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Where can one find information about refinancing costs?
One can find information about refinancing costs from government-hosted websites. These websites contain abundant information on refinancing and its costs. In addition, one can ask one's peers for information and get tips on refinancing.
How do I calculate if refinancing my mortgage is worth it?
To calculate if refinancing your mortgage is worth it, compare the potential savings from a lower interest rate or shorter loan term with the costs of refinancing, such as closing costs and fees. If the savings outweigh the costs and you plan to stay in the home long enough to recoup the expenses, refinancing may be worth it.
Are The Fees Deducted From Loan Proceeds?
Yes. The one-time referral, packaging, and guarantee costs as well as closing costs are deducted from your loan proceeds at the time of business funding. However, costs for other services, if any, are not deducted from loan proceeds.
What are the benefits of no cost mortgage refinancing?
No cost mortgage refinancing can save you money by eliminating upfront fees and closing costs, potentially lowering your monthly payments and allowing you to break even on your refinancing sooner.
What is home equity loan refinancing?
Home equity loan refinancing means paying off an existing mortgage with the proceeds from a new loan, using the same property as collateral. It is a second mortgage. It is important to note that you may be subject to the same costs you paid to get your original mortgage, including settlement costs, discount points and other fees. A prepayment penalty may apply for paying off the original mortgage early. The amount you save will vary depending upon factors such as interest rates, refinancing costs and tax consequences. Borrowers may have the option to refinance from an adjustable rate mortgage with a high interest rate subject to increases to a lower fixed-rate mortgage.
Where can one find information about refinancing costs?
One can find information about refinancing costs from government-hosted websites. These websites contain abundant information on refinancing and its costs. In addition, one can ask one's peers for information and get tips on refinancing.
How do I calculate if refinancing my mortgage is worth it?
To calculate if refinancing your mortgage is worth it, compare the potential savings from a lower interest rate or shorter loan term with the costs of refinancing, such as closing costs and fees. If the savings outweigh the costs and you plan to stay in the home long enough to recoup the expenses, refinancing may be worth it.
Are The Fees Deducted From Loan Proceeds?
Yes. The one-time referral, packaging, and guarantee costs as well as closing costs are deducted from your loan proceeds at the time of business funding. However, costs for other services, if any, are not deducted from loan proceeds.
What are the benefits of no cost mortgage refinancing?
No cost mortgage refinancing can save you money by eliminating upfront fees and closing costs, potentially lowering your monthly payments and allowing you to break even on your refinancing sooner.
What is home equity loan refinancing?
Home equity loan refinancing means paying off an existing mortgage with the proceeds from a new loan, using the same property as collateral. It is a second mortgage. It is important to note that you may be subject to the same costs you paid to get your original mortgage, including settlement costs, discount points and other fees. A prepayment penalty may apply for paying off the original mortgage early. The amount you save will vary depending upon factors such as interest rates, refinancing costs and tax consequences. Borrowers may have the option to refinance from an adjustable rate mortgage with a high interest rate subject to increases to a lower fixed-rate mortgage.
Where can one find information on mortgage refinance cost?
There are many sources of information on refinancing. Financial advisers would be a good option. The government has a site called Federal Serve that has a section on information about refinancing. Even the refinancing companies would be good places to look for information about the refinancing costs.
How much can I save by refinancing my mortgage?
The amount you can save by refinancing your mortgage depends on factors like the new interest rate, loan term, and closing costs. It's important to compare the total costs and potential savings before deciding to refinance.
Is refinancing your home tax deductible?
Refinancing your home is not tax deductible, but you may be able to deduct some of the costs associated with the refinancing process, such as points or mortgage interest. It's important to consult with a tax professional for specific advice on your situation.
Should I refinance my home if I plan to sell it in 2 years?
Refinancing your home before selling it in 2 years may not be financially beneficial, as the costs of refinancing may outweigh the potential savings. It's important to carefully consider the closing costs, interest rates, and how long it will take to break even on the refinancing before making a decision.
What would be the income tax ramifications of a damages award of 2875000 broken down as follows Medical expenses 125000 Emotional Distress 500000 and Punitive Damages 2250000 and 3rd going to atty fee?
These can always be a bit touchy and circumstantial, but it would seem: Medical - not taxable reimbursement up to the amount of actual costs you incurred AND didn't already take as a deduction for taxes (if you previously reported these medical expenses for tax, then your recovery of that is entirely taxable). Punitive: absolutely taxable. Emotional distress: Hard to call really...probably taxable, but cases have been made, where costs and such can be directly linked to the emotional distress, that it is reimbursement for loss and not taxable. That there is also a medical portion of the award - seemingly intended to cover for the expense of emotional distress too - would seem to imply its a taxable compensation for it. How attorney fees are handled can be very tricky....and your attorney should advise you on this. It can depend on your agreement with him and if his payment is from proceeds you receive or from proceeds before, etc. Interestingly, they may NOT always be deductible or nettable against what you receive as taxable...certinaly some portion has to be attrivuted to the non taxable payment - which may mean you get a tax loss where you would have had a recovery. Clear as mud?
Do civil action lawsuit proceeds have to be claimed on income tax?
Depends on what the recovery or award was for. General guideliens are if it stated as for replacing property you lost, putting you back where you were (say damamges to your car), it is NOT taxable (presuming you have not taken the amount of that loss as a casulty deduction previously). If it replaces lost income, from work or say rental property (which would have been taxable if you had received it normally), or is punitive in nature, it's taxable. (Although some of the costs of recovery may be deductible).
Where can one look for refinancing interest rates?
To look for refinancing interest rates one can visit eHow website which offers great advice on the topic. One would also need to contact their lender to find out about the possible costs associated with refinancing.
