You may be able to deduct home mortgage interest, points and mortgage insurance premiums, using Form 1040, Schedule A, Itemized Deductions (PDF). Points are charges paid by a borrower to obtain a home mortgage. You can deduct either the full amount of points in the year paid or over the life (term) of the mortgage.
Publication 17, Your Federal Income Tax - Chapter 23, Interest Expense - See Home Mortgage Interest
Your mortgage holder should send you and the IRS a completed Form 1098, Mortgage Interest Statement (PDF) or similar statement showing the mortgage premiums and interest you paid during the year.