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Another mortgage for my personal use

Posted on: 19th Apr, 2006 12:09 am
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?
Hi Pit

"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.

"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
Posted on: 19th Apr, 2006 12:26 am
a home equity loan or a home equity line of credit would be the best option for you. the interest on hel or heloc are tax deductible.
Posted on: 30th Nov, 2012 03:14 am
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