Before canceling the mortgage...
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If you can still apply the housing deduction in your income tax return, you may not be interested in canceling the mortgage early.
Taxpayers who acquired their main residence before 2013 and are still paying the loan taken out to acquire it can apply the deduction for the acquisition of the main residence in their income tax return. And it may happen that, thanks to the sale of some asset or the generation of savings, they consider amortizing this loan in full or in part.
Well, before making that decision, it is advisable to do some calculations: although with the early cancellation you will save the interest accrued on the loan, you will also stop benefiting from the mentioned deduction. And in many cases - especially if the loan is already very advanced and there are few years left to pay it off - the loss from not being able to apply the deduction will be greater than the savings obtained from the interest not paid (this, without considering the possible fees that the bank may apply for said early cancellation).
Before canceling your mortgage early, compare the final costs with the interest savings obtained. Our professionals will advise you if, in your specific case, canceling it is convenient or not.
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