Generally, you can expect to have a higher interest rate on your second home loan compared to the one on your primary residence, so you’ll pay more in interest over time. Note: It’s typically better to do a cash-out if you know exactly how much money you need and can get a lower interest rate on your first mortgage. You can take advantage of the equity in your primary residence to make a down payment on a second home, either through a cash-out refinance or home equity line of credit (HELOC). You can use your primary residence to help pay for it.You can also deduct combined property taxes up to $10,000. This applies only to “qualified” second homes, meaning you don’t rent it out, or you do rent it out but also use it yourself for a certain period of time each year. You can deduct the mortgage interest for both your primary residence and second home up to $750,000 total (or $375,000 if married filing separately). ![]()
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