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 - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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