The simple answer is Yes. The more you borrow; the more interest you will pay in a given year; so the bigger deduction you will have off your taxes.
But like the others said; It does not make sense to borrow more just to get 25 cents on the dollar spent back in taxes.
Where a home equity loan helps is if you want to add a pool or redo a kitchen. Borrowing the money outright for a pool or a kitchen has no tax advantage and most times has higher interest because it is really unsecure. With a home equity loan it is guarantied by your house so lower interest plus tax advantage. On the other hand a home equity loan can put you so upside down in your house you better pray nothing happens before you can get the loan paid off; especially if it causes you to lose the house because you just had to have that pool.
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Today's Featured Article - The Tractor Parade: Story of a Case SC - by Bernie DeLon. On a early fall morning back in 1994, I opened the newspaper and happened to spy an article about a local antique tractor club having their annual show that weekend.
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