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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: harmony monkey who wrote (109365)9/14/2008 8:58:23 PM
From: Cogito Ergo Sum2 Recommendations  Read Replies (1) of 206318
 
Harmony, Are you in the US ? We have no mortgage interest detectability here in Canada so I paid my house off fast...about 11 years.. and greatly reduced the interest cost.. Savings are quite frankly huge..

I know the interest deduction mitigates the interest cost in the US but I imagine some folks stateside are encouraged to bite off more than they can chew as a result.. 42% of Canadian homeowners are mortgage free.. so it's not like I'm terribly original up here ;O)

Interest rates can go up and inflation can go down.. The long term trend might be inflationary but by analogy I imagine a lot of buy and hold types got smoked if they were retiring in say 2003..

Now I frankly don't care where house prices go.. Net net I have an asset to trade for a new place to call home.. No solution is perfect but mortgage free works for me.. notwithstanding the peace of mind...

OTOH I will take on a small mortgage or line of credit with the home as collateral for a better rate to do some major renos.. but since I'm not concerned overly with saving out of income anymore I will retire that debt quickly.

The Black Swan

BTW the extra cash from not having a mortgage payment is let me say... luscious...
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