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Year-End FAQ's

Year-End Information

I had a construction loan converted to a permanent loan. Will I get one or two statements?

You will receive two statements. One from the bank for the construction loan and one from the mortgage company for the permanent loan.

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Why is the interest amount on my 1098 statement higher this year than last year; shouldn't this year's amount be lower?

No, not always. This amount will fluctuate according to the number of payments made during the reported year. Review the histories to verify the number of payments made (count the number of payments made during 1999 and 2000 to get a comparison).

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Why are 'Late Charges Paid' included in my 'Total Interest paid' amount?

In IRS Publication 936 of the IRS Home Mortgage Interest Deduction Guidelines, the IRS has stated that PNC Mortgage, as a servicing agent, must include late charges paid as interest paid.

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Can the total interest amount be split between two or more people?

Yes, you can. Please refer to the back of the 1098 Form for the applicable IRS Regulation. For example, if you and your brother and sister are all on the loan, you can split the difference. However, PNC Mortgage is required by the IRS to report ONE name and ONE Social Security number only. Therefore, the primary customer must provide this information to the other parties on the loan.

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Do I have a "grace period"?

Although payments are considered past due if not received by the due date, most Notes provide a period of time after the due date for payments to be received before a late charge is assessed. To avoid the risk of damage to your credit or the assessment of a late charge, it is recommended that every effort be made to ensure your payment is received by the due date.

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