Home Loans (Taxes and Insurance)

Homeowners Insurance

• What does homeowners insurance cover?
• Where do I send my homeowners insurance information?
• Why do I need homeowners insurance (also called hazard insurance)?
• What do I do if my property loss is $10,000 or more?
• What is guaranteed replacement cost insurance?
• What happens if my homeowners insurance expires before I renew the policy?
• What kind of home insurance should I get?
• How do I file an insurance claim?
• What do I do if my property loss is less than $10,000?
• Do I need flood insurance?
• Can I change insurance companies? Does Washington Mutual need to know?
• Who arranges property insurance?

Other Tax Considerations

• Are there tax credits for first-time home buyers?
• How do I reach the IRS?
• Where do I get information on IRS publications?
• Can you explain the home mortgage deduction?
• Can I deduct the loss I suffered when I sold my home?
• Explain the home mortgage deduction.
• Are taxes on second homes deductible?
• How are fees and assessments figured in a homeowners association?
• Are the costs of a natural disaster deductible?
• Should I buy a vacation home?
• What is the Mortgage Credit Certificate program?
• When is the best time to buy?
• Are points deductible?
• What are the rules on capital gains when inheriting a house?
• Can you deduct the cost of home improvements?
• Are seller-paid points deductible?
• What home-buying costs are deductible?
• What are the rules for mortgage credit certificates?
• How do you choose between buying and renting?
• What tax benefits are there to homeowners?
• How do I save on taxes?

Private Mortgage Insurance

• How do I request cancellation of Private Mortgage Insurance (PMI)?
• Will Washington Mutual automatically terminate my PMI at a certain point?
• How does LTV based on original value differ from LTV based on a new appraisal?
• What is the Homeowners Protection Act (HPA) of 1998?
• What is FHA Insurance on my loan and can I cancel the premium?
• What does loan-to-value (LTV) mean?
• What does it mean to have a "good payment history"?
• What is Private Mortgage Insurance (PMI)?

Property Taxes

• Who pays my property tax bill?
• What happens when my property taxes become delinquent and I don't have an impound account?
• Who pays the property tax bill?
• How do property taxes work?
• How is a home's value determined?
• How are my taxes paid?
• What happens if my property taxes become delinquent and I don't have an escrow/impound account?
• Am I entitled to a homestead exemption?
• Are property taxes deductible?
• Do all loans require impound accounts?
• What is an impound account?
• What should I do with my property assessment notice?
• Who do I contact to dispute an increase in property tax?
• Where can I learn more about appealing my property taxes?
• Which tax bills are paid from my escrow account?
• Do I need to send Washington Mutual a copy of my tax bill?

Tax Detail Information

• When will I receive IRS Form 1098 from Washington Mutual in the mail?
• What can I claim on my tax return?
• Why does the total of my tax payments reported by Washington Mutual not match my tax bill(s)?
• My loan transferred to Washington Mutual this year. How do I obtain total amounts for my mortgage?