bhs6565 asked:


When I got the home equity loan 4 yrs ago it was for 20% over the value of the home and I used not deduct the intrest from the loan on my taxes. In the last 4 yrs the home value has gone up and both my mortgage and equity loan have gone down. I am below the value the home now and was wondering if I can now deduct the interst from my taxes. My last apprasial 5yrs ago is for about what the loans are for, but I am doing a refi and getting a new apprasal this month which will be for much more then the current loans are. In other words can I use this appraisal this month as proof that the loans are less then the value of the home for the 2007 tax period.

Erin

shawn w asked:


to me that is really dumb. Why would you pay all interst for your house. I woulnd’t even do a thiryt year mortgage. First fifteen years is all most.ly intrest. I can’t figure it out. Are these same people naive and listen to real estate agents or mortgage brokers. there like any other salesman. Out to make the sale and that’s it.
I understand you can use the money for another investment. However your not likely to get an investment return higher than your interest rate. Without risk anyway. I also know that people can take the arm and try to sell higher than they bought it for. However, how much can a home go up? Homes more than doubled since 2001. My opion is there are alot of naive (dumb) people out there. They listen to the agent that says it will keep on going up and just take any amount of mortgage. I see these insane prices for homes. But average salary’s haven’t gone up much. Also how can you buy ridicuoulsy priced house hoping to get a promotion in the future to pay for it. It sounds insane to me. Or maybe i’m the one crazy

ELTON