Question:

How much is my tax rebate on mortgage?

Answer:

If you mean the government tax rebate on mortgage loans, and not the IRS mortgage tax deduction rules, the following rebate limits apply, as of January 2008:

Individuals with adjusted gross income of up to $75,000 are eligible for mortgage tax rebates of $300 to $600. Respectively, couples filing jointly with combined income of up to $150,000 get rebates from $600 to $1200. Tax rebates of $300 per child are available for families with annual income of up to $186,000. Rebates diminish as income grows over the specified limits.

Together with federal rate cuts, tax rebates on mortgage loans have the purpose to provide relief to subprime ARM holders. Whether the purpose will be attained is another matter. As long as people spend rebates on purchases rather than pay debt and invest, there won't be any long term effect on people's finances.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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