14 02, 2017

Being a Homeowner During tax Season

2021-09-28T16:54:57+00:00February 14th, 2017|Blog, Buying a home, Mortgage 101|

Tax season is upon us! Whether you already own a home or are looking to buy in the near future this is important information. For being a homeowner, there are many deductions you could receive when filing your taxes. Let’s check out a few:

  1. Mortgage Interest. When buying a home the interest payments can be pretty expensive but there is a silver lining to the situation. Interest that you pay on your mortgage is tax deductible, within limits. If you are married and filing jointly, you can deduct all your interest payments on a maximum of $1 million in mortgage debt secured by a first or second home.
  2. Points. There will be various fees when you first buy your home, one of which is called, “points.” One point is equal to 1% of the loan principal. One to three points are common on home loans, which can easily add up to thousands of dollars. You can fully deduct points associated with a home purchase mortgage. Refinanced mortgage points are also deductible, but only over the life of the loan, not all at once. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new.
  3. Equity Loan Interest. You may be able to deduct some of the interest you pay on a home equity loan or a line of credit. However, the IRS places a limit on the amount of debt you can treat as “home equity” for this deduction. Your total is limited to the smaller of:
  • $100,000 (or $50,00 for each member of a married couple if they file separately), or
  • The total of your home’s fair market value – this is, what you’d get for your house on the open market – minus […]
6 02, 2017

Columbus Mortgage Bankers Inaugural Banquet 2017

2021-09-28T16:55:00+00:00February 6th, 2017|Blog|

On Saturday, January 28th, the Columbus Mortgage Bankers Association held their Inaugural Banquet. The event is a way to recognize the industry leaders and induct the new board members of the Columbus Mortgage Bankers Association into their current positions.

At the event, our associates Steve Beskid, Matt Berardi and Shelley Young were recognized as top producing Loan Officers in Central, Ohio. As well as our other associates at First Ohio Home Finance, this group of Loan Officers goes above and beyond for their customers. They are great with meeting the buyer’s deadlines and truly want to help buyers through every step of the home buying process.

Also at the event, First Ohio Home Finance Co-Owner, John Igoe was inducted as the new President of the Columbus Mortgage Bankers Association! John has served on the board as Treasurer and Vice President for the past few years. He will serve as the President for the next two years. John serving as President not only will help First Ohio be more known throughout the Central Ohio area, but it will also help our associates stay up to date with industry news and be more connected to the Columbus Mortgage Bankers Association.

We are so proud of these four associates. We want to thank our Loan Officers and John for all their hard work and dedication to the industry and First Ohio Home Finance. We are looking forward to continue successes from this group, congratulations!