Mortgage insurance is going tax deductible, so WHAT?
A lot has been made from the tax bill that was passed by 109th congress in its very last hours. One of the provisions is that private mortgage insurance will be tax deductible for 2007 - only for the purchase and refinance loans closed in 2007. Bankrate.com puts nice analysis on this, but I wouldn't waste time reading it. Too many limitations and no one knows, if it lives to see another year now that Democrats are in control. Simply put, the existing programs initiated few years ago by the lenders such as Countrywide, Washington Mutual and others, have much better and comprehensive program called TAMI, or Tax Advantage Mortgage Insurance. The buyer has one loan, no piggyback loans, thank you very much, and a slightly higher interest rate. These programs often are called LPMI, or Lender Paid Mortgage Insurance, because in a sense, lender pays the PMI for you.
Fri Dec 15, 2006 01:12PM | Copyright: www.bad-credit-advisor.com | More in Mortgage | Comments (0)
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