2006-12-15 11:11:41 · 2 answers · asked by ae 2 in Business & Finance ➔ Taxes ➔ United States
No differently than any other mortgage loan. The interest is fully deductible on a form on which you can itemize. However now would be a good time to re-fi! Rates are going to go up soon and unless you plan on moving soon, do a re-finance ASAP!!
2006-12-15 11:17:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The type of loan (fixed, arm, flex arm) does not really matter...you will get an interest statement at the end of the year for how much interest you paid. Option arms (as they are sometimes called), if you don't pay the whole amount, add the left-over interest to the end of the loan. However, the only amount you need to be concerned about will be on the consolidated statement they give you by Jan. 31st.
2006-12-15 19:16:03 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