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Mortgage Insurance Premiums

Payments made to an insurance company that protects the mortgage lender if the homeowner stops making payments. It's often required when a homeowner makes a down payment of less than 20% of the home's purchase price.

Tax Deduction

An amount that can be subtracted from your gross income to reduce the amount of income subject to tax, ultimately lowering your tax bill.

Internal Revenue Code of 1986

The official collection of tax laws in the United States, which is updated and amended regularly by Congress.

Permanent (in legislation)

Means that a law or provision will continue indefinitely, without an expiration date, unless it is later changed or repealed by another act of Congress.