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  • Extra Extra Read All About It!

    May 2017

    What is Everyone Talking About

    We here at CVTitle are committed to ensuring that our clients are completely satisfied with our services.  In efforts to address any questions or concerns, we send out monthly surveys and we encourage all clients to utilize our Feedback button on our website www.cvtitle.com.  Here is what our clients are saying about us:

    "Very responsive to my phone calls and emails. We like the convenience of closing at our home rather than at an office. "

    "Katie Applegate was very helpful and understanding with delays on our end. She was able to get the loan closed quickly and efficiently."

    "Came to my house, were flexible on time, explained all of the items on my documents and what to expect next."

    Please visit our website and let us know what you think.

     

    Is Refinancing a good option for you? 

     

    According to Brian Kane Founder and CEO of BJ Kane & Company P.C..  Now is the time to think about refinancing your home before the expected interest rate hikes kick in. However the tax side of refinancing requires a close look since the rules differ significantly from the rules that apply when taking out a mortgage to purchase a new home. For example if you pay points on a refinanced home loan they are not fully deductible up front as they are on a mortgage to purchase a new home. Instead the points paid on a refinanced home mortgage loan must be amortized over the term of the new loan. Additionally you will have to keep track of the deduction yourself since it is not listed on your Form 1098 that you receive at year end from your mortgage company. If you are using a paid preparer or using your own tax software to prepare your return the software will usually track this for you and carry the unamortized points over from year to year. Also it is important to note that if you sell your home while amortizing the points any remaining unamortized points become fully deductible in the year of sale. Also it is important to note that if you refinance for a second time then you are able to deduct the balance of the unamortized points from the first refinance usually unless you refinance from same lender. If this happens then you are required to add the points from the second or latest refinancing to the unamortized points from the first refinance and write them off over the term of the new loan.  For more information on taxes and different tax strategies visit their website at www.BJKane.com.