boise real estate
01-21-2007, 02:54 PM
New buyers can benefit from recent changes in tax laws. Most buyers finance more than 80% of the homes value and are usually required to have private mortgage insurance. This year, for the first time, PMI is tax deductible. The cost is usually one half of one percent of he loan's value, this is valid on purchases and refinancings that close in 2007. However, there is no deduction if your adjusted gross income exceeds $110,000 for the year, or $55,000 if you are married, filing separately. This deduction has been approved by congress for only one year so far.
Many economists predict that the Federal Reserve will cut interest rates this year. I this happens, then mortgage rates will fall too. Just how much you will be able to save, depends on the type of loan you have.
Many economists predict that the Federal Reserve will cut interest rates this year. I this happens, then mortgage rates will fall too. Just how much you will be able to save, depends on the type of loan you have.