First post with lots of questions.

[Anonymous]

forgot to add.... there is no construction loan.

[Anonymous]

IF you can't shake loose the money to get the card paid off (or BT it to a 0%) then a mortgage's interest is at least tax deductible - look for one without a pre-payment penalty so you can pay it off at any time.  Double check with a tax attorney/CPA - there are some restrictions on tax deducting mortgage interest which you may fall into, so check before you get one and then can't deduct any interest.

My mortgage is the ONLY bank I don't feel too bad about paying interest to - otherwise I think of it as wasted money.  I hate paying interest on car loans but DH can get really good rates since he's in the business (and also great deals on cars) - and I can keep the cash liquid.

[Anonymous]

Thank you Lady Scarlet !

I'm not well versed in mortgages, but I'm guessing that if I apply for one, the money would be paybable to me (?) and then I can use the money to pay off the cc debt??

I have been saving to pay off the cc debt, and do have 30K now.  I hope to have the full 40K by December when the last payment is due.

[Anonymous]

Basically same principle as a cash-out re-fi.. PLEASE check with your tax attorney -- I've got bells going off in my brain about an IRS restriction about placing a mortgage on a free & clear property.  You may have to do this in a certain way to be able to get the tax deduction.

Congrats on the addition to the addition - and document well because you house is now built 1993 (not earlier) -- and expect a property tax increase also (FYI)

[Anonymous]

Thank you again Miss Scarlet! 

I know the tax man commeth...yuck!  ;-)