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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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