Mortgage Down Payment Guide - LoanLove's Article Explains Tax Deductibility On Mortgage Payments
SAN DIEGO, Oct. 31, 2013 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. One of LoanLove.com's greatest assets are its many guide articles providing the latest and most relevant information to loan borrowers in search of the perfect loan for their needs. A brand new article has just been released on the loan borrower website titled "Is A Down Payment On A House Tax Deductible? (Kind of a Big Deal)." The article goes into elaborate detail about mortgage down payment while answering loan borrower's questions such as if a down payment on a house is truly tax deductible.
"Is a down payment on a house tax deductible?" is the first question the article presents to readers. In a way, the answer is yes but not in the way many loan borrowers would hope. The article further explains its point: "Buying a home does offer multiple tax deductions, but down payment dollars are not among them. Depending on the specifications of mortgage programs, different down payment percentages apply. Unfortunately, regardless of the mortgage program you want, real estate down payments are not tax deductible."
This means that depending on the specified mortgage program, down payment percentages will vary. Also under no circumstances, no matter the loan, are real estate down payments tax deductible as the article proclaims. Fortunately, there other mortgage payments that are tax deductible from a home owner's taxes. Among these expenses are mortgage loan interests, real estate taxes, closing fees that increase annual percentage rate (APR) of a loan and mortgage insurance (which is required on all FHA and VA loans, as well as conventional loans with a loan-to-value (LTV) ratio greater than eighty percent).
Loan Love's article also provides a few handy refinancing tips. Namely, they advise readers that there is typically no need for a down payment and that furthermore, loan borrowers do not have ponder on whether they should refinance a mortgage loan
or not; A mortgage loan used to purchase a home will still be able to benefit from tax deductions for loan interest and real estate taxes at the very least. The article further supports new home buyers by offering this tip:
"Wherever you live, check with your state to see if they have some special mortgage programs just for first time homebuyers. Many lenders and state agencies offer more liberal mortgages for first timers. Don't you feel special? You should, as lenders and state governments often try to offer help to first time homebuyers to navigate the confusing waters of home ownership."
To learn more on mortgage down payment and tax deductibility on mortgage loans, please visit LoanLove.com for the full article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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