Re: Closing Costs - New vs. Resale
Hi,
This is my first post. I originally posted it on the site for first time posters but it was suggested that I try another thread. I thought this forum might be appropriate.
I have been spending some time the last 2 days reading the various postings and find the information very interesting and helpful. Thank you.
I have just started looking into TV as a retirement option. I visited a friend there about a year ago and really enjoyed my stay.
I would like some help understanding the bond. Some recommend not paying it off up front, but to pay it off over 30 years at 7%.
Does the bank consider the bond part of the cost of the house, so that you could add it to the listed sale price and put 20% down and still get a conventional mortgage for the difference?
I would think that if you rolled the bond into a mortgage, then the interest would be tax deductable, and the present mortgage rates are less than 7%.
Is the interest tax deductable if you do not make it part of your mortgage?
Thanks in advance for your comments!
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