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View Diary: Today in Congress: can't #@$%ing believe they're still working on the payroll tax (43 comments)

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  •  Here's the relevant part of the bill (1+ / 0-)
    Recommended by:
    sodalis

    http://thomas.loc.gov/...

    There is an increase in mortgage fees which is expected to cover the cost of the 2% cut in FICA collections.  The Dems preferred to use a millionaires' tax to effect this 'offset' - because we are now in a world where tax cuts have to be offset by increases in other taxes or spending cuts - but the Rs demanded this instead. It was this - or no tax cut.

    The fee is cited in terms of points, not a dollar amount, so your dad is 'simplifying', although he may be correct about the average effect.

    You're the mortgage-shopper; see if you get more out of this than I do.

    Am I right, or am I right? - The Singing Detective

    by Clem Yeobright on Fri Dec 23, 2011 at 08:01:30 AM PST

    [ Parent ]

    •  thank you (1+ / 0-)
      Recommended by:
      Clem Yeobright

      I read that section and wasn't sure what 10 basis points means, and if the fee would be a one time fee, a yearly fee, or a monthly fee.

      I am considering a refinance through my credit union and have to determine if it is worth it in the long run.  It means going from 22 years of payments back to 30 years.  Even without the new fee it was about even on the total payback amount over the course of the loan.

      I'll get in touch with the loan officer at the cu and see if she can explain how it would affect my monthly payment.  I might be better off just staying with my current setup.

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