808 Oahu Realtor (Ryan Riggins) License #RS-74740

Our way of spreading the word with Real Estate News

Lower the Rate – Deduct the Interest

Leave a comment

Credit card debt in America is back to levels prior to the recession. The average credit card APR is just under 16% according to CreditCards.com Weekly Credit Card Report. 33967393-250.jpgHomeowners have an advantage over renters when it comes to getting their arms around debt issues.

Basic money management suggests that higher rate debt be replaced with lower rate debt. Credit cards, personal cars, boats, motor vehicles and other personal property, typically have interest rates higher than that of real estate loans.

Borrowing against a person’s home usually provides the lowest rate of financing. Refinancing a home mortgage to take cash out to retire personal debt is one option. Another would be to secure a home equity or HELOC, home equity line of credit.

An alternative advantage of borrowing against one’s home is that the interest may be tax deductible unlike the interest on most personal debt. Qualified mortgage interest includes acquisition debt which can only be used to buy, build or improve a principal residence and up to $100,000 of home equity debt which can be used for any purpose.

Managing money is a critical life skill that people need to master. While the goal may be to become debt-free, paying the least amount of interest possible can be a good first step. Owning a home provides an asset that allows for options not available to tenants. Seek professional advice to determine your best course of action.

Author: Ryan Riggins (RA)

Born and Raised on Oahu my approach to the real estate business is different than most agents working in the industry today. The average agent sells fewer than 7 homes a year while attempting to manage every aspect of the business all by themselves. This approach allows them very little time working directly with buyers and sellers because they are so overwhelmed with all the busy work that is required behind the scenes. My system allows me to spend 90% of my time working directly with clients who want to buy and sell real estate today and in the very near future. Here at John Riggins Real Estate we have been helping families move since 1977. We specialize in the Aiea to Kapolei area but not limited to Ewa Beach area. To see all the great ways we help buyers and to view what differentiates us from the typical realtor in the area, visit http://tinyurl.com/clientsuccessstorys Because of Ryan's Military Relocation Expertise, Ryan's success revolves around that same simple principle his Mother and Father instilled in him; serving those who serve our country. His track record shows that he puts his clients first and in a high paced market, he is making VA loans work for our soldiers, sailors, airmen and marines. With previous clients ranging from E-5's to 04's, Ryan is ready and willing to make sure all those who have served our country, have every opportunity to own their piece of it. For the majority of people the purchase or sale of a home is their largest single investment. My goal is to guide you successfully and easily through the contractual, investment, and emotional decisions involved in the Real Estate process. I am committed to providing you, your family and your friends with superior service and expertise and to make it the most memorable purchase of your life.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s