Second Home Mortgage - Tax Dedcution?
I bought a house a few months back. Now I am in market for a
van. I was told that I could take a second mortgage for the
house to finanace part/whole of my purchase and this will
allow me to deduct the intereset on loan. I have a couple of
question. It there a way to do this? I don't think I can
just use the second mortgage money for van purchase and
decuct interest. What are the qualifications for second home
mortgage?
Just get a home equity loan, secured by the remaining equity
in your house. Usually, the amount between the current
mortgage and 80% of the appraised value (the company making
the loan will appraise). There are some limits but they are
more than the cost of a van.