Home Loans
Home Equity Loan Interest - Understanding Tax Deductibility for 2nd Mortgage Loans
(presented by www.refinance-refinance.net - mortgage lenders)
By Maria Ny
Home equity loans (second mortgages) and equity lines of credit (HELOCs) are popular ways for homeowners to consolidate debts or to make home improvements on their primary residences, especially if they don’t want to refinance because their first mortgage rates are low. Mortgage refinancing can also be expensive, making second mortgages and home equity lines much more attractive options.
Second mortgages are also popular as “piggy back” loans to help finance down payments if the home-buyer doesn’t have a lot of cash on hand, and for purchasing a second home. Many people are drawn to the tax advantages that second mortgages and HELOCs offer, especially since many states allow a 100% deduction on the interest paid on mortgage loans. However, there are certain limitations to second mortgage and HELOC tax deductibility.
According to Wells Fargo Bank, interest payments are usually fully deductible on:
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