How can one property, the mortgage already paid in full?

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I want to buy a trailer rental and even though I am a responsible owner of my property I like the benefits of mortgage interest tax than you would get gift; bekommen.Kann to ‘t on a loan mortgage a homeowner I property for less than the total value in response? the first announcement, I live in upstate New York and our guys said tax, we can not deduct interest on home equity loans.

4 Comments
  1. Reply
    Andrea
    May 2, 2011 at 3:14 am

    I’m not sure where you live but in the US, whether it is a mortgage or home equity loan, the interest is deductible.

    You may want to check into that further before trying to get a mortgage. Really, the only difference between a mortgage and a home equity loan is that usually, the mortgage is so you can purchase the house. Call your bank and ask to speak to someone about home equity loans. I’m fairly certain that is the kind of loan you want.

    Good luck.

  2. Reply
    bud68
    May 2, 2011 at 3:58 am

    Simple – you apply for a mortgage loan with a lender.

  3. Reply
    PogoStar
    May 2, 2011 at 4:31 am

    You’ll have to obtain a home equity loan. Mortgages are purchase money loans. And I’m pretty sure your tax guy is incorrect. It’s federal tax filing so it shouldn’t affect just NY. Talk to your banker for more details.

  4. Reply
    Dale H
    May 2, 2011 at 5:12 am

    Here is what the IRS says:

    http://www.irs.gov/publications/p936/ar02.html#d0e2135

    Look at the Home Equity rules. You can only take a mortgage out for less than the property is worth.

    What makes the most sense in terms of what it costs and the rates available will dictate whether you do a new fixed rate first mortgage or perhaps a home equity line of credit or a fixed rate 2nd mortgage.

    Good luck with your plans to purchase the trailer.

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