If I use a latest home equity loan to payoff 1st mortgage, will the excise estimate be fixed by $100,000 ceiling?
If I borrow more than $100,000 and pay off my 1st mortgage, that simply I turn the home equity loan into my 1st mortgage, but I am not sure if I can deduct all interest up to the adjectives equity amount I borrow. Generally home equity loan can only deduct charge for the interest for the loan amount up to $100,000.
Answers:
I am sure that cut back still applies. I am trying to figure out your angle here though, i.e. why you wouldn't just refinance the 1st mortgage. Surely you could gain a better, fixed rate.
I am sure that it will apply in your case too! That is of late a refinance...... how are you saying it is different from one? Your equity would have to be abundantly more then your loan pay bad amount or your home will not appraise in this market!
you need to contact a qualified CPA...don't skimp on this as it can lead you contained by to some serious problems. I would also contact more than one to see which one is more qualified. Good luck.
Related Questions:
When taking out a home mortgage, when the underwriters are doing their point, how long since the loan is done?
Once you get all of your requested documentation into the lender...the single two documents that are beyond your control is the title and the appraisal. After the underwriter creates the initial conditions...
Answers:
I am sure that cut back still applies. I am trying to figure out your angle here though, i.e. why you wouldn't just refinance the 1st mortgage. Surely you could gain a better, fixed rate.
I am sure that it will apply in your case too! That is of late a refinance...... how are you saying it is different from one? Your equity would have to be abundantly more then your loan pay bad amount or your home will not appraise in this market!
you need to contact a qualified CPA...don't skimp on this as it can lead you contained by to some serious problems. I would also contact more than one to see which one is more qualified. Good luck.
Related Questions:
When taking out a home mortgage, when the underwriters are doing their point, how long since the loan is done?
Once you get all of your requested documentation into the lender...the single two documents that are beyond your control is the title and the appraisal. After the underwriter creates the initial conditions...