Welcome to Kristin's Mortgage and Real Estate News You Can Use, my Quarterly News Letter!  

If you have questions you would like me to address, please email me at kristin@mortgageandhomebrokers.com.  Be sure to check back for quarterly updates. 

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New for 2007, Tax Deductable Mortgage Insurance!

Good news!  For new mortgages obtained in 2007, borrowers who pay private mortgage insurance because they don't have a 20% down payment, can tax deduct the premiums if their combined income does not exceed $100,000.00 per year.  

In recent years private mortgage insurance companies have lost business to the first and second mortgage combination loans, also known as 80/20 or 80/10/10, or "piggy back" loans.  (A new first mortgage for 80% of the purchase price, combined with a new second mortgage for 20% or 10% of the price, and zero to 10% down payment, avoiding mortgage insurance). 

In order to recapture some of this lost business, mortgage insurance companies have reduced their premiums for certain loans, and have come up with more different ways to pay the premium.  Now that interest rates for second mortgages and home-equity-lines-of-credit are higher, it is all the more important to run a detailed cost analysis on both options, to see which is the better deal for your individual circumstances.  I can provide this detailed cost analysis for you.

This page is still "under construction".  Stay tuned for more valuable information.