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Mixed Use Mortgages consist of a
combination of
Grandfather Debt, Home Acquisition Debt, or Home
Equity Debt
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A
mixed use mortgage is a loan that consists of more than one of
the three categories of debt (grandfathered debt,
home
acquisition debt, and
home equity debt). For example, if you
took out a
mortgage this year and used part of it's proceeds to
refinance a
mortgage that you took out in an previous year to buy
your home (home acquisition debt) and part of the proceeds to
buy a car
(home equity debt), the fact that you are using the
proceeds for two
different categories qualifies it as being a "mixed
use mortgage".
To calculate your
"mixed use mortgage" see IRS
publication 936
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grandfather debt |
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