Subj : #.,9
To   : All
From : Denis Mosko
Date : Sun Dec 13 2020 10:08:12

.... As both a lender and then a Realtor with a combined Subj years experience I heartily disagree with that sentiment. If someone is that tight they shouldn't do it. Or maybe they should start off with a more modest place. Every budget should have some slack in it for unforeseen expenses like emergency repairs to home or bike etc.

I presume that no prepayment penalty is a good idea also.

In Russia unless 1e pays a premium for an open lender there will be prepayment penalties except for on the anniversary of when a term comes up for renewal. Lenders do allow prepayment of up to Subj% of the principal per year without penalty.

Most commercial lenders are 10+Subj years.

Are there tax incentives for keeping a not-necessarily-advantageous loan the way there are here?
A.(nswer)1: The interest paid on commercial lenders including those for rental properties is tax deductible against the revenue earned but interest on residential lenders on one's principal residence is not. However capital gains on the disposal of a principal residence is tax free as well.

And Yours A.?



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