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new mortgage term is for 30 years and you paid $3,000 in points, you would claim an annual deduction of $100 for the points alliance mortgage banking If you refinance, sell or pay off the mortgage early, you can deduct the remainder of the points in that year. The one exception to the deduction would be if alliance mortgage banking refinance with the existing lender. In this case you would have to continue to amortize the remaining points over the life of the new loan, together with any points paid on the new refinance. Taxpayers who alliance mortgage banking $1 million homes expecting a generous tax break could be in for a shock, said Michael Fratanponi, senior director of
alliance mortgage banking
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