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Money and Finances
Reply to "HELOC vs Refinace with cash out"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Why don't you just do a straight refi of the investment property to get out of the high interest rate?[/quote] There are a number of reasons why this isn't a good idea: 1) You get higher interest rates on mortgages on investment properties 2) You can deduct mortgage interest on your primary residence on your taxes against W2 income, even if you are subject to AMT. For investment property interest, you can only deduct the interest against rents paid. In many cases the primary residence mortgage interest deduction is more valuable.[/quote] Correct. The investment property interest is high because it's considered an investment property. The occupant is a close relative who is contributing modestly to the mortgage, but I wouldn't consider the property to be "under rent". [/quote]
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