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Over what period of time are points paid for refinancing tax deductible?
Wiki User
∙ 15y ago
The term of the loan received.
If you refinance it early, you get to take the remaining.
Wiki User
∙ 15y ago
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Why would a homeowner consider refinancing their home loan rates?
Occasionally a home owner will consider refinancing ones home loan if the interest rates have dropped substantially. This could save the home owner a lot of money in interest payments. Often a home owner will also consider refinancing to stretch the payments over a longer period of time and therefore reducing the monthly payments.
Can you deduct the prepayment fee on a commercial mortgage?
I don't think if it is on commercial property or not is an issue...and the answer is going to be yes! When you refinance a mortgage, all the costs of the mortgage you financed, including all those like points on origination that may have had to be amortized over the term of the loan, are accelerated and become deductible in that period. The key is the cost must be tied to the replaced mortgage, not the new one.
You have a credit line and you are told that if you pay off the line over years it is not deductible If you pay it off in the year you use it it is deductible Is this right?
You cannot take any credit card debt or interest as a deductible on your taxes. Credit card debt is considered personal debt and does not qualify for tax breaks.
Why would one want to go about refinancing equity loans?
Many people want to refinance equity loans to get better interest rates. Interest rates are at their lowest for this century. Refinancing older loans can save people thousands of dollars over the life of the loan.
What percentage of people refinance?
Only about 6% of people refinance. However, over the past few years, refinancing has become increasingly popular in the United States.
Why would a homeowner consider refinancing their home loan rates?
Occasionally a home owner will consider refinancing ones home loan if the interest rates have dropped substantially. This could save the home owner a lot of money in interest payments. Often a home owner will also consider refinancing to stretch the payments over a longer period of time and therefore reducing the monthly payments.
Do you have to pay a deductible if your car is involved in a hit and run accident?
If the party who caused the accident is not located, then you probably will have to fork over your standard deductible.
Can you deduct the prepayment fee on a commercial mortgage?
I don't think if it is on commercial property or not is an issue...and the answer is going to be yes! When you refinance a mortgage, all the costs of the mortgage you financed, including all those like points on origination that may have had to be amortized over the term of the loan, are accelerated and become deductible in that period. The key is the cost must be tied to the replaced mortgage, not the new one.
Let a Home Refinance Calculator Show Your Possible Payments?
A home refinance calculator can show you your possible future payments after refinancing your home mortgage. By spreading out the amount you owe over a longer period of time, or obtaining a lower interest rate, you can often reduce your monthly payments. This extra money can be used to help plan for retirement, supplement your investments, or pay for your children's schooling. Because there are costs involved with refinancing your home mortgage, the calculator can also help you determine whether or not refinancing will benefit your particular home loan.
Does homeowners ins have to pay cost over deductible?
The deductible is the part of the loss that the policyholder is responsible for paying before the insurance company pays the remainder of the loss.
How long will a 16-20 MPH over the speed limit ticket stay on your record in Oklahoma?
Speeding less than 25 miles over the speed limit is 2 points on your license. You get two points taken away every 12 month period that you do not get anymore points on your license.
How many points will you get in California for driving while your license is suspended or revoked?
According to DMV website - two points. See link Not true! 2 points if you're under 18. 4 points if you're over 18 within a 12-month period.
What is an isbar?
Its a line on a map connecting points having the same atmospheric pressure at a given time or on average over a given period.
What if I have to have a costly medical procedure done but have not met my yearly deductible will my insurance cover any of it?
If it's a costly procedure, then you'll probably go over the deductible amount and get paid on everything over that. Check your policy or brochure.
What is the difference between an event sample and a time sample?
An event sample is data points captured for a single event. A time sample are data points capture over a specific period of time.
If you hit a parked car and the damage is over your deductible how does that work?
If you hit a parked car, the deductible applies to your vehicle, not the parked car. The other vehicle is covered by your liability coverage and there is no deductible attached. You pay the deductible on the repairs to your vehicle, usually to the shop after the work is completed, the insurance company handles the balance directly.
About what percent of premiums do you pay for high deductible insurance compared to low deductible insurance?
It really is not possible to define that in percentages. But think of it this way, the higher the deductible ( the amount you pay BEFORE the insurance company begins to pay ) the lower the premium. Just do the math, if you are taking a $2,000 deductible over a $1,000 deductible , but you are only saving $200 a year, it is not a good choice. You are basically putting yourself on the hook for potentially another $1,000 in deductible to save $200.
