Archive for the 'Mortgage News' Category

PMI Tax Deductibility Extended Through 2011

Monday, May 9th, 2011

There's great news for homeowners! Congress recently extended legislation making private mortgage insurance (PMI) premiums tax deductible through 2011!

So why is this significant? PMI can help people buy a home sooner, by enabling them to put less than 20% of the purchase price down when buying a home. This increase in purchasing power can sometimes be the difference between affording the home of your dreams…or not.

What's more, this deduction is not just for first-time homebuyers, so it can be used by current homeowners looking to upgrade to a new home. However, it does only apply to "qualified" residences, which typically include a primary residence and a vacation home, but not an investment property.

It's important to note that PMI is only tax deductible for homeowners with adjusted gross incomes of less than $110,000. Borrowers with adjusted gross incomes up to $100,000 may be able to deduct 100% of their 2011 premiums. Deductions are phased out in 10% increments for borrowers with adjusted gross incomes between $100,000 and $109,000.

As with any deduction, be sure to consult your tax advisor if you have any questions. And if there's anything at all I can do to help you with your mortgage, please let me know. I'm always happy to do whatever I can to make sure your mortgage is working for you!

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Ham Thorne
Mortgage Planner w/ Directors Mortgage Inc.
4550 SW Kruse Way, Suite 275
Lake Oswego, OR 97035
503-645-7905 direct
971-404-3177 fax

Window of Opportunity Has Opened

Thursday, May 5th, 2011

I wanted to reach out to you before it's too late. You may have heard that home loan rates improved, reaching some of the best levels so far in 2011. In fact, I've been slammed with emails and phone calls from people just like you who wanted to take advantage of this wonderful situation.

But there's one important point you should understand…

The slowing in our economy is one of the main reasons rates have improved recently, but it's important to note that the last time rates hit this level, they jumped significantly higher from here. What's more, signs of inflation are beginning to creep into our economy, and that never bodes well for home loan rates. That's why it's more important than ever to act now.

It will only take a minute – give me a quick call so we can look at your situation. Doesn't cost anything to check it out, and the choice of moving forward will be up to you. Don't miss this window of opportunity to save significantly on your monthly budget.

I look forward to hearing from you!

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Ham Thorne
Mortgage Planner w/ Directors Mortgage Inc.
4550 SW Kruse Way, Suite 275
Lake Oswego, OR 97035
503-645-7905 direct
971-404-3177 fax

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