Savings Account Loan to Pay Down My Mortgage?
If I take out a CD or savings account loan and apply that money exclusively to pay down my mortgage?
… will the interest paid under that loan (Even though not technically a mortgage) be tax deductible as mortgage interest provided I don’t use those funds for anything but to pay off/down my existing mortgage? Please advise. Thanks
I know this is crazy but I don’t have money in my savings, but here I am ready to buy a home with my husband. So do the banks or creditors actually check into your savings and checking accounts to see how much money you have?
If so, I might have to wait and that will suck.
get em’ while they’re blue – courtesy The Truth About Mortgage