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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][quote=Anonymous]I think a more specific question is why allow a refi to be deductible. After all, it won't encourage u to buy a home. U already own it. [/quote] If you accept one, you would be a fool not to accept the other. If there was a tax penalty for refinancing, then the original mortgage is less attractive because you have stripped a valuable option from it. So for some people, that would cause them to forego a home purchase in the first place. And if interest rates were ever high, it would shut down home purchasing because buyers would be forced by logic to hold off until interest rates decreased. Lastly, it would make the ARM practically unusable. So really as a matter of tax policy, the option to refinance is baked into the decision of an original home purchase.[/quote]
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