Mortgage Insurance Now Tax Deductible
January 5th, 2007 by John Thomas
Mortgage Insurance be came tax deductible in 2007 for some Delaware homeowners, that means for some home owners looking for a 100% financing, it may be cheaper to get mortgage insurance rather than a piggy back loan.
The 109th Congress passed the tax law in its final hours. Hundreds of thousands of homeowners will save a total of $91 million when they file their tax returns in 2008, according to estimates prepared by the mortgage insurance industry.
Bottom line for Delaware consumers: Don’t get a piggyback loan without taking a serious look at mortgage insurance, because mortgage insurance is likely to be cheaper in the long run, and it might even cost less in the short run.
You have two options for mortgage insurance for conventional financing: monthly mortgage insurance premium and lender paid mortgage insurance. You can choose to pay monthly for the mortgage insurance as part of your payment or you can take a slightly higher interest rate and have the lender pay it for you.
If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com
John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
42 Reads Way, New Castle, DE 19720
I am a Delaware native who has been actively involved in the Mortgage and Finance industries for over 10 years. Call me at 302-703-0727