Are you in the market for a new home or considering a mortgage re-finance, but wondering how the new tax plan will affect you? There are a few variables to pay attention new regarding the new tax plan and it affects individual mortgagees differently. Firstly, the amount of mortgage interest you pay may reduce your taxable income. It also impacts your property tax deduction and home equity deductions at the time of filing annual taxes. Owning a second home and deducting moving expenses are also affected.