| will remain unchanged. ``It also has a piece of American dream about it,'' he said. ``It's not just what people get now, but what they hope and dream they're going to have someday. I think a lot of taxpayers who would never have home equity loan utah mortgage above the (limits) sure hope they would.'' In today`s changing economy, one professor of economics stresses the importance of consumer education. Mortgages eligible for the tax break would be limited by a formula reflecting the home equity loan utah regional price of housing. If in place today, that range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible for the credit. Taxpayers who currently own homes would have five years before they had to use the new credit. During home equity loan utah period of transition, a taxpayer could still take a deduction but the home equity loan utah of the mortgage eligible for a tax break would gradually fall. At the end of five years, everyone would be using the proposed credit. Connie Mack (search), a former Florida senator and chairman of the tax panel, said less than 5 percent of mortgages in the nation exceed home equity loan utah proposed cap. "It is a fair plan. It shares the benefits," he said. For homeowners with a small mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of housing. home equity loan utah who bought $1 million homes expecting a generous tax break could be in for a shock, said Michael Fratanponi, senior director of single family research and economics at the Mortgage Bankers Association. “Refinancing activity was strong in the third quarter, even with higher interest |  |
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