Here are two articles that you may reference for questions on:
Mortgage Insurance & Tax Deductibility
Main Points:
- Tax Deductibility applies to mortgages closed in 2007
- The annual household income cannot exceed $100,000
- This is temporary. The current legislation must be extended to remain in effect for 2008 and beyond
- You must itemize deductions in order to qualify
As a borrower, you can opt to incur a higher mortgage interest rate in lieu of paying mortgage insurance; typically between .4 - .675% higher than the qualifying interest rate.
Mortgage Planner
World Wide Credit Corp
(323) 810-2175 | ricardo@ricardobueno.com
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