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I need to get a second mortgage for living and business

Customer Question
I need to get...

I need to get a second mortgage for living and business purposes. i also work from home as i am self employed so can class it as my office. for tax reasons is it better to have a higher interest rate payment or a higher lending fee as the total amount is the same.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't think so

Submitted: 3 months ago.Category: Tax
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Answered in 16 minutes by:
3/28/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 3 months ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. The higher interest rate will probably cause your monthly payment to be higher. The higher lending fee could be added to the mortgage - therefore the monthly payment is not as high. I would compare - if the lending fee is a lot higher, it might decrease what you can receive to help with your living and business.

Let me know if this helps and if you have any questions. Thank you.

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