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The funds you supplied aren’t required to have been utilized to the points. They can embody a down fee, an escrow deposit, earnest cash, and different funds you paid at or earlier than closing for any purpose.
The term “factors” is used to explain certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Points may also be referred to as mortgage origination charges, most loan charges, mortgage low cost, or discount points. If you live in a home earlier than ultimate settlement on the acquisition, any payments you make for that period are hire and not interest. This is true even if the settlement papers call them curiosity. Payments on a nonredeemable floor hire aren’t mortgage curiosity. You can deduct them as rent if they are a enterprise expense or if they are for rental property. Payments made to finish the lease … Read More