Saving on taxes with a Maine mortgage
It’s easy to find out how much your new home can help save on your taxes using the Tax Saving Calculator at Mortgages.com. Federal law allows deductions on points paid, interest paid and property taxes paid. Property tax and interest deductions are handled the same way on your taxes whether you refinance or buy a new home. Points paid however, are to be amortized over the loan term on a refinance but can be deducted all at once in the year they were paid on a new purchase mortgage.
