UNDERSTANDING DISCOUNT POINTS WITH MORTGAGE MARK

Points Are Tax Deductible

Points paid on a mortgage loan are tax deductible so long as they are “true” points. To be true point for the tax deduction the points have to exist for the purpose of buying down the interest rate. Think of it this way: because Mortgage Interest is Tax Deductible, points paid to lower the interest […]

Mortgage Insurance Overview

Mortgage Insurance, PMI, MIP, MI – it’s all the same (sort of). PMI is mortgage insurance for conventional loans, MIP is for government loans (like FHA and USDA), and Mortgage Insurance, aka “MI” is the generic term for all types of mortgage insurance. Bottom line: Mortgage Insurance protects the lender against losses if a borrower […]

Mortgage Insurance Cancellation From The Best Lender in Frisco Texas 200 x 200

Mortgage Insurance Cancellation

Mortgage Insurance Cancellation Let’s face it, nobody likes Mortgage Insurance and the sooner you can cancel PMI the better. The information below is to serve as a guideline to mortgage insurance cancellation and is not intended to serve as legal advice. (Compliance made us say that). This content is directed towards loans that were originated […]

Qualified Mortgages (QM) Guidelines

The Consumer Financial Protection Bureau (CFPB) amended Regulation Z, which implements the Truth in Lending Act (TILA), to prohibit lenders from making a higher-priced mortgage loan without regard to the consumer’s ability to repay the loan.  (In other words Congress wants to make sure loans are really, really, really “safe” to prevent another mortgage crisis). […]