ATLANTA, GA -- (MARKET WIRE) -- 04/09/08 -- The Mortgage Prepay Equivalent Yield(TM)(MPEY(TM)) calculator, just released by the Mortgage Institute ForFinancial Services Professionals, Inc. (www.mifsp.org), finally answers theage-old question of whether to prepay a mortgage or invest. "Peoplecommonly make improper risk comparisons and improper tax calculations whencomparing prepaying a mortgage to investment alternatives. The MPEY(TM)(pronounced MPAY) calculator provides an objective measure of the value ofprepaying a mortgage that can be used for comparison to alternative uses.It sets a new standard in financial planning that should be a keydisclosure for anyone recommending or selling financial products tohomeowners," says Leon Morris, RMP®, ChFC, CLU, Executive Director ofMIFSP.MIFSP is set to release another innovative calculator, the HomeownershipTax Benefits(TM) (HTB(TM)) calculator, which calculates an overlooked taxbenefit of homeownership that's worth at least four times more than themortgage interest deduction. "With the HTB(TM) calculator, we not onlycorrect all the wrongs we identified during our testing of hundreds ofonline 'rent versus buy' calculators that are made available to consumersby banks, Ginnie Mae, HUD, Freddie Mac, and the U.S. Financial Literacy andEducation Commission, but we're the first to successfully capture the totaltax benefits of homeownership, which extend well beyond a mortgage. TheMPEY(TM) and HTB(TM) calculators let you see in dollars and cents the valueof either reducing or increasing residential home equity. These calculatorstake guesswork and speculation out of decisions to pay down, pay off oreven increase one's mortgage balance," says Morris.
Up to now, the MPEY(TM) calculator was only available to ResidentialMortgage Planner® professionals. However, the HTB(TM) and MPEY(TM)calculators will now be released to all professional users for asubscription fee, and for a short time, MIFSP is offering both calculatorsdirectly to consumers. "To make better decisions, people need betterinformation, and we've found a way to quantify highly valuable informationthat homeowners and investors need to know," says Morris.
About MIFSP: MIFSP provides research, education and consultation servicesto the mortgage and financial services industry and offers the onlyeducational program in Mortgage BasedTM Financial Planning. Leon Morris isthe author of the books "Managing Your Mortgage to Financial Independence"and "The Book On Mortgage Planning."
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