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These days, the national media is full of stories about foreclosures and homeowners who are "underwater" with their mortgages. Amidst all the doom and gloom, however, there are still countless Americans who enjoy the advantages of responsible homeownership and the financial benefits of having a mortgage. I see this all the time among my many clients and the clients of my colleagues across the country in the Top 5 in Real Estate Network®.

While some fortunate homeowners have the option of paying off their mortgage, others actually benefit from having a mortgage.

For starters, mortgage interest is tax deductible. While this very benefit is being debated in Washington at the moment, traditionally, the mortgage deduction affords those with high-value homes significant tax savings.

Having a mortgage is also one of the best vehicles for bolstering your credit rating--especially during this timeframe when credit-score criteria are so steep. A long-term installment loan in good standing, such as a mortgage, commands respect more than any other form of credit, and will lead to better interest rates on other loans.

Even if you do have the funds to pay off or pay down your mortgage, you need to consider if you're better off saving that money for future needs that may arise (no one is safe from the prospect of unemployment these days), or investing it in a more lucrative avenue. If you're in such a fortunate position, speak with a trusted financial advisor about the best course of action for your particular circumstances.

-Steve Breihan