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Real Estate
Reply to "Gonna sell and buy somewhere cheap and have $0 mortgage"
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[quote=Anonymous][quote=Anonymous]I know someone that did this. Great idea. But make sure you know how much you will have, and exactly where you will buy. There is no sense in throwing $ away on interest.[/quote] It actually makes quite a bit of sense, depending on the circumstances. For instance, is your big pile of money just big enough to hand over to the bank, or will you have a pretty large pile even after you do so? Are you sure you won't ever need access to more cash than you have on hand? Because if you do, you'll be paying a heck of a lot more than the interest rate on your mortgage to get your hands on it. Add that to the tax deduction (with all the asterisks raised by PPs) and the possibility of investing the cash and the fact that you'll still have to pay taxes and insurance and, well, the zero-principal-and-interest isn't as attractive as it seems. [/quote]
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