This time of year, filing taxes is at the top of most people’s to-do list. The media buzz seems to circle around how much lower refunds are this year due to the Tax Cuts and Job Act of 2017 (TCJA 2017). Despite the potential negative implication of the recent tax law changes, homeownership still provides a significant benefit.
Private Mortgage Insurance (PMI) is insurance required by lenders in most scenarios when the borrower makes a down payment of less than 20% on their home purchase. It protects your lender if you default on your mortgage and allows them to recoup losses related to the lower amount of equity in the home.