Posted on: 03rd Jan, 2007 10:52 am
if i convert second mortgage to personal loan for much lower interest, can i claim interest under mortgage taxes on tax forms? i currently have a second mortgage, and as advised by mortgage person, its in form of a home-equity loan; but its at prime-plus-1. i can get a personal loan at a much lower rate, so want to know if its a good idea.
Hi,
You can convert the second mortgage into a personal loan if you get comparatively lower rates.
But also ask the lender if there is any early termination fee on the loan or not.
You can convert the second mortgage into a personal loan if you get comparatively lower rates.
But also ask the lender if there is any early termination fee on the loan or not.
Interest on second mortgage is deductible. But if you convert it into a personal loan then you won't be able to claim mortgage interest for the second you have.
Anguilla
Anguilla
hi,
as far as i know, home equity loans cannot be converted to personal loans.
if you want to get rid of the home equity loan, better qualify for a personal loan of that amount and pay it off. or else, you may go seek help from debt consolidation companies.
thanks,
sara
as far as i know, home equity loans cannot be converted to personal loans.
if you want to get rid of the home equity loan, better qualify for a personal loan of that amount and pay it off. or else, you may go seek help from debt consolidation companies.
thanks,
sara
Kat, I know a community which has been helping people who require to get out of debt. The community at debtconsolidationcare.com offers debt consolidation related services.
If you are interested, you may seek help from them.
If you are interested, you may seek help from them.