One of the tax deductions that many homeowners have been happy to take since 2007 has been the deduction for the premiums paid for Private Mortgage Insurance (PMI). The tax deduction was slated to expire at the end of 2010, but the tax package passed by Congress last December... Read more

Lenders use private mortgage insurance, known simply as PMI, to insure their loans against potential default. PMI also adds another layer of security on top of the normal underwriting procedures banks use to qualify their borrowers.

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