If you are sitting on the fence with respect to mortgage refinancing, the tax advantages that could win may be enough to push more. There is a series of tax deductions available to homeowners ranging from debt consolidation Private Mortgage Insurance premiums. Here are some tips help decide if the tax benefits of mortgage refinancing is right for you.
Mortgage Refinancing Debt Consolidation
When refinancing your mortgage to consolidate your bills you are simply borrowing more than they owe on your current mortgage. The difference between the amount of new loan and what you owe on the old mortgage was paid with cash. You can use this money to pay bills and the interest you pay on mortgage debt is fully tax deductible.
Because refinancing Mortgage Private Mortgage Insurance
If you are currently paying for Private Mortgage Insurance and can not obtain payment of premiums, mortgage refinancing can allow to deduct these premiums from their federal income tax. This deduction tax applies only to mortgage contracts originated in 2007, which is why you should refinance to take advantage of it. In addition, you must meet income requirements to qualify for the deduction. To benefit fully, your income must be less than $ 100,000. Homeowners with incomes greater than this, but below $ 110,000 will be entitled to a partial deduction. If your income is above $ 110,000 per year, will have wait for Congress to extend the deduction to all.
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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: “Mortgage Refinancing – What You Need to Know,” which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
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Mortgage Refinancing Tax Advantage
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