Mortgage Interest Tax Deductibilty Extended Through 2011; St. Louis Mortgage Rate Update

Paramount Mortgage Company - St Louis

The President has signed the bill extending Mortgage Insurance tax deductibility through December 31, 2011. Borrowers can use Mortgage Insurance (MI) to buy a home sooner and enjoy predictable payments, while benefiting by deducting the premiums from their income taxes. And MI can be canceled once the home buyer builds enough equity.   MI is required on all mortgage loans that exceed an 80% loan to value.

Details on Tax Deductibility for MI Remain Unchanged

  • The home purchase or refinance loan must close between January 1, 2007 and December 31, 2011;
  • Household income must be at or below $100,000 for a full deduction of premium;
  • The premium deduction is reduced 10% for each $1,000 of income over $100,000;
  • The premium deduction is prorated in the first year based on the month the loan closes;
  • Applies to primary residence and one other residence purchased for personal use by the taxpayer;
  • Monthly, annual, and single MI premiums are eligible. Financed premium deductions should be taken over a seven year period.

Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper.
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St. Louis Mortgage Interest Rates – January 5, 2011

  • 30-year fixed-rate  4.750% no points
  • 15-year fixed-rate  4.250% no points
  • 5/1 adjustable rate 3.875% no points
  • FHA/VA 30-year fixed rate  4.625% no points
  • Jumbo 5/1 ARM 3.875% no points
  • Jumbo 15 year fixed-rate  4.625% no points
  • Jumbo 30 year fixed-rate  5.500% no points

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.

 

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