Private Mortgage Insurance is important to homebuyers because it helps them afford homes with less than 20% down on the home. Because the premiums can get costly, it can get overwhelming. You know that you can write off the interest you pay on your mortgage, but what about the PMI? Compare Offers from Several Mortgage Lenders. Deducting PMI Up until recently, homeowners … [Read more...] about Can PMI insurance Payments be Deducted on Taxes?
The Federal Housing Administration’s (FHA) recent annual report to Congress confirmed as much: the reduction in mortgage insurance premiums will not materialize anytime soon. This puts an end to rumors about the reduction being reinstated after President Trump suspended it indefinitely along with other last-minute policies from the Obama administration. Should the … [Read more...] about Mortgage Insurance Premium Cut Remains Suspended Indefinitely
In a recent blog post, the CFPB made some interesting points about mortgage calculators. That they are practical tools to help you figure out how much you can afford to borrow at the onset of your home and loan shopping. This leads us to what goes into your monthly loan payment and how much it entails when you finance your first home purchase. Consider this a good way to set … [Read more...] about How Much Does Your Mortgage Cost?
Getting a new FHA mortgage will cost less this year as the agency is reducing its annual MIP rates by 25 basis points. This annual mortgage insurance premium (MIP) reduction, according to the FHA, will help homeowners save $500 a year. Reduced rates will apply to mortgages that closed on or after January 27, 2017. Talk to a mortgage lender near you.» 2017 FHA Annual MIP … [Read more...] about Homebuyers Will See Lower FHA Annual MIP Rates This 2017
Flood insurance is one of those mysterious things about home ownership that many people believe the wrong things about. The most common myths about flood insurance are often the ones that keep people from purchasing it and end up forcing them to pay, literally, in the end. Here are the most common myths that you should really learn the truth about so that you can understand … [Read more...] about Common Myths about Flood Insurance