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Everyone, what do you think about this?

1. I have an installment loan for $26,700 ($342.00/month for 15 years)

2. I have a car loan for $15,500. ($491.00/Month for 3 more years)

3. I have a $120,000 in equity of my house (which is paid for)

I'm thinking of consolidating both loans into a mortgage loan of $43000 for 30 years. That way I can leverage the house to deduct the interest off of my taxes at the end of the year. Also, it will give me a low payment of $253.00 per month.

With our income being $5,000 per month after taxes, I will stack up on a pretty good emergency fund and stack up on a majior liquid situation.

I already max out my 401K and 1 Roth IRA. I want to know your thoughts about my mortgage loan leveraging??

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