The National Directory of
Certified Public Accountants

Ask A CPA - Mortgages & Loans

1. Are my parents responsible for the Educational Loans I have taken out ?

2. Are points paid on my mortgage deductible ?

3. Can a college PLUS Loan be discharged ?

4. Can I avoid paying Private Mortgage Insurance (PMI)?

5. Can I get a business loan if my business is service based with little business collateral ?

6. College financial aid process - what is a Federal Perkins loan ?

7. Do my parents have an opportunity to cancel their college PLUS Loan after they sign the promissory note ?

8. How are American Depositary Receipt dividends paid and taxed ?

9. How can I estimate how large a Mortgage I can afford ?

10. How do I apply for a Student Loan for my child ?

11. How do I know what amount to deduct as mortgage interest on my tax return?

12. How is the Treasury Index used in relation to mortgages ?

13. I was denied a loan , where do I get a copy of my credit report ?

14. In relation to Student Loans , what is a Grace Period ?

15. In relation to the mortgage process , what is the Annual Percentage rate ?

16. In relation to the mortgage process , what is the Graduated Repayment option ?

17. In the college application process , do I have to sign the Master Promissory Note each year ?

18. In the college application process , is the Master Promissory Note my loan application ?

19. In the college application process , what is a Master Promissory Note ?

20. In the college financial aid process , what is a Federal PLUS loan ?

21. In the college financial aid process , what is a Stafford loan ?

22. In the mortgage process , what is a Simple Interest loan ?

23. In the mortgage process , what is a Wraparound mortgage ?

24. In the mortgage process , what is the Certificate of Occupancy ?

25. In the mortgage process , what is the Payment to Income ratio ?

26. In the mortgage process , what is Title Insurance ?

27. In the mortgage process, what are Points ?

28. Is 20% of the price of a new house always required as a down payment ?

29. Is my personal credit history considered for a business loan ?

30. Mortgage - After acquired clause

31. Mortgage loan - What is Forbearance?

32. Should I consolidate my various Student loans ?

33. What are closing costs?

34. What are Title IV loans ?

35. What does Fannie Mae stand for?

36. What does Freddie Mac stand for ?

37. What does Ginnie Mae stand for?

38. What does the term Equity mean?

39. What expenses are paid at the mortgage closing ?

40. What is a " no income check" loan ?

41. What is a Bank collection float ?

42. What is a banking ABA Routing Number ?

43. What is a Biweekly Mortgage ?

44. What is a Bridge loan ?

45. What is a Builder buy down loan ?

46. What is a Cosigner ?

47. What is a five year Adjustable, with a 30 year term mortgage ?

48. What is a Home Equity Line Of Credit ?

49. What is a Home Equity loan?

50. What is a Jumbo Loan ?

51. What is a Lease Purchase Option Mortgage ?

52. What is a mortgage amortization schedule ?

53. What is a mortgage Buy down option ?

54. What is a mortgage loan to value ratio ?

55. What is a Mortgage with a Balloon option ?

56. What is a Overlying Mortgage ?

57. What is a Piggyback Mortgage ?

58. What is a Reverse Mortgage ?

59. What is a State Tuition Section 529 plan ?

60. What is a Veteran's Administration mortgage ?

61. What is a Working Mortgage ?

62. What is a Zero Down Plus mortgage ?

63. What is an "Roll-In " loan Option ?

64. What is an Adjustable Rate mortgage?

65. What is an Escrow payment?

66. What is an impound account ?

67. What is hazard insurance ?

68. What is interim financing ?

69. What is PMI , Private Mortgage Insurance ?

70. What is the difference between a Home Equity Line of credit and a Home Equity loan ?

71. What is the difference between the interest rate and the APR ?

72. What is the interest rate on college PLUS Loans ?

73. What is the mortgage debt to income ratio ?

74. What types of insurance will I need prior to closing on my house ?

75. When do my parents begin repaying the college PLUS Loan ?

76. Who is included in the Federal Reserve System ?

If you need professional help with "Mortgages & Loans" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.