More good news for buyers. Congress recently passed a new law that makes borrower paid mortgage insurance a tax deductible item for people that earn $110,000 or less annually. For most people this will equate to an additional savings of over $400 per year. Previously mortgage insurance was not a deductible item. The borrowers only choice to make it deductible was to choose a loan program where the mortgage insurance was built into the rate(usually a higher interest rate was the end result). Thank you congress for the tax breaks and please keep them coming.

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