Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
One of the disadvantages to interest rates being so low is that people can actually spend a little bit more money on their homes, possibly ending up with bigger mortgages. In 2018 and later, the maximum amount of your mortgage that you can have is $750,000. Now that is a new mortgages sign as of December 15, 2017, moving forward. So if you have a brand new mortgage and that would include a refinance, then you might want to make sure $750,000. It used to be a million dollars. So you’d have to amortize the difference in the mortgage interest.
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