BankRate.com Mortgage Tips

With 2007 just around the corner, BankRate.com has recommended 7 smart moves for those who have a mortgage or are thinking about getting one.

1. Review your mortgage -- does it still fit your circumstances?
2. Watch out for reset.
3. Don't pay the minimum on an option ARM.
4. When you get a mortgage, shop around.
5. Make an extra payment.
6. Think about getting mortgage insurance instead of a piggyback loan.
7. Be skeptical.

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Tax Deduction For Mortgage Insurance

The 109th Congress has approved legislation that will make mortgage insurance tax deductible in 2007. This insurance is charged on private and government mortgages if the down payment is less than 20 percent. It is one of those fees that is just throwing money away for the borrower, but required by the lender. Starting in 2007, the mortgage insurance premium can be treated like mortgage interest on your tax return. Full story...