Congress has just passed legislation allowing Private Mortgage Insurance (PMI) to be tax-deductible beginning in 2007. Click here for the whole story.
Mortgage insurance has been a bit of dirty word in lending (at least from the homebuyers perspective) for quite a while due to the fact that it couldn't be written off like mortgage interest can. Combination or piggyback loans (like 80/20's) have gotten very popular as a legitimate way around PMI.
It will be interesting to see how quickly this catches on - my guess is that it will be a big thing, fast. One loan rather than two? We're all about simplifying our lives!
Monday, December 11, 2006
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