You are a cash basis taxpayer and prepaid the expense, so you will actually be able to deduct the whole payment.

Be prepaid for the love story and polite and listen.

Got this one under contract at ask price and 2% towards closing costs and/or prepaids....hopefully we have no issues and get it closed!

Depending on what you are doing, I have heard some good things about pre-paid legal services but I have not used them

And began the pre-paid burial business plans......what a guy!

yes, that seems high, even if it's a financed deal and that number includes pre paid insurance and taxes escrows.

This is no different than making adjustments for pre-paid expenses.

Absolutely, brokers and licensed lenders can make such loans, not individuals or other entities who are not in the business of lending or regulated as such.Know too that points are pre paid interest which for an individual may not be authorized or may push the APR to be an issue of usury.Maybe not years of study, best just to get with a broker or lender as David suggested, learn from them. :)

Get a good understanding of closing costs, prepaid escrows, etc.

One other thing, you may want to bump up the money on the down payment as that is just 25% of the mortgage, you may need 2.5% of the property expense in addition to the down payment amount for things like closing costs and pre-paids.