Great Mortgage News
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December 13th, 2006
Congress has passed legislation allowing mortgage insurance to be tax deductable for the 2007 calender year. This can have a very positive effect on home buying power, especially for first time and lower income buyers. Originator Times has an excellent write up about this new law.
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[...] So what should we expect for 2007? Long term interest rates should remain stable at or near today’s levels, which is historically attractive and low. Homes should continue to appreciate moderately in the 3% to 5% range annually. Of course location, amenities and schools continue to be important factors in the value of homes. Recent legislation making mortgage insurance tax deductable for 2007 should not be considered as a factor due to the uncertainty of whether or not the deduction will be extended or make permenant. [...]