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The 5 Most Common Itemized Deductions

Posted in Tax News on September 8, 2011

Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence.  However, there is a limitation on this.  The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit.  Points paid…

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The Last Mortgage Refinance

Posted in Tax News on May 13, 2011

What direction do you think interest rates are headed in? Homeowners have ridden the variable interest rate mortgage ride for all it’s worth. The prime rate hit 20% in 1980.  Since then interest rates have been in a long and…

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The Difference Between Preparing a Tax Return and Filing a Tax Return

Posted in Tax News on December 3, 2010

Recently, a client was in the process of refinancing their existing mortgage with their current mortgage company.  He was supposed to close two months ago.  The mortgage company continues to ask for more information from our client.

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Rising Rates and Five Other Housing Trends

Posted in Tax News on April 15, 2010

Guest Post by Bill T. Daniels, Certified Mortgage Coach The Federal Reserve’s purchases of mortgage-backed securities kept interest rates near historic lows for much of last year.  But within a week of the program’s expiration, rates for 30-year fixed-rate mortgages…

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Mortgage Lending Industry Update

Posted in Tax News on February 24, 2010

Guest Post by Jeff Daniels, Branch Manager, Primary Residential Mortgage, Inc. You don’t have to be in the real estate industry to know we are in a tough market. Government is making changes to compliance in the lending industry that…

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