Mortgage Loan Advice

Refinancing of mortgage loans has a number of benefits but you need to make sure that you have a good idea about the entire procedure of refinancing mortgage loans. A frequently asked question by a number of consumers is whether interest payments on the mortgage tax deductible. The answer to this question is yes and it is also important to realize that the refinancing interest that you will be paying is also deductible. These costs can be deducted over the life of the loan but there are a few restrictions as well which you should understand carefully.

The first point is that when at first you apply for a mortgage, you are supposed to deduct the points that you have paid off during the year in which you took the home loan. But in case of refinancing home loans, you will deduct the points over the entire duration that you will require to pay off the home loan.