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| alicia gist |
 Posted: Wed Feb 23, 2005 5:51 am Post subject: 2nd mortgage or Equity Loan |
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Investing Sr. Associate
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| We currently have a second mortgage with a fairly high APR. I know we can deduct our interest off on our taxes. Can you deduct the interest from a home equity loan on our taxes? |
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| jasonr114 |
| Posted: Sun Mar 13, 2005 7:54 am Post subject: |
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Investing Associate
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Yes, the interest paid on a HEL or HELOC is usually tax deductible, just like a first mortgage.
If your APR is high on the HEL and you have good credit, you should look into refinacing it.
Depending on the $ amounts involved and home appreciation, you might be able to refinance your first and second mortgage into ONE first mortgage.
www.lendingtree.com is a good place to start. |
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