The Home Loan Mortgage Blog

News You Can Use - New Tax Law Changes

January 16th, 2018 1:35 PM by T. Fanning



As you may have heard, congress recently passed a new tax law that will affect real estate properties and taxes. According to the below article, some of the changes include:

  • Interest paid on 2nd/Vacation Homes is no longer deductible
  • The mortgage interest deduction limit drops from $1,000,000 o $750,000
  • Interest on home-equity HELOC's obtained after purchase will no longer be deductible.

https://www.cnbc.com/2017/12/20/here-are-the-finalize.html

This maybe a good time to refinance your 1st and 2nd mortgage into a new 1st mortgage! In addition, Fannie/Freddie now allow borrowers to treat refinancing of student loans as a rate/term (i.e. no cash-out) refinance! This will help keep your rate low.

For tax related questions, contact your CPA or tax preparer.

If you have any questions or are interested in running numbers, please contact me!

Thank you!

T.

T. Fanning
Owner - Mortgage Consultant | Home Loan Mortgage
1101 Twin Peaks Cir, Longmont, CO 80503
Cell: 303.931.3239 | Fax: 303.684.0686
t@hlmcolorado.com | www.hlmcolorado.com
LO NMLS: 208694 | CO License: 100008854 | Company NMLS ID: 479289 

***Please contact your CPA or tax preparer for tax questions. Home Loan Mortgage is not a CPA or tax preparer.


 


Posted in:General
Posted by T. Fanning on January 16th, 2018 1:35 PM

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