One thing to note here. As it has been mentioned, the bond itself is not tax deductible. As a result the 7% interest you will pay on the unpaid balance is not either. One way around this is to include the bond into the mortgage if your property appraises for enough to be included in the loan. That way, the interest will be tax deductible and also around 4 or 5% instead of the 7%.
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Greg
A pessimist is an optimist with experience.
"In my many years I have come to a conclusion that one useless man is a shame, two is a law firm and three or more is a congress." - John Adams
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