Amended Tax Return processing times?
I filed my taxes in March and got my refund about 10 days later. Then I realized I’d made a mistake (to do with rental mortgage interest and taxes, and active participation in rental) and so filed an amended tax return which will increase my federal and state refund. I mailed this on April 12th.
How long does it typically take to process an amended tax return and send a check?
8 to 12 weeks from the time the IRS receives the Amended Return
Can I claim the interest paid on my home?
I bought a home in July of 2008 with my fiance. We are BOTH on the mortgage and deed. We are not married and we are filing separately, but we have a joint checking account from which I pay our mortgage every month. Can we BOTH claim the interest or just one of us? Or do we have to somehow divide it?
You got the #
Question about paying my mortgage off (how do interests work?)?
We put down $200,000 to by a $400,000 home. So we asked for a $200,000 loan at an X interest rate. It was a loan to be paid off in 15 years. By the 15th year (we are currently in the 3rd year) we would have paid off 200,000 plus a LOT more money in interests. We are thinking about paying our house off this year. How does it work??? If we still owe 160,000, do we just make a check for 160,000 dollars, or do we have to pay the 160,000 PLUS the interest that would have been accrued in the next 12 years… THANKS!!!
You don’t have to pay the interest that would’ve been accrued over the life of the mortgage. You should check though to see if your mortgage has a prepayment penalty fee. Call your loan company to find out the exact payoff amount. If you’ve only had the loan for 3 years you will still owe almost $200000 unless you’ve been making higher monthly payments than required. In the first few years, most of your payments go to pay interest first, and only a small portion pays the principal. But anything over the allotted monthly payment goes directly to the principal. Ask your loan company for an amortization schedule and it will show you exactly how your monthly payments were applied.
Finding a reputable lending company to refinance a home mortgage?
hello my moms house appraises for roughly 80,000 and she owes 35,000 she has been having dificulty finding a company to refinance that amount. most want 45,000 or higher. BUt she wants to take advantage of the low interest rates. If you know of a good and reputable company she could check into id appreciate it thanks.
she lives in indiana
All Lenders are good but you don’t have enough specifics for me to help you. If she can afford the payment on 45000 or higher and she has decent credit, and her house is in good shape I would advise you to do an FHA lona, and most Lenders do this kind of Loans. This is what is in right now. Is 30 yrs fix which you won’t have to worry if it will adjust. And they go on prime rate. I can’t help you much because I don’t know specifics but find a good broker in your area that can help you.
Are there any other charges when not paying mortgage on the 1st?
My mortgage is due on the first of every month but I dont pay it until the 10th because that is when I get my check. There are no late charges until the 16th, but are there any other charges or interest that I should be aware about if I don’t pay it on the first. I
Not really. There may be some small difference in the interest but not enough to be concerned about. You are paying an extra 10 days of interest on the portion of your payment that would go to principal — which is usually a small portion of the payment.
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