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Mortgage-financing benefit vanishes · WAHomeowners.com

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Mortgage-financing benefit vanishes

Mortgage-financing benefit vanishes

Though its demise drew little attention because of the partisan year-end brawl over the payroll tax-cut extension in Congress, a key mortgage-financing benefit disappeared at the end of December: The ability of large numbers of homebuyers and owners to write off the premiums they pay for mortgage insurance.

The loss of that tax deduction — plus mandatory new fees imposed by Congress on all new conventional and FHA loans — could effectively ratchet up the costs of homeownership this year.

The expiration of mortgage-insurance deductibility will hit many low down payment conventional loans originated since 2007, plus virtually all new mortgages closed this year where the down payment is less than 20 percent.

Read More on The Seattle Times…