While home-equity loans and home-equity lines of credit can have lower rates than personal loans, the new tax law could lessen the benefit for some borrowers.
Before the Tax Cuts and Jobs Act was signed into law in December, the demand for home-equity products was already on the decline at some banks.
Under the new law, borrowers can no longer deduct interest owed on HELs if they use the money for purposes other than home renovations or property purchases.
Source: Mortgage Daily
