Consumption and Real Estate
Is it better to refinance a mortgage for a tax deduction or continue with my 15 year mortgage?
I have 10 1 / 2 years left on a 15th Single, retired, and no relatives. Pension (60,000) Is it advisable to refinance?
It depends, but I would keep it, considering the following:
1) What are the closing costs? Will you pay a few thousand in points?
2) Keep in mind that every year you get to claim your mortgage on your taxes. I don’t know about your situation, but this makes a substantial difference in my annual tax return.