The mortgage tax laws have been reformed for 2018. Here are some highlights to be aware of:
- Interest from Home Equity Lines are no longer tax deductible
- PMI will not be tax deductible
- State/local/property taxes are limited to a maximum aggregate of $10,000
- Mortgage interest deductions are limited to $750,000
If you have a HELOC Second Mortgage:
Prime is now up to 4.5% (compared to 3.75% a year ago) and the Federal Reserve is
expecting to raise short-term interest rates potentially 3 times in 2018. Now might be the time to roll your HELOC into a fixed mortgage with a refinance while first mortgage rates are still low!
Need more information? Contact Sibcy Cline Mortgage Services.