Mortgage Insurance/ aka PMI

Congress approved a bill Saturday, Dec. 9, to make mortgage insurance premiums tax-deductable.

Mortgage insurance premiums will be 100% deductable for housholds whose adjusted gross income is $100,000 or less.

The bill, awaiting a final signature, is effective for the 2007 tax year on loans closed on or after Jan. 1, 2007.

Financing with MI simplifies the mortgage process for your borrowers, increases their buying power, broadens their cash-flow options and allows for tapping into equity and refinancing more easily. Now that it's tax-deductable, you have one more good reason to make MGIC MI an option for them.