If someone is in a lower tax bracket, and has a higher-rate mortgage, "it would make sense to pay it off," Mr. Mignone said.
RBS, however, actually expects staffing levels in Scotland to rise, especially in Edinburgh and Greenock, as it consolidates its mortgage, IT and support services on two key sites in the area; the 318 branches sold to Santander are all south of the border.
Today, when Citibank or J. P. Morgan Chase gives one of its customers a mortgage, it is usually acting as a broker.
Having already paid off our mortgage it was clear profit.
They'd get the mortgage; it was mad to carry on renting.
"If the page were about how to get a mortgage, it would work," he said.
Apart from the mortgage, it is usually $8,000 to $10,000, she said.
When Fannie or Freddie guaranteed a mortgage, it meant that they were taking on the credit risk from the lender.
"For those on an interest-only mortgage, it is imperative you do not rest on your laurels.
It was a given good, worth every tax dollar, student loan and second mortgage it took to pay for it.
For someone with a £150,000 mortgage it means the monthly repayment will jump from £673 today to £833.
