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?
[tags]PMI, Private Mortgage Insurance, tax deduction[/tags]
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
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.
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.
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.
I totally dislike the fact that those who closed their mortgages in 2006 at INFLATED closing prices are not getting any relief. Who was the wise guy who devised this policy to only give relief to loans closed in 2007 (and onwards)? The home values only started dropping in 2007, so does it not make sense to give relief to those who closed in 2006 at higher interest rates and very high home prices?? I am so surprised that not many people have taken offense or done enough to put pressure on the impotent republican govt.