Financing a Home

More in Financing a Home

Documentation Needed to Claim Mortgage Interest as a Tax Deduction for an Owner-Financed Home

The mortgage interest deduction is one of the largest tax deductions for most U.S. taxpayers. According to the National Association of Homebuilders, 80 percent of the mortgage interest paid by U.S. taxpayers since 2000 has been claimed as a deduction on taxes. The IRS allows you ...

Do You Get All Your Interest on Your Mortgage Back on Taxes?

For most homeowners, mortgage interest is their biggest tax deduction and getting a home loan allows a home buyer to make the shift from the standard tax deduction to itemized deductions. You do not get all of your mortgage interest back on your tax return. The amount of tax ...

Is it Wise or Smart to Refinance With the Same Company or Bank?

Refinancing your mortgage loan is a perfect way to reduce your current mortgage rate and save money each month. A refinanced mortgage creates a new home loan with new terms. You can extend the length of your mortgage, reduce the length of your mortgage or apply for a different ...

Can You Roll Closing Costs Into an FHA Loan?

Closing fees add on to the cost of a loan when you buy a home or refinance your existing mortgage. Whether or not you can roll your closing costs into an FHA loan depends on certain factors. As a rule, it doesn’t matter if you are applying for an original mortgage loan or an FHA ...

How to Get Your Name Off a Mortgage That You Cosigned For

If a mortgage lender denies your child or family member's mortgage application, you might step in as cosigner on the loan. A cosigner agrees to pay another person's debt in the event of default. Your name might not appear on the title, but it appears on the loan. Becoming a ...

Does a Non-Working Spouse's Credit Affect a Home Loan?

Marriage doesn't require that both spouses apply for loans together, although with large purchases such as a home, they often want to do so. If one spouse has no job or negligible or bad credit, it often makes more sense for the other to apply for a home loan on his own. The ...

FHA Gift of Equity Guidelines

Mortgages that the Federal Housing Administration insures require small down payments of 3.5 percent of the value of the home. But buyers who cannot come up with the sum or who wish to reduce their loan burden by making a larger down payment have the gift of equity as a ...

Can I Deduct the Buy-Down Points on a Mortgage Credit?

The joy of homeownership for some borrowers can become a nagging frustration when the financial reality of repaying an enormous debt sets in. However, the U.S. government has implemented a number of tax advantages for homeowners that can help quell these financial fears. One of ...

What Happens to an Outstanding Escrow Balance?

Escrow is by definition a financial medium – such as a bank account -- administered by a third party on behalf of two other parties. While not unique to the mortgage industry, mortgage escrow accounts are one of the most common examples of this term. It is not the responsibility ...

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