The only mortgage fees that are tax deductible are Points, late fees and prepayment penalties. For this reason it is often advisable to have ALL of the fees on your Settlement Statement combined into one charge as Points. If you are paying $5,000 in fees to close a loan does it really matter whether these fees are listed as points or as Underwriting, Processing, Tax Service, Escrow, etc.? It only matters if you want to get some of your money back when it comes time to send your taxes in...so consider this when talking to your loan officer.

The following morgage fees on a Good Faith Estimate are NOT tax deductible and they fall into these general categories:

1. Mortgage fees

2. Fees paid in advance

3. Reserve Items

4. Title Fees

5. Government Fees

6. Other Fees




ITEMS PAYABLE IN CONNECTION WITH LOAN:

Appraisal Fee
Credit Report
Lender's Inspection Fee
Mortgage Broker Fee
Tax Related Service Fee
Processing Fee
Underwriting Fee
Wire Transfer Fee


ITEMS PAID ADVANCE


Per Diem Interest on the loan
Mortgage Insurance Premium
Hazard Insurance Premium
VA Funding Fee


RESERVE ITEMS


Hazard Insurance Premiums # months @ $ per month
Mortgage Ins. Premium Reserves months @ $ per month
School Tax months @ $ per month
Taxes and Assessment Reserves months @ $ per month
Flood Insurance Reserves months @ $ per month months


TITLE FEES


Closing or Escrow Fee
Document Preparation Fee
Notary Fees
Attorney Fees
Title Insurance

1200 GOVERNMENT FEES


Recording Fees
City/County Tax/Stamps
State Tax/Stamps
ADDITIONAL SETTLEMENT FEES

Pest Inspection

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