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Mortgage Refinance 101

Taxes And Mortgages

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If you itemize deductions, you can deduct the amount of interest you pay with respect to mortgages on your home.

  • If you take out a second mortgage, the amount of your deduction will increase by the amount of the extra interest you pay. Points that you pay for a second mortgage are also deductible, but must be amortized over the length of the loan.
  • If you refinance to take advantage of lower interest rates, the amount of your deduction will probably decrease - unless you also extend the period of time remaining until your loan is paid off.

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