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Mortgage News for Monday - March 1, 2004

More Mortgage News
• US 2003 home prices climb 7.97 pct vs yr ago
• Avoid remortgage pitfalls
• Mortgage borrowing slows but credit card spending higher
• Would You Like a Mortgage With Your Mocha?
• Don't take mortgage advice from Alan Greenspan
• Construction Outlays Slip in January
• Mizuho Financial Group to Lower Standard Mortgage Rates
• Mitsui Mutual Life, Sumitomo Mitsui Banking Team Up in Mortgages
• Property Appreciation Brings More than Wealth in Katy, Texas-Area Subdivision
• Experts' Opinions Split on Housing Bubble Bursting
• Home purchasing has more twists for doctors
• Westpac sounds reassuring note
• Mortgage boost supports house price boom
• Pay off HELOC with credit card?
• Mortgage Bank Abbey profit policyholders miss out yet again
• Keep ambitions in tune with your finances
• Low rates don't dent debt mountain
• HSBC announces record profits
• Co-op eliminates 'trust mortgages'
• MuniMae earnings higher for year, down for quarter
• HIGHER LENDING FUELLING UNSUSTAINABLE HOUSING BUBBLE
• Family ensnared by housing loan scheme
• FTC Report Against Mortgage Broker Compensation Disclosures
• Slicing utility costs takes load off mortgage
Mortgage News
Mortgage boost supports house price boom - 2004-03-01
The Bank of England said advances were the second highest number on record at £25 billion, only marginally down on the record £25.69 billion set in November last year.

However, the value of mortgages approved was slightly weaker at £25.67 billion, £1.1 billion lower than the average for the three months to the end of December. And just 110,000 loans were approved during January for buying a house, compared with a recent average of 120,000.
Read the full story at itv.com
 
Pay off HELOC with credit card? - 2004-03-01
Dear Dr. Don,
Am I better off transferring the debt from my home equity line, which is presently at 4.99 percent and caps out at 6.25 percent, to a low-cost fixed rate credit card that is guaranteed to stay at 3.99 percent? Robert Restructure

Dear Robert,
Your HELOC (home equity line of credit) has one advantage that the credit card line does not, and that is the potential tax deduction of the interest expense. A HELOC is a second mortgage and mortgage interest is a tax deductible expense.
Read the full story at Bankrate.com
 






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