Alternative Mortgage Financing
by Private Mortgage And Tax Inquiry
Ask Kate: Alternative Mortgage Financing I have an alternative mortgage financing question. My wife's family are interested in having me borrow from their Mom's funds (her house just sold) to pay off my mortgage, about $45000 to be paid off in about 6 years.
The interest amount I would pay is less than I pay now -- and less than I can get a regular mortgage for and of course, is more than they can get for regular savings/CD etc. accounts for her money. We both win. Maybe!
Can I still count that as a home mortgage for my tax interest deductions and my parsonage expense? How would a private loan like alternative mortgage financing report my interest to IRS? How do I make sure it is seen as a mortgage and monthly house payments?
Kate Answers: Alternative Mortgage Financing
Dear Private Mortgage And Tax Inquiry, Another Visitor recently asked a similar question about alternative mortgage financing
and mortgage interest deductions.
I offered some insight at Private Mortgage Financing
. After reading through the pages, please let me know if you have more questions.
Take a moment to bookmark this page to your favorites and visit often for more home refinancing tips.
To view the collection of Readers' questions and answers regarding refinancing, you can go to How to Get Best Mortgage Rates for Refinancing
You can also invite friends to comment on this page or ask a question of their own like you did.
P.S. Go to my Best Mortgage Rate Blog
, an entertaining source of mortgage information. Subscribe now to the RSS feed.
Return from Alternative Mortgage Financing to Get Your Best Mortgage Rate