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I am considering using a home equity loan to pay off a student loan and a car loan. The interest rate on the home equity loan will be several points lower than both the student loan and the car loan interest rates and (presumably) I can deduct the interest portion of the home equity loan payments from my taxes.

However, will any home equity loan amount be calculated against my equity interest in my house so that my mortgage company may begin charging me PMI?

Any help would be appreciated.

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