Typically, when you put 5% down on a Conventional Mortgage loan you are paying mortgage insurance that is ordered via the bank and paid in your monthly mortgage payment. Hence why it is called “Monthly Mortgage Insurance”. Because you are purchasing PMI as an individual consumer for a one time loan, the rate Is higher. The banks came out with an ingenious way to make a better alternative for their clients. It’s called LPMI (Lender Paid Mortgage Insurance). … (2 comments)
THE FOLLOWING CAN BE ELIGIBLE FOR TAX DEDUCTION*: Your property taxes. Don’t forget to include any taxes you may have reimbursed the seller for. These are taxes the seller had already paid before you took ownership. You won’t get a 1098 report listing these taxes. Instead, that amount will be shown on the settlement sheet.
The mortgage interest on your primary residence, as well as on a second residence. (There are limits, but relatively few taxpayers are affected.)
The interest on up to $100,000 borrowed on a home equity loan or home … (4 comments)
;)
;)
