Happy New Year!!

It's the start of what is going to be an exciting year and we are starting it out with some good news from Congress.

Congress has once again extended legislation that makes mortgage insurance tax deductible for many Americans. The new legislation ensures the tax deductibility of mortgage insurance on purchase and refinance loans for qualified borrowers through 2011.

The legislation itself is no different than what was passed in 2007. MI premiums are still fully deductible for taxpayers earning up to $100,000, and partially deductible for those with incomes between $100,000 and $109,000. The only difference is that the deduction now applies to policies written through the 2011 calendar year.

Extending MI tax deductibility is an important win for many reasons:

• Tax relief is much needed in a time of struggling economic recovery, and continues to help protect the dream of homeownership for many.

• Mortgage insurance is not only safe and predictable, but it's also cancelable and packed with features borrowers want today, including Genworth's Job Loss Protection, Homeowner Assistance Program and homebuyer education discounts.

Consumers today have an increased understanding of how mortgage insurance can benefit them, and the extension of MI Tax Deductibility will help continue that trend.

If you are in the market for a new home or if you are refinancing an existing mortgage; make sure you know what kind of MI options are available from you

If you want more information regarding mortgage insurance or how to avoid it feel free to give me a call or send me an email at mzelvis@primelending.com.

As always this information is also located on my website at www.raleighmortgagebroker.com

I hope everyone had a safe and happy new year!!

Michele Zelvis
919-632-2833