| deduction but the size of the mortgage eligible for a tax break would gradually fall. At the end of five years, everyone would be using the arc commercial mortgage 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 the 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 arc commercial mortgage benefit defraying the cost of housing. 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 arc commercial mortgage and economics at the Mortgage Bankers Association. “Refinancing activity was strong in the third quarter, even with higher interest rates with 44 percent of new mortgage applications being submitted for refis,” said Amy Crews Cutts, Freddie In the third quarter of 2005, the median ratio of old-to-new interest rate was 1.09. In other words, one-half of those borrowers who paid off their original loan and arc commercial mortgage out a new one had an interest rate on their old loan that arc commercial mortgage at least nine percent higher than the new interest rate. Years of historically low interest rates have enabled Californians to save millions of dollars by refinancing their mortgages. But what few homeowners realize is that refinancing exposes them to greater losses if lenders foreclose on their property. As long as homeowners retain their original mortgage, a little-known state law prevents lenders from going after more than just the home. Refinancing frees lenders arc commercial mortgage go after cars, savings and brokerage accounts, unrelated real estate holdings and other assets to make up the difference -- even if it takes |
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