Posted on: 22nd May, 2009 08:51 am
in the state of tx can you take out a second mortgage on your home? more specifically, can you do it towards a business loan?
Hi robin,
You can definitely take out a second mortgage on your home, provided there is enough equity in the property. Using the equity loan for business is a good idea. You can save taxes as the closing costs and the payments on the home equity loans are tax deductible. Your business can also save taxes by deducting the repayment of the loan as business expenses.
You can definitely take out a second mortgage on your home, provided there is enough equity in the property. Using the equity loan for business is a good idea. You can save taxes as the closing costs and the payments on the home equity loans are tax deductible. Your business can also save taxes by deducting the repayment of the loan as business expenses.
If you are still looking into this or would like numbers run or just options given please get in touch.
Gregg
gregg@amflending.com
Gregg
gregg@amflending.com