You can claim this subtraction on your federal taxes to reduce your tax burden. If you wish to refinance a mortgage loan, there are a number of ways you can deduct:

1) If you take a standard cash-out to refinance on a primary or secondary residence, you can deduct 100% of your interest for the last year, especially if the money was used for a capital home improvement or permanent structural change. For any other case, the deduction only applies to the percentage of interest on the original loan.


2) If you take a refinance on investment property, you can deduct the discount points or any closing costs. These must be extended throughout the total refinance term will only be subtracted if the deductions have been itemized.

You can also deduct your discount points and any closing costs you pay toward a refinance on an investment property. You must spread these costs over the total term of your refinance and can only deduct these expenses if you itemize your deductions.

Refinancing your current mortgage can have an effect on your credit score, aka FICO score. The reason is that you are adding a new loan to an already existing one. However, this effect is usually short-term.

1. Pay Stubs: You will need to provide your recent payslips or paycheck stubs. In case you are self-employed, you will need to submit two recent tax return forms and profit or loss statements. For any other alternative income source, you must also provide 1099 forms.

2. Tax Returns and W-2s: Lenders usually ask for the W-2 statements and tax returns during the last two years.

3. Credit Report: This is information that lenders and risk analysts typically ask for. Therefore, it is useful if you have your credit score checked.

4. Statements of Outstanding Debt: Account statements on remaining debt can include current mortgage, home equity, lines of credit, as well as car loans or student loans.

5. Statement of Assets: Details on your assets, properties, or savings will also be required. Nonetheless, if the total of assets is below $200,000, you will not be eligible.

Firstly, it can help you save money. This becomes more noticeable in situations where the original loan has high-interest rates. Refinancing will lower your loan's interest rate as well as shorten the payment term.

Secondly, you will be able to obtain cash out and pay off remaining debts on credit cards, cars, or student loans, as well as invest in those home renovations you've been waiting for.
Another advantage of refinancing your mortgage is that you can obtain cash out to pay off existing credit card debts, student loans, or invest in a home improvement project.

For most lenders, you will need to perform a home appraisal/valuation. However, the FHA Loan, VA Loan, or USDA Loan are usually exempt from home appraisals. Moreover, we strongly recommend that you ask your loan advisor, as there are other situations in which you may also be exempt and be eligible for a property inspection waiver (PIW).

1. Tax returns: For this, you'll need to fill out the 4506-T form as well as your tax forms for the last 2 years.

2. Pay stubs, W-2s, or alternative proof of income: These documents relate to your payslips or paycheck stubs. In case you are self-employed, you should provide two recent tax return forms in addition to profit or loss statements.

3. Bank statements and other documents: In addition to your bank statement, you can provide proof of your possessions or investment assets, for example, life insurance.

4. Credit history: A record of how you have managed your credit in the past, evidencing any occurrence of bankruptcy or foreclosure.

5. Gift letters: It's important to distinguish between a ""gift"" and a loan. If someone close to you wants to help with your down payment as a gift, you should provide this “gift letter” explicitly stating its nature and that it is not a loan.

6. Photo ID: The photo should be recent and in passport style.

7. Renting history: This allows you to guarantee that you can pay your rent bills on time.

It usually takes 10 days from the first contact until the refinance is approved, assuming that all required documentation is submitted and no unforeseen issues take place.

The Home Owners Association (HOA) fees are monthly payments made by neighbors living in joint or condominium associations (block of flats or condos) to help maintain the shared areas of residence.

A down payment is the sum of money, often in cash, used as an initial payment for expensive goods, such as a car or a house. Depending on the loan you choose, it can range from 0%, as in the case of VA Loans (Veterans only), or 3%.

The principal is the sum of money you originally agreed to pay back for your loan or refinance.

The loan term refers to the period of time it takes to pay off the loan based on the amount and regularity agreed upon initially by both parties.

It usually takes 10 days from the first contact until the refinance is approved, assuming that all required documentation is submitted and no unforeseen issues take place.

We make it easy for you. Amerify operates and has licensed professionals across multiple states.

Whether it's via email, phone, or sending out a contact form, we will be more than happy to answer your questions. You can also click on our “Find a Loan Officer” tab and search for the licensed professional most suitable for your area and/or needs.

Most states are paid 1099 with the proper license. Some exceptions: In CA, DBO requires W2. Additionally, Oregon and Arizona require W2. Note: If you obtain a license (under Amerify) in a state outside of your home state, that can impact your payment status in your home state.

We are happy to say that we run payroll daily! Once our file is complete and all funds are received, Amerify splits the commission checks.

Amerify is granted approval from 70 wholesale lenders. Since we don't have our own rate sheet, you can directly agree on a price with the investor or via our loan sifter account.

Amerify uses the latest cutting edge software Arive for our mortgage origination software.

Since each Loan Officer and branch are in charge of the billing process with their credit vendor, we create a sub-account with one of our approved credit vendors.

As long as the ads are approved by our Compliance Department, yes you can. You only have to take into account that any form of advertising (print, radio, television, internet, etc.) should be done under Amerify's name. This is a serious matter for us, so any ad run without prior approval will result in immediate termination.

Of course. You simply need to place the order for business cards and letterheads through our website's marketing hub and, once approved, you will have them in a week.

To become a Branch Manager, you should have knowledge of Mortgage origination and be pre-approved. Your commission checks will be split with your Jr. Loan Officer, following a prior agreement and fixed schedule overseen by Amerify.

Very accurate. However, you must make sure that you include all the necessary variables in order to get the most accurate result.

Remember that many mortgage loans also carry mixed interest agreements that combine fixed and/or variable interest rates.

Also, keep in mind that an online Mortgage Calculator is not absolute. It provides you with an estimation of your monthly expenses. If you want a more precise figure, please reach out to our Amerify team.

When setting up a mortgage plan, you must also be aware of less obvious supplementary costs, such as HOA fees, property taxes, mortgage insurance, or homeowners insurance. These expenses may be billed either monthly or yearly, but they should always be factored into your overall mortgage plan.