Alternative Mortgage Financing

by Private Mortgage And Tax Inquiry

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?




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.

Best Wishes,





Kate Ford
Your Online Mortgage Advice Friend

P.S. Go to my Best Mortgage Rate Blog an entertaining source of mortgage information. Subscribe now to the RSS feed.

Low Mortgage Payments | Secret Refinance Formula
Fresh Refinance Approach | Refinancing Breakthrough
Questions To Ask | Mortgage Planner | Compare Rates

Is your mortgage refi worth the cost? Here's how to figure a break even point.


The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of
Get-Your-Best-Mortgage-Rate.com


Top of Alternative Mortgage Financing

Comments for
Alternative Mortgage Financing

Click here to add your own comments

win win
by: Steve

Hey Kate,

This sounds like a win win to me.

Of course, the biggest issue to me is that sometimes families and finances don't mix.

My suggestion is that the family has to create their own written document so that there will be now misunderstandings in the future.

Click here to add your own comments

Join in and write your own page! It's easy to do. How?
Simply click here to return to Refinancing Advice The Nuts and Bolts

Grin and Bear It!

Get-Your-Best-Mortgage-Rate.com is getting a facelift!

Please bear with me! The content is identical so continue to browse. I'm working as fast as I can to finish up!

I'm grinning. Hope you're enjoying the new look too!

Your friend,
Kate Ford

You Can Own My Brain

Lock Answers by Kate - Learn the nitty gritty inside story of locking your mortgage rate.

Refinance Answers by Kate - Refinancing brings out opinions, for sure! Get the facts here.

Answers by Kate For Seniors - Reverse Mortgage, the unique income answer for retirees.

Home Buying Answers by Kate - Learn how to buy a house. Unusual facts to aid your home buying experience.

Credit Answers by Kate - Improving credit could change your life. Find how to get more than temporary results.

FHA and VA Answers by Kate - Clear the fog. The low down on VA and FHA loan requirements.

PMI Answers by Kate - Private mortgage insurance, friend or foe? Do you know how to get rid of it?

ARM Answers by Kate - Do you have an adjustable rate home mortgage? You can ask Kate for help.

Loan Modification Answers by Kate - Unique help for modifying your mortgage. Make sure you don't miss this.

Website Answers by Kate - Yes... Readers even ask Kate how to build a website.