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Old 11-04-2009, 11:26 PM
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Default Mortgage Interest

I understand that mortgage interest is the interest the lender receives for lending money to the borrower to pay his mortgage. If a person doesn't need to borrow money to pay his mortgage does that person not pay mortgage interest?
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Old 11-05-2009, 05:17 PM
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Default Re: Mortgage Interest

Quote:
Originally Posted by btden182 View Post
I understand that mortgage interest is the interest the lender receives for lending money to the borrower to pay his mortgage. If a person doesn't need to borrow money to pay his mortgage does that person not pay mortgage interest?
That is a great question. If you paid cash for a house you wouldn't have to pay anyone interest much less the bank. The bank wants you to lend money from them so they can earn interest.
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Old 05-26-2010, 07:14 AM
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Default Re: Mortgage Interest

This is a great question indeed. Can anyone explain about this in detail.

Thanks
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Old 06-30-2010, 02:50 AM
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Default Re: Mortgage Interest

A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the interest paid on the loan which is secured.
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