topic If I did a mortgage assumption - does this constitute as refinancing or as the original loan used to by the home? in Deductions & credits

If I did a mortgage assumption - does this constitute as refinancing or as the original loan used to by the home?

glenn_figueroa — Sun, 18 Oct 2020 03:20:25 GMT

This is in reference to:
"Is this loan a home equity line of credit or a loan you've ever refinanced?"

Re: If I did a mortgage assumption - does this constitute as refinancing or as the original loan used to by the home?

Critter-3 — Sun, 18 Oct 2020 03:23:06 GMT

Think about this logically .... if you assumed someone else's mortgage when YOU BOUGHT the property then to YOU this is an original loan used to by the home.

Re: If I did a mortgage assumption - does this constitute as refinancing or as the original loan used to by the home?

Carl — Mon, 19 Oct 2020 22:01:09 GMT

If I did a mortgage assumption does this constitute as refinancing or as the original loan used to buy the home?

For *YOU* it is the original loan. Your beginning balance on the loan is whatever the balance due was, on the date you became legally obligated to pay it.