Quote:
Originally posted by Alex From San Diego
Mortgages are for losers...lol
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Mortgages are smart for many people for various reasons. If you have good credit and can take advantage of the decent interest rates, you can't beat them. If you need a way to build good credit, a mortgage is the best way. Even people who pay everything with cash need to have a credit rating. If you buy everything with cash for years, down the road you will regret it when it comes to a credit rating.
I could have paid cash for my house when I bought it back in 1997. My CPA said I needed the interest write-off on my taxes. I put a hefty amount down anyway. After 4 years he told me that the interest was no longer helping my taxes enough to continue it. That's why it's paid off now. BUT not before qualifying for a large home equity based low interest credit card that I'll have for as long as I want it. I can use that card to keep my credit history active and in good standing.