Thank you very much for your answer TurboTaxKarenL2 !!! Could you clarify the following: In your first paragraph you have said that the points/origination fee is ONLY deductible if it is based on a percentage of the loan value. But in the second paragraph you say that my origination fee IS deductible. I'm a little confused by this. How do we know at this point that the origination fee I paid ($1490) IS based on percentage of the loan value? I'm not sure if it is or not at this point. I'm going to try to find that out from the lender but at this point how do you know to state that my origination fee is deductible? Or are you just stating that IF in fact my origination fee IS based on a percentage of the loan value THEN it is deductible but has to be spread out over the term of the loan because its a refinance?? Please help me understand. THANK YOU!!
