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Happy Friday and thanks to everyone for your advice/suggestions and time. You guys are really helpful and awesome. For the copper re piping our city requires a permit so we got the permit and I've all the city permit approval paper work etc. For bath remodelling and hard wood floor upgrades we don't need a permit hence didn't get one.
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Hi Friends, I was trying a REFI and went with CITI Mortgage and the Appraisal value came as $630K. During the same month local county did our home Appraisal and it came out as $710K. I tried several lender prior to CITI but all the lenders gave an ESTIMATE Appraisal value of less than $630K. Per my request to reasses the apprisal the county sent a mail
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Its official... Generally, taxpayers who itemize may deduct the “points” paid to obtain a home mortgage as interest. They may deduct the points on the mortgage related to a home purchase or a home improvement in the year paid, but for other loans – such as a refinanced mortgage – they must deduct the points over the life of the
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Hi All, Thanks alot for your time and help. Apologies if I didn't frame my question(s) properly.Its my bad. We are simply doing a REFI of the existing first mortgage balance of CA jumbo loan balance of $527K to a new and lower rate 30 years fixed loan and would like to pay closing and points(if any). Looks like the cost associated with points will
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One more question. Does the paying 1% point for REFI is deductible 2009 tax year or life of the loan(30 years fixed)?
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Thank you for the quick and detailed explanation
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Hi All, We're trying to REFI our mortgage and wondering about REFI costs and tax deductibles/benefits/advantages etc. Would like to find out answers to the following questions from the experts 1.Lets say if we pay $$$ towards REFI i.e.,App Fee/Admin Fee/Closing cost/Escrow fee/Title insurance/Title Fees/Notary and what so ever fees etc. Does 100
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Hi Louis, Thanks for the reply I've first and second mortgages. Paid 5% down when I brought the home in 2006 and got 80% of home price as the first laon and 15% Home Equity Line as second. So never paid any PMI so NO impact on PMI as I don't have any PMI. I did shop around in local credit unions as well and local big banks apart from Mortgage
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Hi Westy, Thanks a ton for the detailed and quick reply. I didn't know how the locking works and your inputs are really helpful as this is the FIRST TIME I'm doing a REFI. To keep the looong stoy short. Lender#1 Citi: I've started my REFI process way back in March'09 and paid non-refundable $525 towards the app fees and its is still
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My current loan balances and rates 1st loan balance:$527K( current rate 5.625%-5/1 ARM) => Trying to REFI to 30yrs FIXED 2nd loan balance:$58K(current rate7.875%) => Subordinate the second loan(Lender approved it already) Total Loan Balance=$585K Appraised Value of home: $650K so LTV= $585K/$680K = 0.86 BTW FICO Score of 740+ Hope this will give