bad credit loan programs? never heard of it; and I’m not in my twenties…I’m…

Tips and Deals Forums Home Mortgage bad credit loan programs? never heard of it; and I’m not in my twenties…I’m…

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This topic contains 7 replies, has 1 voice, and was last updated by  Anonymous 8 years, 7 months ago.

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  • #409533


    Points on a refinance would have to be amortized over the life of the mortgage. You would not deduct them in full on Schedule A.

  • #409534


    You can claim it all.

  • #409535


    Loan origination fees on a refinanced mortgaged can be deducted over the life of the mortgage. If you have a 15-year mortgage, you can deduct 1/15 of the fees each year as points.

    In the year you pay off this mortgage, you can deduct the remaining origination fees.

  • #409536


    Any fee specifically identified as “points” may be deducted. Any other fees must be added to the basis of the property and will reduce the gain on the sale of the property when you sell.

    On a refinance, the deduction for points paid must be amortized over the life of the loan. If your re-fi was a 15 year loan, you may deduct 1/15 of the points each year. Any undeducted points remaining when the loan is retired (another re-fi or sale) may be deducted in the year the loan is retired.

  • #409537


    The previous answer is correct but there is one other point. If you are paying off a refinance that you had paid points on then whatever is left of the amortized portion is deductible in the year of the new refinance.

  • #409538


    The bank is still going to be paying him a “commission” on the interest rate that you are being charged. Since he waived the upfront fees you will be paying less at closing. Normally when this happens the interest rate is raised higher then it could have been.

  • #409539


    Mortgage brokers can make money two charging points on the front and by having the bank on the back pay them yeild spread…if your broker says he has no upfront fee’s that may very well be the case..he is making his money on the back side in which will effect what your rate will be….i personally do not charge any application fee’s or underwriting fees but i do charge 1% of whatever the loan size is plus a processing fee…plus i get paid on the back side from the bank…i i gave you 6% the bank would give me nothing..but if i could sell you the rate of let’s say 6.5% i would make an additional 1% of the loan size….the thing you need to worry about the most is if the guy is giving you good customer service, if he is explaining things to you as you go through the loan process, and the orgination of the referrells you got to use him…from what you have said he is giving you it sounds like a good deal..just remeber to read everything, ask lots of questions and if something is making you uneasy call another broker and ask them to look at your deal for a second opionion…if i can be of further assistance please email me at

  • #198481


    …talking mortgage not a loan for? Not a loan from my next paycheck to get me further in debt
    I just need a legit bank with understanding and sympathy…is that possible?

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