Comments on: Hidden Benefits of Buying a Home

By: Edward

Edward — Sun, 25 Dec 2011 13:56:06 +0000

And once off, the Mortgage Discharge is in ones credit file, having been filed county Deeds Office (ie. the public record). The Mortgage Discharge is valuable info to have when one applies for credit/ loans in the future.

Equifax should include the Mortgage Discharge in your credit file, as its the ‘flip side’ of the Mortgage Lien…

By: Edward

Edward — Sun, 25 Dec 2011 13:42:52 +0000

Upon paying off one’s mortgage, why shouldn’t Equifax enter the Mortgage Discharge in the consumer’s credit file ?

The Mortgage Discharge is in Public Record, having been registered in the County Register of Deeds office. The Mortgage lien was entered in the consumer’s credit file, way should not Equifax include the Mortgage Discharge in the credit file as well?

Future lenders/ creditors find mortgage discharges valuable information when the are considering loan applications.

By: Jane

Jane — Fri, 23 Dec 2011 19:36:41 +0000

Equifax weighs unused credit card capacity in calculating credit scores via its ‘algorithm.’ So, Equifax should be comfortable recognizing consumer’s home equity in calculating credit scores, because in today’s high-tech world home equity is as easily verified as (is) a consumer’s unused credit card capacity.

Home equity deserves inclusion in Equifax’s algorithm, as Home Equity is not just a good measure of ‘capacity,’ home equity is also a good measure of ‘character.

By: John L.

John L. — Wed, 21 Dec 2011 04:40:34 +0000

Equifax should include the EQUITY value of primary/ homestead residences in consumers’s credit file, once the mortgage lien is paid down significantly (50% equity & +) & once the homestead is free & clear of any lien or claim (ie. ‘paid off’ ).

Equifax prominently – famously – includes the value of loans – patic the value of mortgage liens in consumer’s credit file. Why cannot Equifax include significant equity values of primary residences ? Systematically excluding consumer’s equity in its analysis of consumer’s credit score would be unjustified economic discrimination.

By: Alannah

Alannah — Thu, 17 Nov 2011 16:14:54 +0000

Of course if you live by the above you will also have appreciation over time and not be forced to sell in a down market.

By: Alannah

Alannah — Thu, 17 Nov 2011 16:05:51 +0000

All of the benefits of home ownership are summed up in pride of ownership, forced savings, and a hedge against inflation. Mortgage interest deduction is not really of any benefit in the larger picture. For example, in Canada there is no mortgage interest deduction for a primary residence. However if you bought for $100000 and sold for $1000000 you pay no tax on the appreciation. That is a real benefit. Furthermore real estate values are not suffering in Canada as a result of more conservative lending policies and lack of a mortgage interest deduction. In our country, the mortgage interest deduction for the average middle class couple is not a significant amount greater than the standard deduction for a couple and should only be considered in that vein. If Americans really understood the deduction pros and cons they would happily opt to trade the deduction for the Canadian unlimited tax benefit at point of sale.