Tax Deductible - Home Equity Line
Tax Deductible is a cost that is deducted from the total income of an individual or a business.
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The Basics - Tax Deduction and HELOC's
Some general tax deductible information
Tax deduction is applied to reduce the tax burden of the taxpayer. Some of the common tax deductions taxpayers can claim are:
- Student loan interest deduction
- Mortgage interest deduction
- Charity deduction
- Home office deduction
- Gambling loss deduction
- Self-employment expenses deduction
General Lender Resource Content:
- Talk to your lender about restructuring your loan. That just means you and your lender agree to lower or delay your payments on your existing mortgage. Be sure to ask what fees apply.
- Consider a short sale. This would allow you to sell your home at its current market value and have your loan balance forgiven by your lender. The positives are that you’ll avoid a foreclosure and potential big hit on your credit score. Keep in mind that you won’t earn a profit off the sale of your home and it’s up to your lender to decide if you’re eligible.
- Try to increase your monthly payments to pay down your principal. This will help to reduce your loan balance so that it’s lower than the value of your home. There are no fees involved in this option.
Popular Loan Options for Lowering Your Mortgage Payment
- FHA Loan – Refinance out of a skyrocketing mortgage payment with the fixed-rate security of a government-insured FHA loan. Find out if you could refinance without an appraisal with our easy FHA Streamline tool.
- 30-Year Loan – Looking for a more traditional loan option? Lock in today with a 30-year fixed.
- Adjustable Rate Mortgage – Get the lowest rate available with a 5- or 7- year ARM and potentially pay thousands less over a traditional fixed rate mortgage for the first 5 or 7 years of your loan.
- VA Loan – Get a low rate and payment with the VA loan if you’re a qualified veteran, military member, or spouse. Ask us if you are eligible for the great benefits of a VA loan!
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