ARE POINTS DEDUCTIBLE FOR INCOME TAX PURPOSES?

Points on a home are deductible if they are generally charged in the geographical area where your loan is made. Many times there needs to be a job transfer or a move of so many miles to qualify as deductible.  If you are in doubt about points being deductible ALWAYS contact your tax return preparer.


Other charges will most likely include an appraisal fee (to make sure the house is worth what you're paying & assuring the lender that the house has enough value to cover the loan amount) and a credit report.  If you are required to pay Private Mortgage Insurance (PMI) for less than 20% down a charge will be included since the lender obtains the insurance for you. 

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