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To: Lorianne
It took us some time but we finally figured out how stupid the whole concept of paying a mortgage to get the tax deduction is.

I've never researched the definition of "mortgage" but I've been told it literally translates into "death grip." Even if that's not what it translates into, it's true.

2 posted on 08/15/2017 6:46:10 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: Texas Eagle

There are financial planners who can make a case not to pay off the mortgage because it is ‘cheap money’; personally I don’t agree with them.


5 posted on 08/15/2017 6:47:25 AM PDT by MSF BU (Support the troops: Join Them.)
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To: Texas Eagle

Also the property tax...tends to go up each year.


11 posted on 08/15/2017 6:52:38 AM PDT by spokeshave (The Fake Media tried to stop us from going to the White House, I am President and they are not. DJT)
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To: Texas Eagle

We owe a small amount on our house..

It cost $135,000.

It’s worth quit a bit more than that now.

We property manage two houses on our street, the monthly rent on the two bedroom is $1,950 per month...

“Death grip?” Sheese!


12 posted on 08/15/2017 6:52:53 AM PDT by BBB333 (The Power Of Trump Compels You!)
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To: Texas Eagle

Its a little more complex than this, and it really depends on where you live, what current rents are going for. In my area it is $500-600 dollars cheaper to pay a mortgage. I do agree one should never buy a home because of the tax deduction feature.


19 posted on 08/15/2017 6:56:59 AM PDT by ThisLittleLightofMine
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To: Texas Eagle

True. But here near Salt Lake City my mortgage payment, taxes, upkeep etc added together are less than what it would cost to rent a comparable place.


38 posted on 08/15/2017 7:13:54 AM PDT by Seruzawa (FABOL - F*** A Bunch Of Liberals)
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To: Texas Eagle

It took us some time but we finally figured out how stupid the whole concept of paying a mortgage to get the tax deduction is.


Yep. Spending a hundred dollars to get a $5 tax deduction is kinda, well, dumb.

We did get a mortgage but it was a 15 year one, at absurdly cheap interest rates, and what we needed to do to get our 32 acres and a house in central KY. And it cost less than a quarter what a 3 bedroom rambler in any major metropolitan city’s suburbs would cost.

And the annual property taxes are less than a single month’s car payment on a Toyota.

We will either die there or stay there until we go to assisted living. All the kids and grandkids are staking claims. :)


58 posted on 08/15/2017 7:31:27 AM PDT by robroys woman
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To: Texas Eagle
I've never researched the definition of "mortgage" but I've been told it literally translates into "death grip."

It means "Death Pledge" not death grip. The term actually meant how the pledge expired, and had nothing to do with actual death.

The pledge would expire (i.e. the deal dies) when the note was either paid, or went unpaid.

62 posted on 08/15/2017 7:33:59 AM PDT by IYAS9YAS (There are two kinds of people: Those who can extrapolate from incomplete data.)
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To: Texas Eagle
"It took us some time but we finally figured out how stupid the whole concept of paying a mortgage to get the tax deduction is."

You have to live somewhere. If you don't buy a place then you rent. With a 30 year fixed mortgage you are locking in the monthly expense. Rent tends to increase with inflation. What tends to happen is the before long rent raises far above your old mortgage. I couldn't rent an apartment for what I pay on my mortgage now.

"I've never researched the definition of "mortgage" but I've been told it literally translates into "death grip." Even if that's not what it translates into, it's true."

A mortgage is just a low interest loan. There's nothing sinister about it.

90 posted on 08/15/2017 9:12:25 AM PDT by mlo
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To: Texas Eagle

“It took us some time but we finally figured out how stupid the whole concept of paying a mortgage to get the tax deduction is.”

I don’t know what math you used, but it wasn’t correct if that is your conclusion. Even when renting, someone had to pay the taxes and mortgage and you pay beyond that.


96 posted on 08/15/2017 10:40:28 AM PDT by CodeToad (AA)
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To: Texas Eagle

Had a finance professor tell the class: Say your tax rate is 15% ... you just spent $100 in interest to save $15 in taxes. How smart is that?


111 posted on 08/15/2017 12:52:15 PM PDT by Comment Not Approved (When bureaucrats outlaw hunting, outlaws will hunt bureaucrats.)
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To: Texas Eagle

“how stupid the whole concept of paying a mortgage to get the tax deduction is.”

Definitely. If you must have a mortgage, that’s one thing. Bur if you can purchase outright, why wouldn’t you?


125 posted on 08/15/2017 3:51:03 PM PDT by MayflowerMadam ("Negative people make healthy people sick." - Roger Ailes)
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