my parents helped my husband and i purchase a home this year. we have a loan agreement with them and have been making payments of principal and interest since june of this year. the loan is not secured on the home. the home mortgage interest deduction for federal personal income taxes requires that the loan be secured on the property. if i get the loan secured before the end of this taxable year, can i deduct all interest payment made this year even if they were made before the home was secured?
Posts Tagged ‘Loan’
Need help refinancing a home loan?
03
Sep
I bought my home last year (August) and at the last minute they informed me I’d be paying PMI insurance. ($80month)
I’ve gotten a better paying job since then and am going to pay down the principal of my home. (Only by a couple thousand dollars in the coming months).
I’d like to refinance my home to get rid of PMI and pay down my principal to refinance and get cheaper monthly payments.
Can anyone recommend a good re-finance company? Is it a good idea to refinance? Is the fact I’ve only had the loan a year a problem? (I’ve made all my payments on time).
Please help me figure out whether or not it’s a good idea for me to refinance. My current interest rate is 6.25%.
Thanks!!
What is the best way to get a home loan when you are getting divorced?
02
Sep
Soon-to-be divorced mom of two would like financial advice on the best way to get a home loan. Never been a part of the financial end of matters and serious advice would be appreciated.
What type of easement is needed for a mortgage company to let me borrow a home building loan?
02
Sep
I recently bought about 8 acres and to get to my 8 acres I must go through a gate that passes through someone elses land. The other person has 20 acres and to the south side of their land is a road that stretches the entire length from the front gate to my gate. On my warranty deed, there is no mention of this road being or having an easment. Instead there is a grandfather clause on that road and people with land behind mine use the road too. It passes through my land as well. My question is, if I wanted to get a mortgage loan to build a house, what type of easement will I have to get in order for the loan company to lend it to me. I’ve been told that there needs to be an easement in order to borrow money. Where can I get this easement from and do I have to involve the people infront of me in any way? Also, if I wanted to put an automatic gate in the very first entrance where the road begins, who do I have to talk to. Im willing to pay for it, can I just put it up?
There is already electricity there where my land is at because I have a security light I am currently paying for. Does this mean there could be an easement already, just not legalized on documents? What is a center line or center lying easement. I’ve been told that a surveyor can just shoot a straight line from the highway to my gate entrance and document it and this will be enough to get a loan from a mortgage company. How true is this?
Is it better to refinance or get a home equity loan? We have owned our home for 2 years.?
02
Sep
Due to family health issues my husband and I have missed a bit of work over the past 9 months. Because of this a few of our credit card payments were missed and we have fallen quite behind. We are now both back to work full time and are making arrangements with our creditors to try to lower our monthly payments. I have not contacted our mortgage company yet to see what they offer because I am not savvy enought to know the difference. In this situation, which would be better?
How easy is it to get a home equity loan? I would like to use that to pay off cc debt.?
02
Sep
Im not quite sure if I should be going to a mortgage broker to apply for one, or just go to each bank individually? Also, are there any out there that do not have a repayment penalty? I am also assuming that once the property sells the loan needs to be automatically repaid.
I would also like to know how this will affect my credit score. Is it better to have an X amount on credit cards, or have that same amount on an equity loan.
Thanks
I already know the whole “you shouldint have gotten yourself into debt” speech. My husband and I paid for our own wedding, therefore the debt.
If my parents want me to refinance their home loan ($150K remaining). What is the income criteria to do so?
01
Sep
My salary is approx. $48K annually and my monthly bills are $1500. I have good credit but I don’t want to go through the hassle if I don’t pre-qualify for the loan. Thank you for your input!
To clarify, my monthly debt for credit cards and car payment is $800 and approx. annual income is $48,000.
I am looking for a singlewide home purchase loan for 13,000 I have poor credit and I want to put it lot rent?
01
Sep
I need someone to approve me because every else can not help me
Will I be able to get a new home loan for another house with bad credit if I walk away from my house?
01
Sep
My house was on the market twice and did not sale and there are alot of houses for sale in my area.
Looking for answers or advice, not two bit judgements…..Thank you!
home equity loan vs. equity line of credit?
31
Aug
Why pay closing costs on a home equity loan if a home equity line can be obtained at a comparable fixed rate and tax deductable?
Am I missing something here?
Can someone add names to a home title without it causing an existing home equity loan to be called due?
31
Aug
My sister has a house with her name only on the title and a home
equity loan with a line of credit. Now, she wants to add myself
and my brother to the title only and it will be a Joint Tenancy
Title. My brother feels that if I am listed on the title that it
will cause the loan to be called due because I am unemployed? Is
that right? M.G.
Do I need to have owned my home for a year or more before being able to take out a home equity loan?
30
Aug
I’ve only owned my current home for about 9 months now, but have to relocate immediately and I want to buy a house in the place im moving. I have a lease set for my current house for when I leave that covers my payments on it and don’t have any plans of selling it. Do I have to wait until I’ve had the house in possession for 1 full year before I can take out a home equity loan? What are my options if not? I’m trying to buy my 2nd home with no cash on hand or down payment and a marginal credit score. I am employed at a job I’ve worked 10+ years at and the 2nd house I intend to purchase will be equal to or less than the value of my current home.