Tax Time Tips For Mortgage Holders.

If your mortgage company pays your taxes for you thru an escrow account you'll be able to find the deductible amount listed there - else test your assessment notice sent to you by your local taxing authority. Having Enough Equity When you first start looking into home loan refinancing, the very first thing that you actually need to understand is what form of equity do you now have in the property that you can draw on when you refinance the loan. If you can't work out the best way to identify this, all that you need to do is ask your present lender to work out the true quantity of equity that you really have in the property. This is one of the factors that are considered in the home loan refinancing process. Reverse Mortgage Calculator. Maintaining Good Credit not only do banks glance at the equity you have in the property and your mortgage payment history, they also keep checking your credit history and reports. The only thing that will get you into a little bit of difficulty is negative info that shows up on your credit reports while you've got an open mortgage. This will finish up raising a red flag with the bank in the process of mortgage refinancing and will create questions of you from the bank about the new info on your credit reports. Points of all types are often tax-deductible also. Any points you hadn't subtracted from that first loan now become suitable for write off in their totality.