With a stoke of a pen, PMI (Private Mortgage Insurance) became tax deductible for loans taken on/after January 1, 2007.
Most see this as a good thing. Some do not.
Personally, I need to absorb this further before forming an opinion either way.
And a great place to start is over at Rain City Guide where Ardell and lender Anne Brown chime in, and others followed with great comments. Read it and start absorbing.
Thoughts and opinions, as always, are welcome! Is this good, bad, indifferent?
Technorati Tags: PMI, Private Mortgage Insurance, tax deduction
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{ 3 comments… read them below or add one }
geno petro 01.11.07 at 3:52 pm
I can’t really see how any tax break is a bad thing but of course, this is coming from the ‘right’ side of my brain. I read the pros and cons on Ardells blog (comments mostly) and I suppose I stand by my original thoughts on it being a good thing. I rely heavily on other peoples opinions on subjects I don’t completely understand. For instance, how is PMI even legal in the first place?…what a rip. I’d like to see the actuarial tables of specific ‘Claims’ vs ‘Premium’ plus have you ever tried and have it removed from your mortgage?… Act of Congress, practically.
Jay - The Phoenix Real Estate Guy 01.11.07 at 4:20 pm
Pretty much my thoughts *exactly* Geno. (The “right” side of my brain is significantly larger than the “left”).
And yeah, I tried once to get PMI removed — apparently I couldn’t get the required two-thirds majority vote.
Homeowner 04.11.08 at 11:39 am
What about us who got mortgages BEFORE 2007? We’re screwed.
What about those of us who make more than the limits? We’re screwed, once again.
PMI sucks and congress sucks, too.