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Thursday, February 22nd 2018

Changes in Tax Reform 2018 and How You Can Consolidate Your Loans

Todd SchindlerTodd Schindler | Senior Mortgage Banker

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In regards to home equity debt, the tax law eliminates the deduction for interest. In other words, with the new tax reform, a home equity line of credit (HELOC) will no longer be tax deductible. While HELOCs are no longer tax deductible, cashing out in a first mortgage IS tax deductible.

With that being said, if you currently have a second mortgage, it is beneficial to consolidate that second mortgage that you already have into a first mortgage. You can do so by choosing a low cost or no cost refinance loan option to consolidate into one loan.

In addition, for new buyers, the $1 million limit on deducting interest from your mortgage debt has dropped to a limit of $750,000 for a first and second home.

For more information, please call (636) 542-4684 or email me at tschindler@fbhl.com. I’d be happy to help in any way!

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