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Should I check off new loan and refinance if I refinanced with a different mortgage company, deleting my ex from the mortgage? The home belongs solely to me now.

Forum|Forum|7 years ago
June 4, 2019
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I recently refinanced my home which I became the sole person on the deed. My ex husband was on the first mortgage with another mortgage company. I am solely responsible for this new mortgage. I need to know if I should check off new loan and refinance, or must I pay the points over the 30 year period only .Checking off new loan gives me the entire deduction of points now.

Best answer by PaulaM

On a refinance, the points must be amortized over the life of the loan unless the points were used to improve your main home.

See page 6 chart in the IRS pub below for reference.

https://www.irs.gov/pub/irs-pdf/p936.pdf

PaulaMAnswer

Employee

On a refinance, the points must be amortized over the life of the loan unless the points were used to improve your main home.

See page 6 chart in the IRS pub below for reference.

https://www.irs.gov/pub/irs-pdf/p936.pdf

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