Payroll tax cut to cost homebuyers $5,000
Orange County Register ^ | December 17th, 2011 | Mary Ann Milbourn
Posted on Thursday, December 22, 2011 3:38:06 PM by hiho hiho
Most homebuyers will pay an increased fee to finance their mortgage as part of a U.S. Senate compromise approved today to continue a 2 percentage point cut in payroll taxes and extend unemployment benefits until February.
In a last-minute compromise reached Friday night, the Senate agreed to extend the payroll tax cut and unemployment benefits but only for two months and to pay the estimated $30 billion to $40 billion cost by increasing the fees on new mortgages backed by Fannie Mae and Freddie Mac.
The increase is expected to cost a new homebuyer about $17 a month for a $200,000 mortgage and would tack on an estimated $5,000 to the cost over the life of the loan, according to the Associated Press.
http://www.freerepublic.com/focus/f-news/2823949/posts
Gee, I’ve sure missed a lot today.
Stupid caller—get ‘im, Rush!