Ginny's RI House Hunt Blog: Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate)

Pay off Your Mortgage or Earn More than the Interest Rate

Pay off Your Mortgage or Earn More than the Interest Rate

 

Know Your Tax Rate & mortgage interest rateI am dealing with homeowners in RI who have money sitting in the bank earning .02% or not very much.  They ask me what am I to do to invest it? Should I buy more real estate? Well I am a RI real estate agent and not a CPA or accountant so any advice I might impart to you needs to be looked at in the context of your own personal financials and net worth.

 

But here is a clue...if you are making less on your investments sitting in the bank than your interest rate on your mortgage and you are older, pay off the mortgage.  As long as you have some sort of cash cushion.  

 

Or find investments that give you an after tax dollar return that is more than your mortgage interest rate and invest in it and don't pay off your mortgage.  You have choices!

 

Actually I am finding most of my investors no longer want their hard earned monies sitting in the bank...they want to buy real estate and as they tell me 'feel more secure that they actually have something'.  I do find the thought processes interesting.  Whether you choose a financial person who can guide you well understand they make more money the more money they manage for you.  So talk to an accountant and CPA.  And a real estate agent makes their money by buying and selling homes for you.  Enough said.

 

Decide what your level of risk is...pay off the mortgage and live more debt free, buy a smart investment property or just sit tight and earn minimal dollars.  There is never an easy answer and I do not like to advise people to follow my mode since it is all about your own risk tolerance.  

 

But if you decide that a 1031 exchange is the way to go in RI real estate or more investment property is important to you, well I am here to guide you in the real estate realm.  Call me today at 401.529.7849.

 

Pay off Your Mortgage or Earn More than the Interest Rate.

~~~~~~~~~~~~~~~~~~

Coastal, water view, ocean front, luxury and waterfront Rhode Island real estate are my specialty.  If you are considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you! 
 

 

When you are in need of an internet savvy RI realtor® who sells homes in this real estate marketcall Ginny today at 401.529.7849 or email at RiByTheBay@gmail.com.

 

This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice

 

Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Realtor in the Sparkly Red Shoes.

 

Looking for a knowledgeable Rhode Island Realtor?  Let me GOOGLE one for you!

            

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cell: 401.529.7849      Ginny Lacey Gorman, Realtor

www.RIHouseHunt.com

 

                                      

8 commentsGinny Gorman • October 29 2014 10:41AM
Pay off Your Mortgage or Earn More than the Interest Rate
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