Scrub that Credit Score

"Scrub that Credit Score"
Washington Post article explains the role your credit score plays in obtaining a home loan.
Dina ElBoghdady, Washington Post

Market Rates Today

Wk/End 30YR 15YR 1YR 5/1ARM

Jan 18 6.23% 5.98% 5.51% 6.04%

Bobbi Dickerson, Preferred Mortgage

PMI Tax Deduction!

NEW LAW MAKES MORTGAGE INSURANCE (PMI) TAX DEDUCTIBLE



Congress has passed a new law, allowing mortgage insurance premiums to be tax deductible in 2007. It is available to families making $100,000 ore less, who itemize their taxes. The deduction is reduced by 10% for each $1,000 by which the tax payer's AGI exceeds $100,000.

This could be a benefit to borrower's who may not qualify without PMI or an 80/20. Or borrower's who do qualify but like the idea of eliminating the PMI portion of their payment, after a minimum of 24 on time payments and the servicing lender appraisal of LTV less than 78%. One monthly payment, no second trust settlement fees.

Bobbi Dickerson, Preferred Mortgage