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Financing in Piermont : Real Estate Advice

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Mon Jan 4, 2010
Barbara Van Duyn answered:
Hi Zacky ~

It's a good question and better answered by a Certifed Financial Planner and/or your CPA who will review your entire financial picture in order to give you the best advice.

Without knowing the motivation for your question I would say this. If you can afford your monthly mortgage payment, there is a tax benefit to having that mortgage. Even though the note rate may be 6.5%, depending on your tax bracket, your mortgage is actually costing you less when the mortgage interest deduction is factored in. Also ... the money you withdraw from your IRA is going to be taxed as ordinary income (assuming it's not a ROTH account). A CFP or CPA can break it all down for you.

All the Best!

Barbara
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