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I'm in the process of refinancing my mortgage through Wells Fargo, and when I was reading over the contract, I came across a statement that I don't seem to fully understand. Hopefully someone here could clear it up for me. Here's what it says on one of the pages:
"No Claim of Credit for Taxes. Borrower will not make deduction from or claim credit on the principal or interest secured by this Security Instrument by reason of any governmental taxes, assessments or charges. Borrower will not claim any deduction from the taxable value of the Property by reason of this Security Instrument."
This seems to be a standard contract, but this paragraph seems to indicate that you can't claim the interest paid throughout the year for your yearly taxes. Is this normal? Or am I not reading this correctly? I know I gave my accountant my mortgage interest papers this year.
Thanks.
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