Year-End Bonus In Your Future?
Are you expecting a year-end or holiday bonus this year?Â
The calendar year-end (December 31st) is fast approaching, here is a money savings hint that might be applicable to your own personal situation.
Some lenders will recast your monthly mortgage payment, if you make a substantial principal payment. Recasting is after a substantial payment towards the outstanding balance of your loan, and the lender amortized the new outstanding principal balance over the remaining life of the loan.
Before making the principal payment, check with your lender to determine, what the payment needs to be and by how much it will lower your monthly mortgage payment. You should also consult with your income tax consultant, CPA or attorney to determine how this will affect your income tax liability for the current year as well as succeeding years.
Was this hint helpful or do you have any questions, please leave me a comment. I will be more than happy to respond.
For all your Naples real estate needs, please consider using Glenn Ginsburg, as your Naples realtor.
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