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Gloria S. Smith's Articles in Mortgages

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Is PMI Tax Deductible? PMI (private mortgage insurance) became a tax deductible expense for all new borrowers who earn below the $100,000 threshold, from on January 1st, 2007. The main advantage of this new legislation is that it will assist those homebuyers who were choosing the more risk prone ‘piggy-back’ kind of loan, thus avoiding PMI for the last few years. Mortgage Insurance Most people dream of obtaining home loans as a means of buying their very own home. And when we finally do manage to realise this dream, we would never give a seconds thought to the fact that we could ever fall into a situation whereby we were incapable of paying our mortgage, hence running the risk of having foreclosure on our house. While no one thinks about this, it does happen to thousands of people each and every year.

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