| an annual deduction of $100 for the points paid. If you refinance, sell or pay off the mortgage early, you can deduct the remainder of the points in that year. The one exception direct loan the deduction would be if you refinance with the existing lender. In this case you would have to continue to amortize direct loan remaining points over the life of the new loan, together with any points paid on the new refinance. Taxpayers who bought $1 million homes expecting a generous tax break could be in for a shock, said Michael Fratanponi, senior director of single family research and economics at the Mortgage Bankers Association. ``That's going to really bite,'' he said. Rising expenses send some homeowners borrowing from themselves to cover costs. direct loan are borrowers burrowing in over their heads? Mortgage broker Teresa Simmons says the direct loan popularity of the second mortgage stems from customers clinging to rates they locked in when they capitalized on their first mortgages. "The second mortgage product is probably going to become more active in the marketplace because people aren`t going to be so willing to give up those fives, nor should they be, to get additional money and access the equity in their direct loan Simmons says. "They should take a look at the second mortgage products that are out there before they |
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