Form 1098 what does did the home loan close after December 31, 2006 mean? does mean when it was paid off?

posted

No, it is not when it is paid off. Loans are 'closed' when you go through the buying process and the purchase of the property is 'closed'.

In terms of a mortgage, the loan is closed when the transaction is finalized, funds are disbursed, and you are now obligated to repay the loan.

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