NLIC.org

Karl Said:

How to get out of a interest only mortgage!?

We Answered:

you have 2 options: refinance and again pay closing costs or pay more, than your mortgage payment like with credit card. if now you have good interest rate i will pay more on my mortgage payment. for about 3-4 first years of your 30 yrs mortgage you pay off your principal in about 1% per year, so it is really easy to calculate how much more you need to pay. there is no interest mortgage that you can't pay more on your principal- some of them have restriction no more than 20% of principal balance per year, you can pay more every month or you can apply bigger payment anytime you want, there is no restriction for you to do this.

Bobby Said:

My mortgage company adds £25 a year to my mortgage if i do not use their insurance, is that legal ?

We Answered:

No any mortgage company that takes money this is way is illegal Check out with them again and if not satisfied write to ombudsman or try to close this account

Vicki Said:

using turbo tax to file, do i enter full amount for mortgage interest i'm married filing separately?

We Answered:

You can only deduct the amount you actually paid.

From IRS pub 504:

mortgage interest If you paid the interest on a qualified home held as tenants by the entirety, then you deduct the mortgage interest you alone paid.

BTW if you itemize, she must too.