This is a great question because there is a misconception among homeowners that if you refinance your existing home mortgage, you will be subject to the new mortgage rules and not be able to deduct as much as you could before. This is incorrect. The Tax Cuts and Jobs Act (TCJA) which was passed in December 2017 did reduce the amount of mortgage interest a homeowner could deduct on their taxes to $750,000, down from $1 million (plus $100,000 of interest on a home equity line of credit), but that only affects new mortgages made after December 2017. The TCJA initially eliminated the deductibility of home equity line interest, but the IRS issued clarification on (February 21, 2018) stating that homeowners can still continue to deduct home equity loans as long as the loan is used to “buy, build or substantially improve the taxpayer’s main home and second home.” If you had a mortgage prior to the passage of TCJA, you are grandfathered into the old rules and can still deduct mortgage interest up to the old limit of $1 million, even if you refinance your loan.

1. Can I use my credit card to pay my mortgage or student loan?
This question comes up for those savvy credit card users who want to accumulate as much reward points as possible. It's not possible to directly pay your mortgage or student loan with your credit card, but there are some online companies out there who offer such services. The service is not cheap and usually entails a high percentage charge. ACap generally discourages consumers to use debt to pay debt, especially if you use a revolving unsecured debt like a credit card to pay an amortizing secured debt like a mortgage. If you choose to pursue this route, you MUST be very diligent with your credit card debt and make sure to pay off your entire balance every month.