Should I refinance from FHA to Conventional for bigger tax write off?

[cash2001]

Hi there- looking for advice about my first home purchase about a year ago. I have the option of refi into a conventional loan from the FHA I started with....my monthly payment would be the same (about 1,700) because interest rates have gone up since last June but I would have a bigger tax write off at the end of the year. My lender tells me the only up front cost is the approx 700 for an appraisal. I purchased the home for $285,000 and it is now worth about $300,0000. Thank you for the insight.

[Dicey]

If you want valuable input, you need to be more specific. Are you hoping to avoid PMI? I really don't see what the advantage to paying a higher interest rate would be.

[srad]

I refinance for two reasons.  1, to make my payment  go significantly down.  2, to get cash out.  Are you getting either of those?  If not, why would you want to

[Cwadda]

If you want valuable input, you need to be more specific. Are you hoping to avoid PMI? I really don't see what the advantage to paying a higher interest rate would be.

[zephyr911]

Are you saying you want to spend more dollars in order to reduce your tax bill by a smaller number of dollars?
I have a  better idea...send me the extra money and deduct it from your taxes. I'm qualified to give tax advice and am also a Realtor and a military reserve officer with wartime deployments on my resume', so we can categorize my services however best fits your business activities.

[SeattleCPA]

This doesn't make financial sense. As others hinted, you don't profit by paying, for example, another $1000 of mortgage interest to get $300 of additional tax savings...

Also consider that if you take any cash out of the deal, the interest on that extra borrowing isn't actually a deduction.