Boca Raton Real Estate CommunitiesLooking for luxury home communities in Boca Raton? Use our site to view all the best Boca Raton communities. |
| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Mortgage Insurance is Now Tax Deductible, Sort Of
Much has been written over the years comparing the advantages and disadvantages between private mortgage insurance (PMI) and the double loan, "piggy-back" alternative. Some state that the piggy-back scenario is better than PMI. PMI is a monthly premium attached to a mortgage payment for folks whose down payment is less than 20 percent. The logic is simple: The larger the down payment, the bigger spread between the value of the collateral and the loan size. Borrowers are less likely to default on their mortgage and ultimately lose their home if they have 20 percent (or more) equity at stake. For those homeowners who put less than a 20 percent down payment, the PMI premium insures a percentage of the equity, reducing the risk to lenders. The premium is equal to about .5 percent of the loan amount for a 90 percent loan, and up to one percent or more for folks looking for 95 or 100 percent financing. For more information on this and other real estate matters, your first source for Grande Orchid real estate should be licensed agent and long-time resident Caesar Parisi. click here for article |
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