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Reply to "If paying off your mortgage is dumb, why do so many rich people do it?"
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[quote=Anonymous]America runs on leverage. Even if someone pays $4m in cash for speed or negotiating power, they will likely take out a mortgage after the sale I f they can get a good rate. And because of their banking/wealth management relationships, they can likely score a much better interest rate than your average person on the street. I have enough to pay off my $1m mortgage in brokerage, but I will likely never do that because I have a sub-3% interest rate.[/quote]
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