Tax Benefits and COR

Let’s say you’re in debt, and the interest you pay is not tax-deductible. In this case, you can refinance your home, and use the extra money to pay off this debt. If it’s your main home, you can get as much as $100,000 more than your mortgage amount, and deduct the interest due even before paying back the loan.

The benefits are twofold – you get rid of a debt with high, non-deductible, interest rates, and also get tax benefits on your home loan repayment. For more details on interest deduction, follow this link.