Mortgage Insurance Premium Write-Off Saves Borrowers $350 A Year, Says Association

by Peter G. Miller
September 27th, 2007

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If borrowers can write off mortgage insurance premiums how much will they reduce their tax bills?

This is not a minor matter, it turns out that a typical borrower will save $350, according to the Mortgage Insurance Companies of America (MICA).

“When this measure is ratified by the full House and Senate and signed into law by the President,” says MICA, “qualified borrowers paying government and private mortgage insurance premiums will continue to benefit by saving an average of $350 each tax year. For those on the cusp of homeownership, this is an important provision. It is specifically designed to help low and moderate income borrowers achieve the dream of homeownership.”

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