Loans References » insurance

If FHA Upfront Mortgage Insurance Tax Deductible?

admin — Wed, 22 Sep 2010 07:31:55 +0000

I am getting ready to purchase a home through and FHA loan and was curious if I can write off the Upfront Mortgage Insurance Premium on my taxes. Any help???

Should I increase my home owners insurance because of refiance?

admin — Thu, 16 Sep 2010 03:20:59 +0000

I bought my house for 200,000 and had 214,000 covered on the home owners insurance. I remodeled it and refianced to have one mortgage instead of building loans etc and it is now mortgaged for 260,000 and worth about 400,000. Do I have to specifically increase it, or did the bank do this with the refi. For instance, my payments include the taxes and insurance and I know the tax increased and this is reflected in my payments. They got all the info from my insurance carrier, did they automatically increase it to cover themselves? I do not want to pay more than I have to, but do not want a risk…

I’m building a new home. There is no tax credit available? Should I get insurance with my loan or use my co. ?

admin — Fri, 13 Aug 2010 04:20:39 +0000

should I get home insurance included in my loan or use my current insurance carrier that has my vehicles and other things and why?

What will happen if I don’t pay my property taxes and insurance?

admin — Thu, 03 Jun 2010 04:13:20 +0000

I’m in a situation where my home lost $150K in value in one year (2007). I have an upside down loan… I owe $80k more than it’s worth. The loan is a 5 year fixed loan which adjusts in 2 yrs. My property tax bill is enormous ($5,500) and I can’t pay. My Home Insurance is $1600… and can’t pay that either. I can afford the mortgage for now however… question is, what will happen if I don’t pay the taxes and insurance and just keep paying the mortgage? Will the bank try to foreclose? What is the most likely thing that will happen?

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admin — Sun, 23 May 2010 21:14:16 +0000

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Can I have my insurance and taxes taken out from my fha mortgage payment ?

admin — Fri, 21 May 2010 19:50:52 +0000

I bought my first home with a fha mortgage loan. I wanted to know if there is any way I could have my insurance and my taxes not to be included in my mortgage payment?

Pay Mortgage Insurance up front or factor into loan?

admin — Thu, 20 May 2010 19:09:34 +0000

Which option would you choose?

Assume home is worth $340k and you are refinancing for a 90% loan.
Would you pay $1439 (plus tax and home insurance) at interest rate of 3.875%. Closing costs would be about $21,000 which includes $4896 for Mortgage Insurance. Principle to pay off is $306,000k (90% of home only).
-OR-
Would you pay $1550(plus tax and home insurance) at interest rate of 4.5%. Closing costs would be about $16,000. Principle payment here is higher since you are factoring the MI into the loan. Principle to pay off is $311,661 with the MI.

Also, you expect to stay in the home for the next 5 years. After that.. who knows.. first kid on the way too

How do we file mortgage insurance on taxes. . . we own a home together but aren’t married. ?

admin — Mon, 17 May 2010 17:07:19 +0000

My fiance and I bought a house in 2008. We are also going to be getting the $7,500 first time homebuyers loan. The home is in both of our names, but since he is the man, they put him first and our mortgage papers have HIS social security number as the borrower’s SSN.

We have to file taxes separately, obviously, since we are not married yet. Do we BOTH claim the mortgage interest on our taxes, or just one of us? And if we both do, how do we do it?

I have been wanting to just pay someone to do our taxes since it sounds so complicated but I paid $80 at a tax place last year JUST for my state taxes… we need every penny we can get and can’t afford to pay someone to do both of our taxes…who knows how much it will cost. We live in Indiana if that matters… no dependents. Any advice?
Sorry..typo.. In my title I meant mortgage INTEREST not insurance.
We are also both on the deed. Everything with it is 50/50.

Can you deduct home mortgage interest, home insurance and real estate taxes on home you never occupied?

admin — Wed, 12 May 2010 13:33:43 +0000

My ex-son-in-law deducted mortgage and tax expenses on a home that he secured the loan for, was on title for, but never lived in the house nor contributed financially toward that in which he wrote off. This house was never his primary residence. It would not qualify as his secondary residence since he lived in a rental home. I’m thinking tax fraud. Any thoughts would be greatly appreciated. Thank you everyone
He had mortgage statements sent to where he lived, thus 1098 went there as well. My daughter. my husband and myself lived in the home. She was and still is working on obtaining ways to support herself. I paid for the majority of the house expenses incl. mortgage, taxes, insurance and normal daily living expenses.

On a new home loan what is the fair price for the tax stamps and title insurance?

admin — Sat, 08 May 2010 10:47:59 +0000