You will continue to deduct your mortgage interest as you did before.
You will deduct your real estate tax - that is paid out of your escrow account.
If you had any refinancing expenses - such expenses should be amortized over the lif e of your mortgage - and will be deducted as interest mortgage - for instance if you refinance for 15 years and paid $3000 for that - $3000 are treated as prepaid interest - you will be able to deduct $200 each year.
Let me know if you need any clarification or any other help.
Yes - these fees are treated as prepaid interest.
They are fully deductible if paid in connection with purchase the primary home.
But if paid in connection with refinancing - they are deducted over the lifetime of the mortgage.
If your new mortgage is for 15 years - you will be able to deduct $5500 / 15 = $367 every year.
If will you sell the property of refinance again befor e 15 years - you will be able to deduct the remaining amount.
Let me know if you need any help.
Tax Preparer
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