SAN DIEGO, Nov. 3, 2013 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan Love is constantly providing readers with the latest in mortgage related news with their diverse collection of articles and quick guide videos. Of the many numerous articles, Loan Love has recently released a new article titled "Is A Down Payment On A House Tax Deductible? (Kind of a Big Deal)." In this article, Loan Love takes an in-depth look at tax deductible mortgage expenses while ultimately answering the question on if a house mortgage down payment is indeed tax deductible.
The article briefly answers the article's own question by stating: "Is a down payment on a house tax deductible?" is a common question asked by first-time home buyers. While it would be wonderful if the appropriate answer was "Yes," it's not to be. Buying a home does offer multiple tax deductions, but down payment dollars are not among them. Depending on the specifications of mortgage programs, different down payment percentages apply. Unfortunately, regardless of the mortgage program you want, real estate down payments are not tax deductible."
Moreover, loan borrowers making a down payment on a housing mortgage may come across contrasting down payment minimums. And in the end, no mortgage lender allows for tax deductibility when it comes to home mortgage down payments. However, the Loan Love reminds loan borrowers there are other ways to lessen certain expenses and benefit from the mortgage loan overall. The article points out that a few of the mortgage expenses on a home allows the option of having these expenses deducted from the home owner's tax. Among these expenses include mortgage loan interest, real estate taxes, closing fees that increase the APR and mortgage insurance (which is required on all FHA and VA loans, as well as conventional loans with a loan-to-value (LTV) ratio greater than eighty percent).
Loan Love's article also offers some pro tips for loan borrowers seeking to refinance. One of the ways the article helps those who are refinancing is by helping borrowers understand how tax deductibility and refinancing works. Generally speaking, down payment is not included when refinancing a home, but the rules are quite similar. As a plus, tax deduction can be applied from the previously mentioned expenses when refinancing. Loan Love offers loan borrowers a piece of advice when buying a home for the first time:
"Wherever you live, check with your state to see if they have some special mortgage programs just for first time homebuyers. Many lenders and state agencies offer more liberal mortgages for first timers. Don't you feel special? You should, as lenders and state governments often try to offer help to first time homebuyers to navigate the confusing waters of home ownership."
To learn more on tax deductible mortgage expenses, please visit LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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