Mortgage tax on a home equity line of credit?
I recently remortgaged and I took out a “home equity line of credit” along with the refinance. I don’t especially need it and don’t have plans to use it, but as the loan agent put it;
“Its free for refinancing with us…. and isn’t it nice to know its there for an emergency?”
‘Well, yea!’ I thought to myself.
I was stunned to find I have to pay mortgage tax on this home equity line of credit, before and, whether or not I ever take the money. Does anyone know, if I never do use this money… can I get a refund of this tax?