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Debt Consolidation Mortgage Loan - Pros And Cons
Debt consolidation mortgage loans can help you lower your
interest rates and monthly payments. With reduced rates, you can
also pay off your debt sooner. However, reducing your equity
could subject you to private mortgage rates. You may also end...
Mortgage Equity Withdrawal - The Refinancing Trend
Mortgage Equity Withdrawal is the formal name for equity refinance, reverse mortgages or simply home loans based on equity (as the security for the loan).
Mortgage Equity Withdrawal rose to 8.7 billion pounds in the second quarter of this year to...
Mortgage Refinancing Tips
As interest rates continue to creep upwards, many home owners
are looking at refinancing options. Here are some mortgage
refinancing tips.
Mortgage Refinancing Tips
Rates have been increasing steadily for the last six months.
These...
Sub-Prime Mortgage Loans - Five Ways To Lower Your Rates On A Sub-Prime Mortgage
Sub-prime mortgages don't mean you have to pay excessively high
interest rates to buy a home. By taking time to do some research
and pick the right terms, you can save thousands on your
mortgage. The following five tips will help you get low...
What Is The "Right" Mortgage For Your Needs?
Are you thinking of buying a home? If so, then there are many things that you need to research first. For example, do you know what a mortgage is and do you know all the details of getting a mortgage? The more you know before you get into it, the...
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Tax Reform - Limit of Mortgage Tax Deduction
A committee appointed by President Bush has come up with an alarming recommendation. They want to limit the tax deduction for mortgage interest!
Reform
Following his re-election, President Bush set up an aggressive agenda in which he hoped to reform social security and the tax code amongst other things. As with many things in the political world, this sounded easier done than it really was. With social security, political forces have forced the President to pull back from private accounts. With tax reform, a similar political and practical mistake is being made.
Limited Deduction
The bipartisan tax reform committee appointed by President Bush is making a mess of things. They are proposing the elimination of the Alternative Minimum Tax, which is clearly a good thing. Unfortunately, they are also proposing a limit on the tax deduction you can take for mortgage interests.
Although the final recommendations are not yet published, leaks have led to the belief the tax reform committee is going to propose the mortgage interest tax deduction be limited to the percentage of any loan that the Federal Housing Administration would write. Put another way, you would only be able to write-off interest on the first $315,000 of a mortgage! On top of this
disaster, the committee is proposing to eliminate the deduction for property taxes.
Economic Disaster?
The implementation of the above recommendations would be an economic disaster for the United States. The real estate industry would suffer incredibly and the real estate boom would become a bust. In many parts of the country, a single family home averages well over $315,000. In San Diego, the average cost of a home is in the $600,000 range. To get into such homes, many families apply for interest only loans to make ends meet. If they lose half of the interest deduction, default will not be far behind.
Once again, we are faced with a situation where politicians just don't get it. Our housing market is incredibly strong and they want to throw a wrench in the process. Developers and homeowner associations have vowed to fight this "tax reform". You should as well if losing half of your deduction troubles you.
About the Author
Dan Lewis is a mortgage broker with http://www.gwhomeloans.com - San Diego mortgage brokers providing home loans and refinances. Visit http://gwhomeloans.com/services.html to learn more about options for San Diego mortgages.
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What is a Mortgage Refinance |
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