Tag Archives: Refinancing

Pay Off Mortgage

Today TaxMama® hears from Larry with this concern. “At age 64, I am still working full time. My hours and pay rate have been reduced so that I now have a $ 600 + per month deficit. My mortgage payment is $700 per month. (My wife is a full time student and my son is […]

Utility Offers to Buy Home

Today TaxMama® hears from Dean in the TaxQuips Forum with this odd question. “The local power company wants to purchase my home, payoff my mortgage, allow me to live rent free for 12 months; then allow me to purchase the house back for the market value to avoid capitol gains tax. Is this legit? They […]

New Mortgage

  Today TaxMama hears from John in the TaxQuips Forum with a sweet question. “We are re-financing a loan on a 2 flat. Our daughter, who lives in one unit, will be the primary borrower on the loan; my wife and I will be co-borrowers.  My wife and I will be making the entire mortgage payment.  May […]

Pay Off or Refi?

  Today TaxMama hears from Tom in the TaxQuips Forum with an interesting problem. “I have a $270,000 mortgage on my primary home.  It is a 30-year loan at 5 3/8% fixed. My home is worth substantially more.  Should I refinance at today’s rates? I could pay off the loan, but that would drain our […]

Time to Refinance

Today TaxMama hears from Al  Tompkins at Poynter.org . Al says, “I generally don’t get too excited about little movements in interest or mortgage rates, but they are moving into record-low territory. It could truly be worth considering refinancing if you are going to stay in your home awhile.”

Loan on Two Homes

Today TaxMama hears from Jon in California, who has this plan. “I am going to refinance my current residence for $338,000. I will use $140,000 of that to pay off the existing mortgage. The remainder will be a down payment on my next house. The next house will be my primary residence; the current house […]

Why Should I Care?

Today TaxMama hears from Julie who says “Why should I care about people who got messed up with subprime or ARM mortgages? Did they not know enough to read their contracts? I had a financial advisor back in 2004 who presented an adjustable rate based on the LIBOR Index. I told him to forget it […]

Closing Costs

Today TaxMama hears from Manny from the Tax Parlor has a question, “On the 1040, Schedule A, where do I put my closing costs?” ~~~~ Hi Manny Uh….nowhere. You can’t deduct your closing costs. However, some of the costs on the HUD statement that you may deduct include property taxes that were paid in escrow […]

Rising Property Taxes

Today TaxMama hears from Gerald in Kansas, who tells us. “I have talked to my mother-in-law and my wife about your advice on selling the house. We like the idea of refinancing the house rather than selling it and paying taxes the very large gain. And this will still leave my mother-in-law with a stream […]