Congrats if you bought or refinanced a home in 2013! You were able to take advantage of historically low interest rates and get more house for your money. Check out the chart below for average 30-year fixed mortgage rates dating back to 1970 to see how rates have fluctuated over time.
If you haven’t already, you will be receiving Form 1098 Mortgage Interest Statement in the mail which details your mortgage interest and other mortgage-related expenses paid this year. Mortgage servicers are required to provide this form to borrowers each year so that you have the information you need when you file your taxes.
Don’t Forget Your HUD-1 (Settlement Statement)
If you purchased a home last year, you will also want to have your HUD-1 or settlement statement available when you file taxes. The interest you paid at closing, any points paid, and real estate taxes paid at closing will be accounted for on it.
Many people forget to use their HUD-1 form when they file taxes, especially if they file on their own and don’t have a professional prepare their taxes. We are lucky to receive a questionnaire from our accountant each year and one of the questions it always asks is “Have you bought, sold, or refinanced a home this year?” If we answer “yes,” our accountant requests are HUD-1 from us so that she can make sure we aren’t missing any deductions.
Visit the link below on the IRS’s website to see exactly mortgage expenses you are allowed to deduct on your tax returns:
If you are considering purchasing or refinancing in Virginia in 2014, please contact me for a mortgage consultation. I also work with some of the best realtors in Richmond Va, and I would be happy to help you select one who is experienced in the type of home and location for which you are searching.
To stay informed, follow me on Twitter and like me on Facebook. If you are interested in purchasing or refinancing in one of the following states, I will be happy to connect you with a licensed loan officer or connect you with a realtor in your state: Maryland, Delaware, Connecticut, Florida, Georgia, Maine, Massachusetts, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Washington D.C., or West Virginia.