Mortgage Market Memo 3-29-2011 - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Tuesday, March 29, 2011

Mortgage Market Memo 3-29-2011

Million-Dollar Tax Questions
The Wall Street Journal reported that homeowners who owe more than $1 million in mortgage debt are coming under more IRS scrutiny as it relates to their mortgage interest deduction. This added attention follows a period of confusion between tax advisers, clients and even IRS agents as to the amount of interest a taxpayer can deduct based on their type of mortgage debt, either acquisition debt or home equity debt. Read Article for More Details <http://blogs.smartmoney.com/tax/2011/03/25/million-dollar-homes-face-more-audits/>

Big News on April Fool’s Day
The Unemployment Rate and Non-Farm Payrolls will be reported this Friday at 8:30 CST. These are very important indicators of the overall economy and will help dictate which direction interest rates will go. Stay tuned for more information.

Nobody Likes PMI
But, please remember that PMI (mortgage insurance) plays a crucial role in the recovery of the housing market. Many people look at PMI as something that is needed for first time buyers. However, considering that so many move up buyers do not have large down payments since their current homes have dropped in value, PMI can help them as well. United Home Loans offers several PMI solutions – some that even allow the seller to “buy out” the PMI for the life of the loan, for as little as 1.25% to 2.0% of the loan amount.


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