 25, 2021 - 1:17 pm:   Insert Quote Edit Post Delete Post Print Post


Gudivada04:

idi naaku theleedu.




Trump chesina change idi. of course, standard deduction penchaadu.
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Kodibochu
Yavvanam Kaatesina Bewarse
Username: Kodibochu

Post Number: 5455
Registered: 04-2019

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Posted on Thursday, February 25, 2021 - 1:16 pm:   Insert Quote Edit Post Delete Post Print Post


Spy:

1.49% ki free money



ante?/
1.49% interest vundi gaa? inkaa free money yenti??
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Spy
Kurra Bewarse
Username: Spy

Post Number: 1092
Registered: 07-2018

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Posted on Thursday, February 25, 2021 - 12:21 pm:   Insert Quote Edit Post Delete Post Print Post

1.49% ki free money approve ayindi naaku HELOC
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71551
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 12:09 pm:   Insert Quote Edit Post Delete Post Print Post


Gudivada04:

make sure you don't pay any penalty if you are terminating current mortgage early..




ok, will explore aithe.
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Gudivada04
Bewarse Legend
Username: Gudivada04

Post Number: 45566
Registered: 09-2004

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Posted on Thursday, February 25, 2021 - 11:54 am:   Insert Quote Edit Post Delete Post Print Post


Musicfan:

2018 nunchi mortgage interest is gone to write off from our taxes. That advantage no more exists.


idi naaku theleedu.

Then it comes down to the arbitrage between mortgage rate and HELOC rate, go with whichever is lowest and make sure you don't pay any penalty if you are terminating current mortgage early..
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Fanno1
Mudiripoyina Bewarse
Username: Fanno1

Post Number: 12310
Registered: 03-2004

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Posted on Thursday, February 25, 2021 - 10:57 am:   Insert Quote Edit Post Delete Post Print Post


Musicfan:

that's the idea Gudi04 sir, the bank agent is trying to sell.




bank lollu manalni ep lani cheyyataniki ready gaa vuntaru...5 years back BOA vadu bank ki vellinappudalla (appatlo locker vundedi), champevadu savings account enduku open cheyyavu. you have 25K we give you interest ani. vallu icche interest 0.01% anukuntaa appatlo..vadicche 2.5 USD per year ki saving account open chesthe minimum balancer lednai monthly 12$ charge cheyocchani vaadi musti idea. appatlo credi unions 2% daka offer chesevi. Ina vaadu naaku 0.06% interest edo pedda wealth creation laga cheppevaadu.
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71547
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 10:46 am:   Insert Quote Edit Post Delete Post Print Post


Gudivada04:

for you guys biggest thing would be losing interest write off from your taxes




2018 nunchi mortgage interest is gone to write off from our taxes. That advantage no more exists.
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71546
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 10:45 am:   Insert Quote Edit Post Delete Post Print Post


Gudivada04:

Now a days you can get a HELOC for 1.5% on a 5 year closed term. Its not that hard to make 5% return with safe investments.




that's the idea Gudi04 sir, the bank agent is trying to sell.

He is saying pay off mortgage as now mortgage interest is no more tax deductible.

invest the money and get at least some 3-5% returns instead of wasting it on mortgage.

Not sure whats right.
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Gudivada04
Bewarse Legend
Username: Gudivada04

Post Number: 45562
Registered: 09-2004

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Posted on Thursday, February 25, 2021 - 10:29 am:   Insert Quote Edit Post Delete Post Print Post


Musicfan:


and historically mortgage rates are lower than HELOC rates. now a days both are very close and in these lower rates it doesn't really matter. for you guys biggest thing would be losing interest write off from your taxes
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Gudivada04
Bewarse Legend
Username: Gudivada04

Post Number: 45561
Registered: 09-2004

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Posted on Thursday, February 25, 2021 - 10:28 am:   Insert Quote Edit Post Delete Post Print Post


Musicfan:


rao garu, HELOC theeukuni payoff mortgage anedi stupid idea in the US. you guys get a tax deduction for mortgage interest correct? you will lose that in first place.

secondly HELOC is for people who already paid off mortgages, generally.

I have a HELOC since 2015 (that's when I became mortgage free). you can use that money for investment purposes as long as you make more returns (after taxes) than the interest expense.

