Mortgage Refinance Fees that are Deductible
If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.
If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.
A home equity line of credit is a secured loan, which uses the borrower’s home as collateral, and allows the borrower to draw funds as needed and offers various repayment option at variable interest rates.
There are several documents that you should have ready when applying for a mortgage loan. While some lenders will not require all of the documents, this list will help you be prepared.
Keeping records and receipts for home improvements is essential as it lowers your tax basis in your home. This is most important when calculating the gain when eventually selling your home.
Homeowners refinance their mortgages for several reasons, including pulling out home equity, or to save money with a lower interest rate.
Your home will likely be one of the largest financed purchases, so it is important that you find the right mortgage for your financial situation.
When shopping for a mortgage, it is best to request a Good Faith Estimate with the lender’s best interest rate with zero points from several lenders. This way you can compare the interest rates and closing costs.
While it is advisable to put a 20% down payment for a home purchase, you should calculate the best use of your money if you have more than 20% to put down. You may find you get a better return if the money were invested, rather than reducing your mortgage loan.
Homeowners insurance provides homeowners with coverage for the loss of the home and personal belongings, as well as liability protection. It also protects the mortgage lender’s investment. Lenders require proof that homeowners insurance has been secured before the closing.
Homeowners insurance provides homeowners with coverage for the loss of the home and personal belongings, as well as liability protection. Today, we will discuss liability protection.