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* **Second mortgage**: A loan you obtain after you already have a first mortgage, often used for home improvements or to consolidate debt.
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2. **Loan Amount:** The federal deduction is limited to mortgages up to a certain amount. As of 2023, the limit is $750,000 for new mortgages. For mortgages secured before December 16, 2017, the limit remains at $1 million.
<h2>Frequently Asked Questions (FAQs)</h2>
<h2>Important Considerations for Homeowners</h2>
### 2. Loan Limits: The ""Acquisition Debt"" Rule
* **Property Tax Relief:** California offers various property tax relief programs, such as the Homeowners' Exemption and the Senior Citizen's Property Tax Assistance Program.

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