by Madison Guy
Question by Cajun: 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 15. Single, retired and no dependents.Pension(60,000) Does it make sense to refinance?
Answer by ~daph~
it only makes sense if the mortgage interest is going to be enough for you to itemize…depending on how much you make (is your pension the only source of income?) your interest still may not be enough to allow you to itemize your deductions. Are you able to itemize your interest now? If you can, it may be beneficial for you to extend the terms…
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