I am about to become a first time homebuyer thanks to cleaning up my credit on this board. I sat down and was reading today about taxes and deductions. I have a really dumb question... I am reading that mortgage interest is deductible. Okay, I have an amortization table in front of me - does that mean that since say, I take out a 90,000 loan, and my interest adds up to say, 6721, that is all deductible? Plus the points and the property taxes? Really? I don't mean to be dumb, but I have never owned a home before and it seems awfully good to be true...
