deductible: DO NOT FORGET: Mortgage Insurance is Tax Deductible on Your 2011 Tax Returns
- 01/31/12 03:05 AM
Well, it is that time of year. TAX TIME!!! And we are all looking for the most write off’s we can. And owning a home has many. One special deduction for the year 2011 is that you can write off Mortgage Insurance. This was not true in the past and at this point it does not look like you will be able to write it off in 2012. But, who knows what will happen in the future. Here are the exact rules for being able to write off your Mortgage Insurance on your 2011 Tax Returns: 1. Your purchase or refinance … (4 comments)
deductible: Conventional Loans with NO Mortgage Insurance. A Great Mortgage Option to Know!
- 12/03/11 11:14 AM
Many times, Mortgage Insurance can be a necessary evil. You will have mortgage insurance if you get a conventional loan and are putting less than 20% down payment. And also if you go with a FHA loan. But, there is actually another option. And it is the No Mortgage Insurance loan, otherwise known as Lender Paid Mortgage Insurance(LPMI). To off set the lack of mortgage insurance the lender increases the rate(usually around .25% higher). This program is based on guidelines of a regular conventional loan. So you will need higher credit scores(680+). There are many benefits to this program, here … (4 comments)
deductible: When is getting a Second Mortgage the best option for you?
- 01/17/11 05:55 AM
When getting a mortgage you will want to know all your options? And of course you want to make sure you are choosing the best mortgage for your needs. Many times I hear that other banks do not offer 2nd mortgages or that they do not exist. I am here to say they do exist and to explain when getting a 2nd mortgage could be best for you. Jumbo Loan A jumbo loan is considered any conventional loan with a loan amount over $417k. So what do you do if you loan amount is over $417k? You could get a Jumbo … (3 comments)
deductible: Mortgage Insurance is Tax Deductible thru 2011
- 12/28/10 10:23 AM
President Obama has signed a bill that has extended the tax deduction of Mortgage Insurance thru 2011. Here are the rules to remember in regards to this tax deduction: your purchase or refinance loan must close before Dec 31st, 2011 household income must be $100,000 or less to get the full write off of the insurance premium. the amount of the write off is reduced by 10% for every $1000 over $100k. With it phasing out at $109,000. meaning if you make over $109k as a household you can not write off mortgage insurance it applies to your primary home and … (1 comments)
Well, it is that time of year. TAX TIME!!! And we are all looking for the most write off’s we can. And owning a home has many. One special deduction for the year 2011 is that you can write off Mortgage Insurance. This was not true in the past and at this point it does not look like you will be able to write it off in 2012. But, who knows what will happen in the future. Here are the exact rules for being able to write off your Mortgage Insurance on your 2011 Tax Returns:
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