Home Improvement Ideas & Tips
Like any refinance, a cash-out refinance changes the terms of your loan. You’ll get a new loan with an updated interest rate, and your payment will change to reflect the change in your loan. Mortgage interest is usually tax-deductible, but the interest on many other types of debt is not. Depending on where you live and the tax rules that apply to you, the interest you pay on your mortgage can be deducted. Check with a tax professional to see how this applies to you and if you’re able to claimrefinance tax deductions.
You should …