Home arrow Forums arrow Mortgage Questions and Assistance arrow

Another mortgage for my personal use
Author Message
Bookmark
Bookmark Delicious Add to del.icio.us
Bookmark Yahoo Web Add to YahooMyWeb
Bookmark Simpy Small Add to Simpy
Bookmark Blinklist Add to BlinkList
pit

Guest
PostPosted: Wed Apr 19, 2006 12:09 am    Post subject: Another mortgage for my personal use
I have paid off my town house and now I would like to take out equity from this house to buy another single house for my personal use. What method should I use to take out the equity? Is the interest in mortgage taken for the town house is eligible for tax purposes?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile sarah




Joined: 19 Mar 2006

Posts: 25

5.06 Dollars($)
PostPosted: Wed Apr 19, 2006 12:26 am    Post subject:
Hi Pit

Quote:
What method should I use to take out the equity?

Conventional mortgage or a Home equity line of credit will be a best option for you. You can borrow maximum of 75% of the value of town house.

Quote:
Is the interest in mortgage taken for the town house is eligible for tax purposes?

No, interest in mortgage is not tax deductible. Since the money borrowed for principal residence is not tax deductible.

SJ
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 


Highlights
Helpful References
• Mortgage Guide
• Mortgage Terms
• Mortgage News
• Book Center
• Shop and Compare lenders
• 30 Yr. Fixed Vs. 5/1 ARM

Calculators     [View all]
• Are you eligible for loan?
• How much you can afford?
• Calculate monthly payment
• Calculate APR

Financial Tools
• Credit Repair Tool New
• Mortgage Planner
• Simple Budgeting Tool

Our Community
• MortgageFit Blog
• Community Professionals
• Community Rewards
• Introduce yourself
• Website tools

Community Rewards
• Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help
MF Talk

We have chosen to apply the Creative Commons Attribution License to all works we publish.
This work is licensed under cc by 2.0