Tax Deductible Mortgage
Posted on December 16, 2006
Filed Under Mortgage Updates
In 2007, your mortgage insurance will be tax deductible helping to save Americans millions of dollars from this new law. Now instead of getting a piggyback loan that can and will be costly in the future they can consider mortgage insurance instead.
This is really going to help close to a million Americans who will buy a home next year using mortgage insurance,” says Kevin Schneider, president of U.S. mortgage insurance business for Genworth Financial.
Bottom line for consumers: Don’t get a piggyback loan without taking a serious look at mortgage insurance, because mortgage insurance is likely to be cheaper in the long run, and it might even cost less in the short run.
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