Consolidating mortgage heloc

Consult with an accountant, tax attorney, or an IRS advisor for the proper way to file your taxes, especially for the year that you get a new mortgage.

is a low-cost source of funds for consolidating credit card debt.But as this is a secured loan when you borrow from your equity the mortgage amount you owed will increase.Nowadays, you would be hard-pressed to find an adult who does not owe some amount of money to one or more credit card companies, banks, finance companies, or is in some other form of debt.This amount decreases as you pay down the FIGURE 6.8 Tax Deductible Interest and Points, First Year, 8-Percent Mortgage loan or, if you have an ARM loan, may go up in the event your interest rate increases.The Tax Reform Acts of 19 changed the rules governing the deductibility of interest, and the regulations are particularly complicated when you purchase a home or refinance your mortgage.

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