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.

***zz-c2-credit.shtml***

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.

Best Wishes,

***zz-portrait-sig-left-no-wrap.shtml***


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

***zz-below-the-fold-affiliate-link.shtml***

***zzz-link-refinance.shtml***

Return from Alternative Mortgage Financing to Get Your Best Mortgage Rate


Comments for Alternative Mortgage Financing.

Click here to add your own comment.

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.

***zz-c2-disclosure.shtml***

Click here to add your own comment.

You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

Recent Articles

  1. Lock Mortgage Rates - How To Avoid Hidden Fees

    Aug 06, 18 11:58 AM

    If you lock mortgage rates over the phone, how do you protect against excessive points and hidden closing costs? Learn what to do when your lock is threatened.

    Read More

  2. Finding Low Down Payment Mortgage Financing

    Aug 06, 18 11:53 AM

    Getting a low down payment mortgage: Learn the first two steps to financing niche properties in resort areas. Tip: It's not about timing the real estate market!

    Read More

  3. Ten Best Kept Secrets to Low Mortgage Payments

    Aug 06, 18 11:45 AM

    Ask Kate's secrets to low mortgage payments help homeowners understand industry lingo related to refinancing. Learn how to get your best mortgage rate!

    Read More