How CPA’s Can Help Homeowners Pay off their Loans in Half the Time

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For homeowners looking to save money, maximize investments, and gain expert financial insight, seeking the services of a reputable CPA may just be the wise investment needed to secure a stronger financial future. Certified CPAs are experts in understanding all sorts of financial filings and specific budgeting techniques that can help their clients maximize earning potential.

In addition, many clients also gain insight into how to lower the amount of taxes or interest paid on large asset purchases, like a home. No matter what stage of life a person is facing, utilizing the services of a skilled CPA is a sound investment for a healthy financial future. While everyone may benefit from a routine financial “check-up,” individuals or couples who own a house, or are planning to buy one soon, may lose out on possible savings if they do not hire a CPA or at least consult with one.

A home is often the largest single investment a person or couple can make

Because a home is often one of the largest investments made, individuals or couples may be wise to seek the advice of a CPA before or during the house-buying process. One common area for substantial savings is aggressively budgeting and planning asset management so that paying off a 30-year mortgage is possible in less time.

 For example, if a fixed-rate mortgage is scheduled on a 30-year payment plan, then homeowners will be paying interest every year for 30 years. Careful budgeting to make an additional loan payment during a calendar year or doubling up each month can save substantial amounts of money in interest alone. If income and other factors are stable, a homeowner might be offered a 15- year option from a lender. A CPA might advise, however, that if the interest rate on a 30-year loan is lower (which it usually is) the homeowner could opt to budget additional payments on the 30 year loan individually and by-pass the 15 year loan offer. By doing so, the homeowner would be able to take advantage of the lower interest rate and still pay off the loan in half the time. Additionally, CPAs often have further advice for homeowners when it comes to taxes and long-term asset management.

CPAs provide the details needed to make sound choices

Because CPAs have a comprehensive understanding of short-term and long-term consequences of many investment paths, their clients receive advice about several financial options. CPAs can calculate monthly payments based on a variety of factors and also may show homeowners ways to budget in order to increase overall prosperity. There is a wide-range of ways to work within a budget to meet long term financial goals. Maximizing the investment of a home is just one area of expertise a CPA offers. Overall, a CPA understands the laws, regulations, and practical applications of a variety of financial asset management tools that can prove powerful advantages to homeowners at nearly every income level.


Other Considerations

Visiting a CPA is often an overlooked step as a couple or individual decides in investing in a first property. While many younger investors or first time home-buyers may think that a CPA could not offer much advice, especially if assets are modest, the truth is that a seasoned CPA is aware of all sorts of money-saving and financial planning details that can save money over time. For many people, visiting a CPA is not common practice; many people think a visit to a CPA only occurs when something goes awry. However, just like in preventative medicine, the long term investment of regular “check-ups” and well-educated advice usually pays off in a better quality of life and a more rewarding future. Visiting a CPA to inquire about making the most out of investments is a wise choice not just for a client’s current situation, but also for future economic prosperity.

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