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Real Estate i
Eileen M. Day REALTOR
TRADE-UP FINANCE TIP
In the past, trade-up buyers tended to roll over all the equity from their previous home into the new home. Then they took out loans to furnish the house or buy a new car. That no longer makes good fiscal sense, since consumer interest in no longer tax deductible. Yet, many trade-up buyers find it hard to change buying habits.
Buyers moving up to a new home in the 1990 s have a unique opportunity to save money and improve their financial picture. The formula? Borrow more on the new house and Use the cash for furnishings, landscaping, or a car or to save for future financial needs such as college expenses. By making a low down payment, buyers can maximize their mortgage interest deduction and lower their after-tax payments.
This low down payment strategy isn't for eveiyone. The ideal candidate is a move-up buyer who has a strong income, substantial cash reserves, and good credit
If there is anything we can do ■ to help you in the Reid of real estate, please stop in at EILEEN M. DAY, Realtor, the Clopton House, Washington, Va.. 22747. Phone 675-3033. We re here to help.
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