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Reply to "We're doing a mortgage refi at 3.75% -- someone tell me why that interest should be deductible?"
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[quote=Anonymous]IMO the mortgage dedication is powerful as a psychological motivator for home ownership. (Heck, we hit the AMT so a mortgage dedication of 4% on a smaller downpayment because we've paid most of the house off and re-financed isn't much money at all. ) The mortgage deduction leads to individuals believing that owning a home is a better financial move than renting. Home ownership tends to create more stability, less crime, better communities, more involvement in schools etc etc. The mortgage deduction also leads into the comfort of borrowing more for a home. State's depend heavily on property taxes which are determined by house value. As an individual incentives toward renting would make us more agile, more able to pick up and move to another part of the country, or follow various job opportunities for a year or two. It could actually be better for us as individuals but the communities and states would suffer with an increased transient population. [/quote]
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