mortgage: Private Mortgage Insurance
- 11/05/08 10:17 PM
Most of you who have a loan on your home are paying Private Mortgage Insurance (PMI) with your payment. This is a fee the Mortgage Company charges to cover them if they have to foreclose. You do not have to pay this fee if you have 20% equity in your home. It generally ranges from $50 to $125 per month. Right now, if you earn under $100,000 you can deduct this expense from your taxes. For most homeowners who pay on time, this is a very frivolous cost. The money spent on PMI could be going toward the principal on the … (0 comments)
Most of you who have a loan on your home are paying Private Mortgage Insurance (PMI) with your payment. This is a fee the Mortgage Company charges to cover them if they have to foreclose. You do not have to pay this fee if you have 20% equity in your home. It generally ranges from $50 to $125 per month. Right now, if you earn under $100,000 you can deduct this expense from your taxes. For most homeowners who pay on time, this is a very frivolous cost. The money spent on PMI could be going toward the principal on the … (0 comments)
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