I guess I was asleep when Congress made Mortgage Insurance tax deductible at the end of 2006….
January 3, 2007
but I just found out that they have finally made Private Mortgage Insurance better known as PMI or MI tax deductible for all home loans originated in 2007 and beyond. This will have a profound effect on how mortgages are written. No longer will you have to get a piggyback or second loan on that home purchase when you are putting less than 20% down at the time of purchase.
It’s estimated that hundreds of thousands of homeowners will save a total of $91 million when they file their tax returns in 2008 according to statistics cited in the following article from Bankrate.com. Check it out it’s a good read. If you are currently paying mortgage insurance on an old loan you don’t qualify for this new deduction but if you decide to refinance this year or make a new purchase….we’ll let’s just say you now have some options…
Tax deduction makes mortgage insurance more competitive with piggybacks
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