LYCOS RETRIEVER 
Mortgage Insurance: Borrowers
built 613 days ago
The United States Congress made the cost of mortgage insurance tax deductible for the first time in December of 2006 for transactions closed in 2007. Borrowers with adjusted gross incomes below $100,000 were able to deduct 100 percent of their mortgage insurance premiums paid between January 1 and December 31, 2007. The extension passed today extends this benefit through 2010. Deductions are phased out at 10 percent increments for borrowers with adjusted gross incomes between $100,000 and $109,000.
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Borrowers with a subprime mortgage who are refinancing to a FHA mortgage are often not aware of the upfront mortgage insurance premium (MIP). As the name implies, this is paid upfront at the time of close. During the subprime heyday MIP was one of the reasons not to do a FHA mortgage. How the tables have turned.
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Congress recently extended legislation that makes mortgage insurance premiums tax deductible for many Americans. This new legislation ensures tax deductibility of MI on purchase and refinance loans for qualified borrowers through 2010.
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Depending on a number of factors, either the bank that is lending the money or the mortgage borrower himself, will own life insurance on his life. Thus if the bank is the owner, the loan will be paid off at death or the survivors of the mortgage holder will have sufficient funds to continue the mortgage payments.
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In obtaining an FHA loan, borrowers pay for an upfront mortgage insurance premium (MIP) which is itemized on the settlement statement at closing. Borrowers obtaining VA loans will not pay PMI or MIP; ... the Department of Veterans Affairs charges a similar VA Funding Fee which is also itemized on the settlement statement.
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