Now a days you can get a HELOC for 1.5% on a 5 year closed term. Its not that hard to make 5% return with safe investments.
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Goodman
Pilla Bewarse
Username: Goodman

Post Number: 525
Registered: 02-2017

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Posted on Thursday, February 25, 2021 - 10:23 am:   Insert Quote Edit Post Delete Post Print Post

Heloc one should use for higher interest rates loans be it any type like credit cards personal loans study loans etc... or investment but diffenately not for paying of mortgages
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71545
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 10:01 am:   Insert Quote Edit Post Delete Post Print Post


Andhravodu:

masochist




subtitles please :-)

But I get it that its a bad idea even if closing cost is 0.
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71544
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 10:00 am:   Insert Quote Edit Post Delete Post Print Post


Goodman:

Mortgage meeda tax benefit kooda untundi




Trump gari punyama ani adi gone kadaa,,
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Andhravodu
Kurra Bewarse
Username: Andhravodu

Post Number: 2992
Registered: 04-2017

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Posted on Thursday, February 25, 2021 - 9:59 am:   Insert Quote Edit Post Delete Post Print Post


Musicfan:

is it good idea to pay off mortgage with HELOC


Unless you are some sort of masochist, no. You'll be just trading low interest rate with higher interest rate heloc + expenses


Goodman:

Mortgage meeda tax benefit kooda untundi


2018 nunchi gone le ivi for most ppl
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Goodman
Pilla Bewarse
Username: Goodman

Post Number: 524
Registered: 02-2017

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Posted on Thursday, February 25, 2021 - 9:57 am:   Insert Quote Edit Post Delete Post Print Post

Ver bad idea. Mortgage meeda tax benefit kooda untundi
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71542
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 9:56 am:   Insert Quote Edit Post Delete Post Print Post


Andhravodu:

single home meeda avasaram ledu




is it good idea to pay off mortgage with HELOC
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Andhravodu
Kurra Bewarse
Username: Andhravodu

Post Number: 2991
Registered: 04-2017

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Posted on Thursday, February 25, 2021 - 9:28 am:   Insert Quote Edit Post Delete Post Print Post

HELOC is good if you want to buy 2nd home. You take equity from your first home, and use it as deposit for your second home

That way, you won't put new money. 2nd home cash positive rent ki iste, it'll be free of cost

single home meeda avasaram ledu
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71541
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 9:18 am:   Insert Quote Edit Post Delete Post Print Post

for example, if EMI of mortgage is 1500, and balance of mortgage is around 100k

with HELOC you pay around 300-350 per month, put that 1200 in HELOC account and get interest on that account which will be more than the difference of mortgage vs HELOC interest rate antunnadu

but the catch is HELOC interest rate is not fixed it can go any higher based on Govt decisions
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71540
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 9:16 am:   Insert Quote Edit Post Delete Post Print Post


Entrepreneur:

Are you on 15 year fixed ? and how much APR?




Mine is 15 year fixed at 2.69% interest.

aadu 2.75% offering for HELOC.

He says even though its more it will work better. kani nenu math cheste not seeing that.

aadu cheppedi enti ante. Invest the balance money in EMI in HELOC account and get interest which will cover the difference and more.

Meeting ki rammantunnadu, not sure whether its worth going ani thread esaa
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71539
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 9:14 am:   Insert Quote Edit Post Delete Post Print Post


Kodibochu:

Bokka (the hole) guaranteed yi pani chesthe.




ade doubt kodtaa undi, just wanted to check, aa bank sales vadu aadu chestunnadu anukondi
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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3260
Registered: 05-2011

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Posted on Thursday, February 25, 2021 - 9:08 am:   Insert Quote Edit Post Delete Post Print Post

As far I know no advantage

Are you on 15 year fixed ? and how much APR?

Just to understand it further what is the HELOC APR he is offering?
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Kodibochu
Yavvanam Kaatesina Bewarse
Username: Kodibochu

Post Number: 5444
Registered: 04-2019

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Posted on Thursday, February 25, 2021 - 9:04 am:   Insert Quote Edit Post Delete Post Print Post


Musicfan:

Equity teeskoni pay off your mortgage antunnadu.




Bokka (the hole) guaranteed yi pani chesthe.
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71537
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 8:50 am:   Insert Quote Edit Post Delete Post Print Post

My home value increased.

I have half way of the loan to go,

nenu math este I am not getting an idea which is better.
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Musicfan
Bewarse Legend
Username: Musicfan

Post Number: 71536
Registered: 05-2004

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Posted on Thursday, February 25, 2021 - 8:48 am:   Insert Quote Edit Post Delete Post Print Post

ee concept artham ayina vallu ikkadaku randi..

past few weeks bank odu call chesi HELOC meeda gulikalu vadulutunnadu.

Equity teeskoni pay off your mortgage antunnadu.

what is the advantage?
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