If you put down less than 20% on a house, expect to be required to purchase private mortgage insurance or PMI, which protects the lender in the event you default on your mortgage. PMI premiums on a median priced home ($285,000 in 2019) can run between $50 and $100 per month. PMI might be unavoidable, […]
Home owners who are eligible to deduct private mortgage insurance, or PMI, premiums can shave hundreds of dollars off their income tax bills. If you put down less than 20% on a home, expect to be required to purchase private mortgage insurance, which protects the lender in the event you default on your home loan. That’s […]
The federal government is allowing a tax break for private mortgage insurance on loans obtained in 2007. If you obtain(ed) a new home loan with private mortgage insurance in 2007 or thereafter, you might be able to deduct the cost of the insurance on your federal income tax return. The rules are just as […]
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