What is mortgage interest? It is any interest you pay on a secured loan when you bought your first or second home. The loans include the mortgage to buy your home, a second mortgage, a line of credit or a home equity loan. The loan must be secured debt or it will be considered a personal loan and the interest is not deductible.
For the average consumer who has managed to acquire credit card debt, car loans, and various other small debts, is the mortgage interest, especially with an interest only loan an answer to mortgage interest deductions and the elimination of non-deductible interest?
What options does the average consumer have in accommodating the tax need in relation to the housing need? What about the interest only loan option on a new house mortgage? Todays housing and mortgage market has seen a tremendous growth in mortgage packages, variety and amount. The mortgage interest deductible on the interest only loan option, once thought to have gone the way of the Edsel automobile, is back today and in use by the masses. The mortgage market has seen an unbelievable increase in the interest only loans from just a mere sliver of the market a few years...
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