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Rich Iacovetta

Mortgage Interest Tax Deduction Going Away?

Thursday, November 4, 2010 - Article by: Rich Iacovetta - Caliber Home Loans - Message

Is the mortgage interest tax deduction going away? Well you might have a lump of coal in your stocking this Christmas. President Obama is considering reducing the mortgage interest tax deduction, that homeowners have come to love and benefit from over the years, and eventually eliminating it completely to help reduce a $400 billion deficit over the last 5 years. The government says that it is losing $100 billion annually, and so I guess they think it's better that taxpayers lose the money instead. There absolutely has to be a better alternative than this. I talk to people on a daily basis that are motivated to stoprenting and buy a house because of the tax benefits of home ownership. We already have a problem with getting people to stay in their houses, and if this passes were going to have a problem with getting new people to buy houses. If you are a realtor or a lender this should really bother you, so let me know your thoughts in the comments below.

Donald Trump has told his neighbors in the most beautiful city in the world, Rancho Palos Verdes, Ca. YOU'RE FIRED! He decided to put the greatest house in the world or mausoleum on the market for $12 million and you're gonna absolutely love it. His neighbors couldn't be happier that he's selling. In case you don't remember, Trump sued the town for $100 million, or about half of what he spends on aqua net hairspray which by the way is the greatest hairspray in the world, because they blocked his efforts to maintain the "Trump image" over things like not letting him name a street after himself. Trump who already owns everything east of the Mississippi also says he is considering running for president in 2012, and he'll be the greatest president in the world, and your gonna love him.

Thanks to election day and the Fed meeting this week, interest rates are even lower. Now if you were one of those people that keeps saying I think they're going to go lower I think they're going to go lower, don't get greedy or you might soon be finding out that you would have saved more money renting out a room to a drunken Charlie Sheen then by not refinancing right now. So please don't make a mistake but take advantage of these still low rates that are available before they go up even higher. Thanks for watching, I'll see you next week.

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