Can you still deduct your Private Mortgage Insurance on your Taxes?

It’s pretty exciting when you’re looking for your home and getting your financing in order. There are so many things to know and do, it can be overwhelming. What if you don’t have enough money to make a large down payment? Are there still ways to purchase a home in the Cedar Rapids and surrounding area? Your lender may have a solution requiring Private Mortgage Insurance, if 20% is not available for down payment on the purchase of your home. Private Mortgage Insurance (PMI) is actually an insurance policy taken out in for the bank in case a buyer (you) defaults on your loan. It’s taken … [Read more...]