Hello,
I have a question not explicitly answered here. I have 2 rental condos with about $150K mortgage on it at around 5% interest rate. I also have a primary mortgage on my primary home for about $300K at around 2% interest rate. I have around $300K cash that I would like to apply against these mortgages. Can I use the 300K to pay off the higher interest rate mortgages on the rental condos and then subsequently write off the interest on my primary home against the rentals? This would yield the lowest effective rate and would be prudent to do aside from possibly not being able to deduct the interest. I am in California and take standard deduction.
TIA
