, Answering FAQ'sTurboTax Employee
When you refinance your mortgage, the new lender pays off the old lender for the balance of your loan.
When you close on the new loan, you will pay various fees, including appraiser’s fees, title insurance, homeowner’s insurance, and possibly points. Only the points may be deductible.
- Can I deduct points paid on a refinance?
- What kinds of refinancing costs can I deduct?
- Can I deduct points on my old mortgage when I refinance?
- Form 1098, Mortgage Interest Statement