Pay off a home equity loan
Tax reform took away the mortgage interest deduction for most home equity loans, so there’s no longer a tax advantage for having that debt out standing. The exception is that if you used the home equity loan to buy, build, or improve your home,the interest is still deductible. If you have both a regular mortgage and a home equity loan, it now makes sense to prioritize getting the home equity loan paid down first unless the deduction still applies – or unless the interest rate on the mortgage is a lot higher.
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