Recasting Your Mortgage

Recasting Your Mortgage

In this market, it is challenging to make a move if you must utilize the equity from the sale of your existing home for the down payment on a new home. Most Sellers will not accept an offer that is contingent on the successful closing of your existing property. But there is simple solution. Assuming you can qualify for both mortgage payments, and you have a 3 – 5% down payment for a conventional loan, you ...

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Private Mortgage Insurance Is Tax Deductible for 2007

New Law passes for 2007
If you obtain a new home loan with PMI (private mortgage insurance) in 2007, you might be able to deduct the cost of the insurance on your 2007 tax return. The rules are just as complicated as most other tax laws, so you should consult a CPA for guidance.

What is PMI?
It protects the lender from the risk that you might default on your home mortgage. As the borrower, you pay the PMI premiums. PMI ...

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