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MORTGAGE INTEREST

Lenders usually require borrowers to pay the interest that accrues from the date of settlement to the first monthly payment.


 

 
 

 

 
 

Most mortgage interest is tax deductible. Mortgages you took out after October 13 th 1987, to buy build or improve your home (called home acquisition debt), but only if through 2005 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if filling separately). Check with your tax advisor to be sure if your mortgage interest is tax deductible.

 
 
 
 
       

 

 

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