If you are looking for a new home martgage or to refinance your home for a lower rate, or you are interested in a refinance with cash out to do some home repairs, buy a new car,you may want to consider finding a mortgage refinance advisor. There are actually two ways you can go about refinancing your home. The first would be to do the shopping around for a refinance on your own. The second way would be to locate a mortgage refinance advisor.A mortgage refinance advisor. Otherwise, known as a mortgage loan officer or mortgage broker are not at all hard to find. The internet is perhaps the best resource for tracking down a mortgage refinance advisor. There are literally hundreds of them right in your own back yard, and the internet would be by far the best way to begin your search.Once you have found a mortgage refinance advisor, don't stop there, shop around. By shopping around with a few different loan officers and brokers,you will give yourself the ability to compare rates and prices.

Think of it the same way you would go about purchasing a new car.Shop around, test drive a few by going to different dealerships. Once you have test driven a few cars and compared pricing, base your decision on the best and most reasonable deal.By shopping around as opposed to committing to the first mortgage refinance advisor you come across could mean the difference of thousands of dollars in closing costs and interest fees' over the life of the loan.By allowing no more than four loan officers or mortgage brokers to assess your situation, you are putting yourself in a much more ideal situation.Especially if your credit is challenged or your situation is unique, not only will the mortgage refinance advisors' expertise come into play, you will be in a position to compare rates and pricing. Remember, the majority of mortgage refinance advisors are paid on commission, so it is just as important to them as it is to you to get to the closing table.

Mortgage Loan Deducting The Points

Any points that you pay in Mortgage Loan or Mortgage Refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and or is used to improve the residen.To the extent that money is taken out to pay off credit cards and non-residence costs, the points may not be used as a tax deduction.

Big Deductions By Refinancing Twice

If you refinanced your primary residence twice during 2023, you may be in for a very nice surprise. A significant tax deduction can be created when you refinance twice in one year. If you refinance a mortgage, you accelerate the deductible amount of points from the first mortgage and may claim the points from the first mortgage all at once.As an example, assume that I refinanced my home in January 2023 and paid $3,000 in points, and compare the Best Mortgage Interest Rates for 2023. And then decided to refinance again. Because I paid off the original loan with the refinance. I am able to accelerate the value of the points of the January loan.

So, what tax deductions have I created for my 2023 filing period? Initially, I am going to deduct a percentage of the points off of my latest refinance. The deduction will amount to the total amount of points paid divided by the total months of the loan. This will not be a big deduction, but every little bit helps.In addition to this amount, however, I will also deduct the full $3,000 in points that I paid on my January 2022 refinance! I am able to claim this deduction because I "accelerated" the deductibility of the points by paying of January mortgage with the August refinance.By refinancing twice, I get a lower interest rate and a healthy tax deduction.