DEAR BOB: We have a home mortgage at 7.25 percent interest with a balance about $23,000. When we talked with several mortgage lenders about refinancing at a lower interest rate, they all said they don't handle such small amounts. Most said $100,000 was their minimum. One offered us $50,000 but we didn't accept. We can pay off our mortgage from savings. But we hate to lose our tax deduction. What would you do in our situation? --Vern W. DEAR VERN: Keeping a high-interest-rate mortgage just for its tax deduction slight savings doesn't make sense. If you pay $100 in mortgage interest to save $28 in income tax (if you are in a typical 28 percent tax bracket), that is a tremendous waste of your dollars. Purchase Bob Bruss reports online. However, please don't pay off your $23,000 mortgage with ...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.