So we're looking to buy a new home and we may be able to buy a house outright (no mortgage) but my wife is insisting that we need to carry a mortgage for"benefits" I'm wondering - what are these benefits?
Credit rating - Sure, paying off a mortgage on time etc.. helps your credit but do does a car loan, paying off a credit card in a few months, etc..
Tax break - honestly, I don't see how spending $12,000 in mortgage payments for a couple hundred dollar tax break is a benefit.
Equity - Um, what? If it's paid off you have 100% equity!
Credit rating - Sure, paying off a mortgage on time etc.. helps your credit but do does a car loan, paying off a credit card in a few months, etc..
Tax break - honestly, I don't see how spending $12,000 in mortgage payments for a couple hundred dollar tax break is a benefit.
Equity - Um, what? If it's paid off you have 100% equity!
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