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Archive for the ‘Private Mortgage Insurance (PMI)’ Category

Second Mortgages – HELOCs vs. Fixed

Posted in Mortgage Products, Private Mortgage Insurance (PMI) on Jan 11, 2007 | 4 Comments »

Unless you are putting 20% down on your home purchase, odds are you are familiar with second mortgages.  Second mortgages are usually smaller loans used by lenders to make up a financing gap.   For instance, you can only put 5% down, so your loan is structured as an 80-15-5. The first mortgage is 80% of [...]

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New for 2007, PMI is Tax Deductible

Posted in Affordability, Buying, Industry News, Politics, Private Mortgage Insurance (PMI) on Jan 7, 2007 | 2 Comments »

After much lobbying, private mortgage insurance (PMI) is now tax deductible for refinance and purchase loans taken out after January 1, 2007.  This benefit was buried deep in the Tax Relief and Healthcare Act of 2006.  This is great news for millions of homeowners making owning a home more affordable.   For decades, lenders have required homeowners who do [...]

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Avoiding Private Mortgage Insurance

Posted in Private Mortgage Insurance (PMI) on Dec 21, 2006 | 1 Comment »

It used to be that when you bought a home and didn’t have a twenty percent down payment lying around, you had to pay what is known as private mortgage insurance (PMI). PMI is insurance that the lenders requires borrowers to pay to insure that the lender recoups their funds on your mortgage in case [...]

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