The HELOC Interest Deduction Is Dead – Frank Rexford Mortgage Team

With the implementation of the new tax code, 2018 is the last year you can take a deduction for interest paid on your HELOC or HELOAN. People have traditionally tapped into home equity to pay for renovations, tuition, pay off credit cards, buy a car or pay for a medical emergency. And you can still use your HELOC for all those reasons and more – you just can’t take a deduction for the interest paid. Read on to understand the details:

The HELOC Interest Deduction Is Dead

Important Reminders About The Mortgage Process

Don’t apply for any new credit until after we have closed your loan, and don’t make any unusual charges on your existing credit. Your loan is being underwritten per your current financial status.
Photographs of documents are NOT acceptable. Originals, scans and faxes are acceptable.
Bank statements must contain your name, your account number, and 30 days of complete activity. We need ALL NUMBERED PAGES of banks statements. Even if any numbered pages are blank.
Please provide your closing attorney information asap so that we can order your title work.
Please provide your homeowner’s insurance agent’s contact info asap so that we can request your insurance documentation and submit it for approval.
Once you have signed your loan application, we will send you a request to pay for your appraisal fee with a credit card.
Please directly contact your closing attorney to obtain wiring instructions for your closing funds – you MUST do this yourself for your own security. No one on my team and no one from Corporate Investors Mortgage Group, Inc. will ever send you wire instructions. If you receive an email from anyone at Corporate Investors Mortgage Group, Inc. providing you with wire instructions, do NOT wire your funds with those instructions and notify me immediately.

Important Reminders About The Mortgage Process