assuming the republican tax 'plan' passes, and isn't overturned once (D)'s take majority in 1-3 years, it seems like 2017 will be the last year that itemizing will make sense for me (especially with including remodeling itemization).
so, does it seem worthwhile to do a cash out refi of a fully paid off condo (roughly $300k equity) to pay off $317k @ 3.325%? i assume the rate on the refi would be in the territory of 1% higher than on a primary loan rate, yes? if so, with today's rate around 3.9% (
https://rate30.com/) that would put me at 4.9%, but then after schedule E deductions in the 25% bracket (or 24% bracket in the (R) plan:
https://www.cnbc.com/2017/12/15/find-your-new-tax-brackets-under-the-final-gop-tax-plan.html), 4.9% really becomes 3.72%.
i'm sure there would be an appraisal fee ($500), the risk of not getting the appraisal to come in at the # we want (possible, but not likely in seattle at present), and then the costs to do the paperwork ($2500?). and the new rate would be higher than our current rate.
probably need to run some actual numbers, but just wanted to get some feedback in this initial stage. thanks