The Following is from Ed Irwin a Broker here at The Cascade Team:
Nice summary. One question for you: the way the article is written (and, who knows, perhaps the law itself) it states While homeowners could, up until now, deduct interest on a home loan of up to $1 million, that cap will be lowered to $750,000 come 2018. Now if you have an existing mortgage, you don't need to worry about this change, but if you're applying for a new home loan in 2018, you should know about the impending cap.
It states the homeowners can deduct interest on a home loan of up to $750k.
What if a person gets a new mortgage of $800k. Does that mean that interest on that loan is not deductible at all, or is 75/80ths of that interest deductible?
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