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Author: AcmeFool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127801  
Subject: Re: Refinance dilema Date: 8/22/2002 8:15 AM
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BUT, he also went on about a 2nd mortgage (a "125"; another flag) to pay off my remaining credit cards. The interest rate is fixed at 10.94% (I'm currently paying 9.9% with those remaining cards). The main advantage I can see is paying the tad bit higher rate so I can deduct the interest on my taxes.

You might want to investigate this a bit before jumping in to something like this...I do not believe you can deduct mortgage interest for loans that are in excess of the value of your home. IIRC, you can deduct the interest on the "100%" loan(s), but not on the loan that takes you from 100% LTV to 125% LTV.

ACME
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