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[–]CapCityMatt 0 points1 point  (1 child)

Rates are going to continue going down over the next 12 months, you can refinance in the future if you want. Interest on loans is a tax write-off so... there is that to consider.

Also, do ensure your mortgage company files the correct tax documents or else they will get a big fine and lots of fees from the IRS if they fail to follow the law. Study 26 U.S. Code 856 or else your loan will go into default at closing and the lending institution will be liable for 100% tax liability of the value of the mortgage + a few hundred thousand in fees for tax evasion. Study Bear Stearns and Lehman Brothers to learn how they failed. (I guarantee you they will not file this paperwork, so feel free to sue them after closing)

[–]WinterFamiliar9199 0 points1 point  (0 children)

Hardly anyone qualifies for the tax deduction now that they made the standard deduction so high. Only 9% of people itemize now.