Your PMI Is Tax-Deductible

Did you know that if you are paying PMI (Private Mortgage Insurance) you can deduct it on your taxes?  The Protecting Americans from Tax Hikes Act of 2015 allows homeowners that pay PMI to deduct the premiums as interest on their tax returns for the 2015 and 2016 tax years.  If you purchased a home in recent years and your down payment was less than 20% there is a good chance you are paying PMI.  If so, make sure to discuss with your tax preparer your PMI premiums and take advantage of this benefit.

If you have a conventional loan and you pay PMI, at some point, after paying down your mortgage balance, you will reach a point where your loan-to-value ratio is 80% or less.  This means you’ll have 20% equity in your home and you should no longer be required to pay the PMI.  If you think this is true in your case speak to your mortgage company to determine if you qualify for eliminating the PMI.  That would put some extra money in your pocket each month!

About the Author

Owner/Broker of Allen Adams Realty

Bill Adams, a North Carolina native, is founder and Owner/Broker of Allen Adams Realty, a boutique agency focused on personalized real estate services. The name “Allen Adams Realty” is derived from Bill’s full given name which is William Allen Adams.

Bill, after obtaining both a real estate sales license and an appraisal license, began his real estate career in 1998 after successful careers in the racing and automotive industries. First, a concentration on real estate appraisal services allowed Bill to gain detailed knowledge and insights into the many different facets of the greater Lake Norman and Charlotte metro real estate markets. This allowed Bill to truly understand real estate values and local markets and expand into doing both appraisal and real estate sales. Then in 2004, armed with his experience, knowledge, and expertise, Bill started his own firm and called it Allen Adams Realty. In the early years of his new firm Bill continued to do both real estate appraisal and sales and then after the downturn of the market in the late 2000’s Bill has focused solely on real estate sales.

Bill strives for excellence in all aspects of his relationship with each and every client and prides himself on providing premier dedicated and personal professional service. Bill has successfully represented a wide range of clientele from international high-end luxury buyers to young families buying their first home. Through his wide reaching marketing he has also developed a large part of his business helping those buying second homes on Lake Norman or relocating to the area. Bill’s varied background and seasoned experience has made him a trusted and highly rated expert, which has been validated by being awarded multiple Five Star Professional Award for Real Estate awards. An award given to only the top 7% of real estate agents in the entire Charlotte market area.

On a personal note, Bill has lived most of his life in North Carolina and has lived in the Lake Norman area since 1997. He currently lives in the wonderful small college town of Davidson with his lovely wife Lindsey, beautiful daughter, and beloved dog. Beyond real estate, he enjoys boating on the lake, spending time with friends and family, most all things motorsports, cars, motorcycles, Panthers football, being active, hiking and exploring in the nearby mountains, vacations to the beach, traveling, as well as many other things.

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