In these hard economic times, interest rates being low (especially on savings accounts). Is it smart to pay off your mortgage if you have the money in the bank? That is my question to the AR community....I am not a financial adviseror and someoneposed this question to me. Needless to say I was speechless and told them to consult an expert. However, I am curious....would it not make sense. I know that many people say they have a tax deduction for the interest, but is that really a savings? I mean if a person can save $100,000 in interest payments alone, would they ever get that in the form of a tax deduction? I don't think so. I would really like to hear the communities thoughts on this. Thanks for reading my blog!
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