Tax Deductible Mortgage
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.
December 16, 2006 | Filed Under Mortgage Updates