Interest on Mortgage

Can I itemize my mortgage interest paid in my taxes?

MoneyTactics — Wed, 09 May 2012 00:38:21 +0000

In order for me to qualify for this I need to meet this requirement::

“The mortgage or home equity loan must be secured by your home. This means that you specified your home as collateral for the loan.”

I wasn’t aware that there was anything else I could “specify” as collateral for my loan. If I don’t pay my mortgage, the bank gets the house. It’s that simple.
So, can I go ahead and take this deduction?

Do mortgage lenders pull credit reports multiple times during the refinance process?

MoneyTactics — Tue, 08 May 2012 00:32:58 +0000

We’re about to refinance our home and we both have good credit scores. I know our credit reports will be pulled when we apply, but will our reports be pulled again before closing? The quote from our bank was for closing in 6 weeks. We were hoping to get a new car soon and may not be able to wait 6 weeks. But, I don’t want to risk doing something that might hurt my score before closing.

how do they calculate the mortgage payment with interest?

MoneyTactics — Tue, 08 May 2012 00:32:52 +0000

if the mortgage amount is $400,000 and the interest rate is 6%. the monthly payment is around $2000+ and the total interest+mortgage amount paid in 30 year is about $800,000+ which is more than double of the mortgage amount. why is that??? that means your house is worth $800,000+ which is really bad…i was just wondering how do they calculate the interest given the interest rate and mortgage amount. i mean what is the forumla?

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How long after a foreclosure is there an auction?

MoneyTactics — Tue, 08 May 2012 00:00:52 +0000

I’m currently living in a rented townhouse and the owner is going to foreclose once our lease is over. I’m interested in buying it once she forecloses because right now she owes too much on it for me to purchase. Any clue on how long it will take for the foreclosure to go through then for me to be able to bid on it? Thank you!

If mortgage tax & interest forms are only in my name but multiple owners can they file my forms under thir nam?

MoneyTactics — Mon, 07 May 2012 00:29:24 +0000

So the mortgage was only under my name but there are 2 other owners with me. I did a short sale on the house and now I have tax forms for mortgage interest and tax. Can the other owners file the tax under their name or is it my responsibility to file because my name is on the form.

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Can I be eligible for a home equity loan if I have liens on my house?

MoneyTactics — Sun, 06 May 2012 00:29:25 +0000

I live in VA and have 2 liens on my home. I wanted to know if it’s still possible for me to qualify on being able to get a home equity loan. Thanks!

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I bought a home this year (2009). Is my mortgage interest, points,property tax deductible on NJ state tax?

MoneyTactics — Sun, 06 May 2012 00:29:17 +0000

Is mortgage interest paid + Points + real estate taxes deductible only for federal or for both fed & state.

Thanks

Can I claim Mortgage interest on my taxes from a home in Canada?

MoneyTactics — Sat, 05 May 2012 00:27:37 +0000

(while working in the USA, we are paying mortgage payments in Canada)
Thanks for the answers. Now how to get a MCC certificate from a non-US government. I hope the bank’s printed statement is okay… ?

What kind of mortgage interest rate can I get with a 660 credit score?

MoneyTactics — Fri, 04 May 2012 00:26:50 +0000

I have a Chapter 7 Bankruptcy that was discharged 3 years ago. Will mortgage lenders even consider me for a loan of $100,000, with a gross yearly income of $75,000?

Since my bankruptcy, all of my payments have been on time, paying off credit cards (I have two) monthly. I have a school loan paid up to date, and no other bills. I check my credit score monthly, and for the past 6 months my score has been hovering around 660. I know it takes time, but what may lenders be willing to offer me with my current status? Should I wait another year or two before applying for a first time home loan?
Would renting an apartment for a couple of years “up” my credit score, and look better for lenders down the road?
I guess I’m in a “toss-up” between buying and renting. I just don’t want to waste any more money on renting. But I’ll rent again if it looks good to lenders, and a better interest rate. I know I have to pay somewhere along the line due to my own past financial mistakes.

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What is a seller-financed mortgage interest statement?

MoneyTactics — Thu, 03 May 2012 00:25:02 +0000

I am doing my tax return on turbo tax and by default it says I have collected this interest.