If I use a new home equity loan to payoff 1st mortgage, will the tax deduction be limited by $100,000 ceiling?
May 27th, 2009
Posted by: admin
If I borrow more than $100,000 and pay off my 1st mortgage, that basically I turn the home equity loan into my 1st mortgage, but I am not sure if I can deduct all interest up to the whole equity amount I borrow. Generally home equity loan can only deduct tax for the interest for the loan amount up to $100,000.
I am able to find a home equity loan with zero cost with lower loan rate which is better than any mortgage program I can find in the market.
By: Jeffrey
I am able to find a home equity loan with zero cost with lower loan rate which is better than any mortgage program I can find in the market.
By: Jeffrey
Tags: 1st Mortgage, Loan Mortgage, Loan Rate