Unlike rent, which you pay beforehand (i.e., your Jan. 1 bill covers your stay in the rental unit for that coming month), your mortgage payments are made at the end of your occupancy period. That means your Jan. 1 mortgage statement represents interest for December, making it a tax-break-eligible bill for this year. By accelerating that payment … [Read more...]
Archives for November 2013
Mortgage Insurance Refund
Premium Refund: You may be eligible for a refund of a portion of the insurance premium if you: acquired your FHA loan after September 1, 1983 paid an up-front mortgage insurance premium at closing on your FHA loan and did not default on your mortgage payments AND are within a 36 month period from the time of acquisition. Review your settlement … [Read more...]
Qualified Mortgage Rule – What Is It?
The “ability-to-repay” rule or Qualified Mortgage Rule is slated to come into effect in 2014, and it could impact mortgage availability with a number of newly-defined underwriting standards. This new regulation comes in response to a time prior to the mortgage crisis, when loans were being offered to consumers with little concern for their actual … [Read more...]