Mortgage Debt as a Long Term Plan

It is important that you work with a debt manager and an asset manager. There are great articles written by asset managers aka Financial Advisor. A debt manager is a Mortgage Professional that understands they are not there just to do loans that pay them the biggest commission; they are there to help you make the best mortgage decision you can make.

This is why I am writing about mortgages in this "debt and long-term goal" section. A mortgage is the largest and longest debt you will ever have. If you manage your mortgage in a similar way of manage assets you can reap the rewards. Most people obtain wealth through Real Estate, why should you be any different. You need a place to live, why pay off someone else's mortgage when you can be building equity while also reaping the benefits of owner your own home.

I know we are experiencing Real Estate prices dropping like a lead a balloon, but you have to remember that long-term, it will always go up in value. If you are paying rent and trying to figure out how you are going to save for retirement, a home must be in your overall financial plan. If you buy now, in most areas you can buy for the same amount you pay in rent. There are great loans out there that allow you to buy with little to no money out of pocket; yes those loans still exist today.

There is one more significant piece to this puzzle of managing debt and building assets and that is making sure you work with the best Tax Professional. There are some great advantages of owning a home rather then paying rent. As you grow assets it may be in your best "interest" to have write-offs, and a qualified Tax Professional can best advise you with that.

So not all debt is bad and not all debt is created equal. That is the same with Mortgage, Financial and Tax Professionals. When you are looking for these Professionals it is best to ask them how they work with the other. For example when you sit down with your Financial Advisor as them how they will work with Mortgage Professionals, this goes for all three of these professionals.

The bottom line is to make sure you are focusing on all aspects of your financial and debt situation. Whether you are just getting started or you are wondering if you have enough time to make it all happen. Make sure you are dealing with a true professional.

There are some great resources out there that have a member base of Certified, Educated and Ethical professionals in all categories. Two great sites to check out is LendEthics and The Paladin Registry. Getting people to compete for your business is not enough; you have to put the most emphasis on the people that are competing for your business. Bottom line is they truly competent?

Learn more about this author, Lee Collins.
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