By filemytaxes. You can get a refund back by claiming the PMI deductions on your income tax returns. Not making the PMI deduction is one of the top 5 mistakes homeowners usually make on their taxes. This tax deduction will expire in the next tax year unless Congress decides to renew it.
When can I remove private mortgage insurance (PMI) from my loan?
How to Get Rid of PMI Right Now • • Benzinga
Private Mortgage Insurance PMI is often stigmatized and perceived as a bad thing when comes to buying or refinancing a home. Home buyers, home owners, and other real estate professionals deserve more accurate and more informative information about the role Private Mortgage Insurance PMI can play in expanding home ownership by securing a low down payment affordable home loan. Unfortunately, many loan officers themselves do not fully understand the different types of PMI programs available or know how to properly structure a loan with PMI. That may be why so many loan officers push home buyers into higher cost FHA financing. Mortgage insurance protects a lender from loss when a home owner cannot repay the loan and eventually leads to foreclosure or short sale. Risk of financial loss to a lender increases when a borrower has a lower down payment or less equity.
How To Get Rid of PMI, or Private Mortgage Insurance
Owning a duplex means access to a variety of tax deductions. Because the IRS treats rental real estate roughly in the same manner that it treats small businesses, you're able to write off multiple expenses that you incur. You even can claim a portion of certain tax benefits if you occupy half of the duplex as your personal residence.
Private mortgage insurance, or PMI, is insurance provided to mortgage lenders to cover losses in case of borrower default on VA, FHA and rural housing loans. Some lenders spread the PMI premium over the life of your loan and add that amount to your monthly payment. Other lenders offer you the ability to prepay the entire PMI amount required for the loan upfront or roll it into the financed balance.