I just took out my first mortgage on a home. How long do I have to wait before I can refi for a lower rate?

Brice asked: With the average mortgage rates dropping, I am wondering if there is a minimum amount of time you have to pay on your mortgage before you can refinance? 1 year?

There are many stresses associated with home buying – both financial and emotional. And frankly speaking, it doesn’t help that the process comes with its very own foreign language. While your mortgage broker can help de-mystify these terms, it helps to have a bit of a primer on what some of these terms mean. After [...]

How does mortgage interest work when dealing with tax returns?

holder_account asked: How does a mortgage work when dealing with tax returns?

Do we get back all the interest that we pay off or a certain percentage?

Please provide backup in your answer.

Should I get a fixed rate mortgage if I plan to remodel right away?

ounlopez asked: Hi all,

I am planning to buy a house with 5-10% down, but I want to remodel the kitchen and bedroom within the next two years. I expect this will add to the value of the house, making my loan-to-value ratio closer to 80/20. Do you think I should get a mortgage with an [...]

Can I withdraw my mortgage application from a mortgage company without paying a fee?

nightingale asked: We are in the middle of applying for a mortgage with a mortgage company. We have submitted documents and has signed paperworks but we want to switch to another mortgage company. Can we still do it and since they have worked on our papers already , are we going to pay a fee?

“A penny saved is a penny earned”… or so the old proverb goes. Of course, the value of a penny has changed somewhat from the time when your mother offered her wisdom on the value of keeping what you earn. Today, you could save thousands of dollars by simply making the right mortgage decision. If [...]

Why doesent claiming mortgage interest add to my return?

Andrew K asked: I am filling out both HR blocks and Turbo Tax’s online taxes and I noticed that the return amount didnt go up with either one when I add the amount of mortgage interest I paid this year. Why is that? Also, why is HR blocks return higher with the same exact [...]

What do you do when your mortgage broker lies to you about your refinance?

Blondie asked: Working with a mortgage company to refinace my home and the agent keeps telling me not to worry, we will close guarnateed. Now after a month and we still havent closed, we havent made a house payment in 2 months because he told us not to, and now the loan may not [...]

What is a mortgage investment and how do I get started?

6bits asked: I inherited a large amount of money and someone mentioned getting into mortgage investments. I don’t know a thing about them. I already have my Roth IRA and other mutual funds going so I want to try something new but I don’t want to get taken advantage of.

My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it?

eva asked: My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how?
The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they [...]