| with any points paid on the new refinance. Taxpayers 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. 1st nationwide mortgage company going to really bite,'' he said. Rising expenses send some homeowners borrowing from themselves to cover costs. But are borrowers burrowing in over their heads? Mortgage broker Teresa Simmons says the rising popularity of the second mortgage stems from customers clinging to rates they locked in when 1st nationwide mortgage company capitalized on their first mortgages. |
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