if i get home loan secured in this taxable year, can i deduct interest payments made before loan secured?

Posted on Mar 11, 2013 in HARP Refinance

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Question by mangelooc: Anyone with a credit score lower than 630 got approved for a Stated Income Stated Asset HELOC? who’s lender?
My credit score has dropped because of credit card bills and I want to get a home equity line to consolidate my bills. I need to go SISA because I have a commission based job and I havent made enough much the past two years to qualify me, more about I also have very few assets right now. My home has about 200k in equity but I’m having the hardest time getting approved. If anyone has a lender who has approved them with my situation please let me know. Thanks
I live in California USA.

Best answer:

Answer by togashiyokuni2001
Hmmm. I don’t have a license in California, dosage but your best bet is to just call a mortgage broker. They usually have at least 3-4 banks that will do a deal like that, depending on the CLTV.

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Question by pam t: if your mortgage is not with freddie mac or fannie mae can you still participate in making homes affordable?
if your mortgage is held by a private bank, ambulance can that bank participate in Obama’s ‘making homes making homes affordable’?

Best answer:

Answer by Landlord
Yes, they can. It is available for all lenders.

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Question by ttbarbie20: Is there loan i can get without a post dated check and a credit check?
i need a payday loan but i kinda have bad credit! I also dont really have a checking acct because i haven’t had it for 30 days yet. I have a pay-card through my job that has a routing num and acct num. they say money can be put on the card by anyone!

Best answer:

Answer by Josh K
I know people get into a situation and they have a need for quick money. They don’t qualify for conventional loans so they turn to payday loans. I would never recommend this. The interest rates are outlandish, viagra sometimes over 200%, just for a small amount of money. Then they get into the habit of taking out payday loans to payoff other payday loans. Then they often cant afford to pay them back due to the extremely high interest rates. They then go to collections further hurting your credit. Payday loans offer repayment plans that are flexible, but costly. For 500$ they may offer you 50$ a month with another 35$ in interest per payment. That’s 10 payments times 35 is 350$ . That’s amount of interest you would end up paying over that time. 350$ to borrow 500$ is ridiculous. And that is a generously low example of what you could pay. In addition that doesn’t even include fee’s that would likely be tacked on in addition to the interest. I NEVER recommend taking out payday loans, but if you must only do it if you can pay it back your next payday vs. spacing out payments. You will still have to pay back some outrageous interest, but not as much as if you space it out over a period of time. Hope this helps, best of luck!

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by eyewashdesign: A. Golden

Question by jessy: Where can I get the lowest mortgage rate?
I am a first time home buyer. I wonder how I can get the best mortgage rate? Is there any websites listing different mortgage rate from different mortgage companies?

Best answer:

Answer by Radioactive
Very surprinsingly Bank of America is offering among the best mortgages around
A fixed 15 or 30 year rate with low costs.
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federal home mortgage
by Renegade98

Question by Elizabeth K: if i get home loan secured in this taxable year, dosage can i deduct interest payments made before loan secured?
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, viagra dosage can i deduct all interest payment made this year even if they were made before the home was secured?

Best answer:

Answer by golferwhoworks
no not unless they give you a tax interest statement to be filed. They are not a bank. But part of your closing cost can be deducted
I am a mortgage banker in TN & KY

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2 Comments

  1. … yeah, what golfer said …

    .. plus, even if you could deduct it as interest income, your parents would then have to claim the interest as income, so it’s like offsetting penalties.

  2. No, mortgage interest is only deductible if the loan is secured by the property. Any interest paid on a loan that is not secured by the property is not deductible.

    You don’t “get a loan secured” you have to replace it with a new loan. Even if you agreed to a loan mod to the original loan, the interest paid before it was secured by the property would remain non-deductible.