Home Remodel Money Problem HELP
Question: I am not sure if this is the right newsgroup for this post but here goes. I >bought a house the end of the year and did all of the demo in preparation >for remodeling. I went to the bank and asked for a home equity loan and >they told me that they would not lend on it as I had not lived there yet and >it was in “construction.” I want to get the tax benefit from using the >banks money with this type of a loan and writing off the interest. Can I >use regular credit cards and then when the house is finished, get the equity >line and pay off the credit cards and write off the interest that way. Any >ideas!
Answer: Sure. If you can get the money another way, you will only have to pay the hit of the interest rates and the lack of a tax deduction until you qualify for a home equity loan.
I’d shop around for home equity loans, there may be somebody who will consider your loan.
I’d also talk to my tax advisor about this. Be careful of any advice you get on Usenet
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Filed under: Home Equity Loan
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