I totally agree with you. It is just emotionally painful to pay 7% while everybody else is paying less than 6%.
I figured that at 25 basis points per raise, it will take them 8 meetings to raise rates from 2% now to 4% and they have 6 meetings a year. This will give me one year and 4 months. Also I think they can’t start raising rates until after the election. So I am safe for at least two years.
One big question is tax. Before I can deduct the interest against the rents. Now I have to pay income on rents and deduct mortgage interest on the primary resident house. Is this a smart move on the tax front?
