Buying a home is no small accomplishment. You work hard, save for what seems like forever, and you search near and far for the perfect home. There is more to buying a house than just a down payment, however. You will also be faced with closing costs and monthly mortgage payments, which can all add up fast. In order to help you manage this, there are some dedications for mortgage insurance premium deductions you can take advantage of.
In order to qualify for one of these dedications for home insurance, there are a few criteria you have to meet. If you applied for your mortgage after 2007, make less than 109,000 dollars per year, and the property is a primary or secondary residence that you own as opposed to renting, you may be able to take advantage of this great option. To apply, simply fill out a PMI deduction form. You can download one off the internet or pick one up at your local tax office.
How much you save from dedications for mortgage insurance premiums depends on a few key factors. The most important thing taken into consideration is the value of your home and the amount of equity you have invested in it. Besides that, the other bit that comes into play is the amount of your premium. Depending on all of this, you could see yourself save anywhere from fifty to hundreds of dollars every month. It may not be as extravagant as you hoped, but it adds up to a decent extra chunk of change in your pocket over time.
