PMI is usually added on to your monthly payment if you have less than twenty percent equity in your home.
For the first time, the government is allowing you to deduct PMI ... so you want to get that total also from your mortgage holder ... and that could be significant because the past couple of years people have been buying houses with no money down, one hundred percent financing, and even some finance their closing costs ... .
So there are probably a lot of people ... who are in that twenty percent or less, in terms of equity, category. And they’re paying PMI. And that could be a pretty significant figure as well.
Andrew D. Walcott, Esq., CPA
The Walcott Law Firm
Attorney and CPA
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