The Thompsons currently have a mortgage on their home with a…

The Thоmpsоns currently hаve а mоrtgаge on their home with a balance is $875,000. Mortgage rates have recently dropped and they are considering refinancing their mortgage to save on the interest and potentially increasing the amount refinanced to pay off credit card debt.   Which of the following statements would you tell the Thompsons in regards to the above facts?  1. The Thompsons can refinance the credit card debt into the refinanced mortgage and deduct  the full amount of the interest.2. The Thompsons can refinance the existing $875,000 mortgage and deduct the interest on the entire amount.3. The Thompsons can take out a home equity loan their credit card debt and can fully deduct the interest.