Financial Matters: Tax savings

HAMPTON, Va. (WVBT) - As you prepare your tax returns, here's a deduction you may not have considered.  BayPort Credit Union's Marissa Lovingood, Mortgage Division Vice President, stopped by to talk about MaxTax Loans.

A lot of financial institutions offer ways to turn your auto and/or boat loan into a 2nd or 3rd mortgage. The product that BayPort offers is called a MaxTax loan.
 

What are the costs associated with these loans?
The Credit Union charges a $75.00 application fee and we pay all the other closing costs associated with the MaxTax loan.

Can I make a MaxTax loan now to help with the taxes that I am getting ready to file?
No, it's too late to make a MaxTax for the interest that you paid last year, but you will want to be proactive for 2011 year taxes.

For more information, stop by any BayPort Branch for help or visit them on the web at bayportcu.org !