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/u/CheesePassion
Guest
We are currently working with a BoFA loan officer to assess a refinance our home loan (I know, really isn't a great time to do any time of refinancing right now), but we borrowed money from my parents to put in an all cash offer so we could put in a competitive offer on our house and now we need to pay them back soon but they're willing to wait a bit until the interest rates are lower.
We were advised by a Bank of America loan officer that we needed to close on a refinance within 6 months of purchasing the home. Otherwise we would not be able to deduct the mortgage interest on the loan that we take out with BoFA. But this sounds a little odd to me given that from my understanding of IRS rules, we are able to deduct any interest paid for any loans made for our primary residence (750K principal max). Is this a Bank of America specific loan product?
I have consulted with other loan officers from other banks and credit unions and this did not sound right with them but they advised us to speak to our tax preparer (but we do our own on Turbobax). So any advice/knowledge to help validate this. Otherwise, we'll go seeking a paid tax consultant I suppose. Thank you!
submitted by /u/CheesePassion
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Validating 6 month refinance deadline advised by BoFA loan officer
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We were advised by a Bank of America loan officer that we needed to close on a refinance within 6 months of purchasing the home. Otherwise we would not be able to deduct the mortgage interest on the loan that we take out with BoFA. But this sounds a little odd to me given that from my understanding of IRS rules, we are able to deduct any interest paid for any loans made for our primary residence (750K principal max). Is this a Bank of America specific loan product?
I have consulted with other loan officers from other banks and credit unions and this did not sound right with them but they advised us to speak to our tax preparer (but we do our own on Turbobax). So any advice/knowledge to help validate this. Otherwise, we'll go seeking a paid tax consultant I suppose. Thank you!
submitted by /u/CheesePassion
[link] [comments]
Validating 6 month refinance deadline advised by BoFA loan officer
Continue reading...