I have a lot of friends who have mortgages. According to citizens bank approximately one third of villagers have mortgages for different reasons. Some people think everyone in the villages is a millionaire. Biggest reason some have mortgages is between 2011 and 2020 the s and p averaged 14.9 percent gain. In this time frame everyone got a 3 per cent mortgage or re financed their current mortgage to 3 per cent. Paying 3 percent and getting a 15 per cent return made sense. Now with the market and rates may not make that decision.
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