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March 27, 2021
Question

Morgage Interest Limits on a 7/1 ARM that rolles over this year

  • March 27, 2021
  • 1 reply
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I have a 7/1 ARM mortgage loan that rolls over to adjustable this year. Will I be restricted to the $750K max limit for interest deductions or will I stay at $1,000.000 for 2021?

    1 reply

    March 27, 2021

    the determining factor is the date the mortgage was closed (presumably 7 years ago), not when or if the interest rate changes.