LoanLove.com is a borrower advice website that is dedicated to helping borrowers find home loans that they will love. With first class information, valuable resources and connections to top rate industry professionals, the website has quickly become a trusted destination for current news and expert loan advice. A recent guide from the website continues to help home loan borrowers to save money on their home loans by explaining how they could be benefiting from mortgage interest tax write-off savings.
This new article from
The mortgage interest tax deduction guide also explains that those who pay points on their mortgage in order to get a better loan rate can usually also claim them as a deduction on their taxes. However, there are a few differences in how points are deducted vs. how normal mortgage interest is deducted.
• The loan is for the purchase or construction of your primary residence
• Payment of points is an established business practice for your area
• The points you claim fall within the typical range"
The article also clarifies some differences in rules for deducting mortgage points paid on home equity loans and lines of credit, as well as for vacation homes or secondary residences. Lastly the article gives a brief overview of the impact of the mortgage interest deduction. It says,
"It's little wonder that the mortgage interest deduction is held up as one of the primary advantages of home ownership, at least from a financial standpoint. Forbes estimates that middle-class homeowners were able to save about
The article continues, "Even so, the larger the home mortgage, the greater the deduction. It is the wealthiest tier of the middle class that comes out ahead with tax breaks from mortgage interest, though every home owner will benefit. Mortgage interest deductions alone are not going to be the trigger to move more renters into the home ownership arena. The measure is, however, the icing on the cake for those families ready to enjoy home ownership."
For more information on this subject, click here to read the full guide at LoanLove.com.
Read the full story at http://www.prweb.com/releases/mortgage-interest-savings/loan-love/prweb11822182.htm
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