How's your house of cards? Let's consider your home equity line. The interest is a tax deductible item up to $100,000 on your primary and/or vacation home. Now, you may have some “room” left on your home equity line that you’re counting on as “padding” for a rainy day. WARNING: Lenders are CLOSING existing equity lines. The process of elimination has already started. You may get a simple letter in the mail saying Your Account Has Been Frozen. It’s nothing you did, it’s just the market, the lender and a surprise. Not all surprises are good! If you even THINK that you need to pad your cash accounts, are considering paying off credit debt, buying a car or doing some upgrades around the house in the next SIX MONTHS…or if you think your INCOME is going to be impacted and your only reserves are within this Equity Line, it is the opinion of this mortgage broker that you BORROW IT NOW and put it somewhere earning a few bucks. You can always pay it back, take the tax write off on interest and call it a wash. Ask Yourself: WHAT IF my home equity line was frozen tomorrow? Call me for more information and the best new loan programs in this ever-changing market. Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/(WARNING: If you have NOT accessed your equity line in the past 12 months CALL ME BEFORE you pull money out of your equity line! Borrowing money off your line is considered "Cash Out" when consolidating a new first and 2nd mortgage in any upcoming Refinance and WILL IMPACT your Loan To Value and possibly a new rate if you're planning on a Refinance!)
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