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aandriop14
Employee
June 1, 2019
Question

Points for deductions that appear on my closing statement

  • June 1, 2019
  • 1 reply
  • 0 views
I am looking at my closing disclosure form and under origination charges is has an amount However, under % of Loan Amount (Points) is is blank. Do I still include the amount?

1 reply

O
Opus 17
Employee
June 1, 2019

Origination fees can be deducted as points if they are a percentage of the loan amount (not a percentage of the sales price and not a flat fee) and if they are not allocated to any specific purpose, such as document processing, appraisal, survey, or anything else.)

For example, my mortgage had a $500 application fee.  That was not deductible points because it was not a percentage of the mortgage amount.

A
aandriop14Author
Employee
June 1, 2019
Under origination charges is states $1,175.00. So I do not include that when I file?
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