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Tax Deductible Mortgage Insurance in Tennessee in 2007
April 30, 2007 by Holly White · Leave a Comment
Congress recently made a provision for home buyers in 2007 that could save them hundreds of dollars per year on what used to be a total loss. As long as the Tennessee purchaser does not earn more than $100,000 per year in gross income they can now deduct their mortgage insurance. Although it is set to expire after one year, Congress can extend it.
Mortgage industry folks say that the tax break could save homeowners over $91 Million this year alone. First time home buyers will probably be helped the most with this break as most first timers usually don’t have the 20% down payment to avoid having to pay mortgage insurance. And premiums for mortgage insurance can be over a hundred dollars a month, but now folks can buy knowing that they’ll save a little extra on their tax bill next year.
Holly White has been in Real Estate related industries going back to 1995 and has experience in not only real estate sales, but also in mortgage finance and real estate appraisal. Holly has a huge love for music and moved to Nashville in 2003 to further progress a family business in the music industry and open a recording studio on Music Row called Sixteen Ton Recording Studios. During that time she has also managed to take Nashville by storm in real estate with RE/Max Elite.
