!The Federal Government will allow you to deduct 100% of the interest you pay on mortgages off your income,co-op, co-tenants, collateral, commingling, commission, Community Reinvestment Act, comparables, compound interest, condemnation, condominium, consideration, constructive eviction, Consumer Credit Counseling Service, contingency, contract, contract for deed, contract for exchange of real estate, contract of sale, conventional loan, conveyance, cooperative housing, cooperative sale, cost approach to value, counter offer, covenant, covenants, credit bureau, credit file, credit insurance, credit limit, credit report, credit score, creditor, cul-de-sac, DBA, debenture debt service, debt-service ratio, Deceptive Trade Practices Act, deduction, deed, deed in lieu of foreclosure, deed of trust, deed restrictions, default, defeasanse, delivery, depreciation, descent, devise, disclosure, discount points, discount rate, dispossess, dominant tenement, down payment, dual agency, due on sale, 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Meridian Financial
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OR JUST CASH

The Federal Government will allow you to deduct 100% of the interest you pay on mortgages off your income. On the other hand, unless you are using such things as your credit cards or automobile for business you don't get a nickel back from Uncle Sam. What basically happens is that you end up with a "tax effective rate" which then results in a "tax effective payment." Meaning that if you were to make an equal comparison to our programs against your other debt, you would find that the government will actually be helping pay off your loan!

To illustrate, suppose you have several credit cards with an average interest rate of 16% and a balance of $20,000. First of all, besides that fact that in most cases your cards compounding interest on a monthly basis (paying interest on interest), you cannot deduct any of it off your taxes. You probably already know that by paying the minimum payment, your debt never seems to shrink.

Now take one of our programs. The interest rate will depend on the program you qualify for... but let's just say for the moment that your interest rate will be 12% on a fifteen year fixed term. First of all, not only is the interest fixed, but it's "simple interest" meaning that you DON'T pay interest on interest. It's straight forward and DOES NOT compound. Secondly 100% of the interest is tax deductible. What does this mean to you?

Using the above example, that $20,000 debt on our program would cost you $240 per month. If you are in a tax bracket of around 25%, you would get an increased refund from the government of $690 for the year. Divided by 12 months, it's like saying the government kicked in $58 per month on your payments bringing you payments down to $182 per month (your tax effective payment). If you were to then take that payment and recalculate the straight interest you are paying, it would calculate to 7.19% on your loan with us (your tax effective rate). So in essence what you've done is taken those credit cards at an average of 16% and brought them down to 7.19%!

Why use credit cards or store credit to add to your home? Why not use your HOME to add to you home! After all... it's tax deductible and there are MANY programs available through Meridian that will make your investment a sound one. EVEN IF YOU HAVE ABSOLUTELY NO EQUITY IN YOUR PROPERTY... EVEN IF YOU JUST BOUGHT YOUR HOME WITHIN THE LAST 12 MONTHS... EVEN IF YOUR CREDIT IS LESS THAN PERFECT... it's very likely that Meridian has a program that will work. Perhaps you would like to do BOTH home improvements and consolidate your debts as well. Meridian has those programs too.

Interest rates go up... and they go down. But bear in mind that what's important is the money you spend every month and how that is affecting your life. If you are interested in buying a home, a great plan is to let us PRE QUALIFY you for the maximum loan you can get. This way when you go shopping, it's like walking around with a pocket full of money. YOUR NEGOTIATING POWER GOES WAY UP!

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