When were interest-only mortgages introduced?

Answer Interest-only mortgages have been around since the 1970s; at that time, they were only available to investors. In the late 1990s and early 2000s, however, banks began allowing interest-only mortgag... Read More »

Top Q&A For: When were interest-only mortgages introduced

Is interest from mortgages from private lenders tax deductible?

Mortgage interest is tax deductible as an itemized deduction whether you borrow from a public or private lender. The deduction is reported in the "Interest You Paid" section of schedule A.Source:IR... Read More »

What Are the Average Interest Rates for Home Mortgages?

The average interest rates for home mortgages in 2009 stand at 5.57 per cent for a 30-year fixed mortgage loan and 5.07 percent for a 15-year fixed-rate mortgage, according to ... Read More »

Interest Coverage Ratio - can you offset interest income with interest expense?

Is interest paid on a time share condo deductible as mortgage interest?

According to the IRS, mortgage interest from a timeshare condominium is considered qualified residence interest that is tax deductible as long as the owner uses the condominium as a second home for... Read More »