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Mortgage News for Monday - January 31, 2005

More Mortgage News
• Mortgage debt sets a record $620bn
• Build some career equity at Bayside Home Mortgage
• Dorothy Reid can be proud of the mortgage interest rates she finds
• Tax deductions don't outweigh paying off mortgage loan
• Mortgage scam dupes owners here
• Hundreds lose homes as mortgage costs bite
• US economy growing faster
• Court tosses Oakland's predatory lending law
• Canadian Home Sales Rose to 4th-Straight Record in 2004
• Adjustable-Rate Vs. Fixed-Rate Mortgages
Mortgage News
Dorothy Reid can be proud of the mortgage interest rates she finds - 2005-01-31
When Dorothy Reid set up her own mortgage brokerage firm, Mortgage Specialists of Alabama Inc., the reception from her competitors was less than enthusiastic. In September 2000, the majority of local brokers were male. Reid found herself operating in what she calls a "good old boy" network.

Reid says other brokers often were merciless in their attempts to dissuade potential clients from signing with her.
Read the full story at MSNBC
 
Tax deductions don't outweigh paying off mortgage loan - 2005-01-31
Q. I am a 57-year-old single man, and I plan to retire at age 60. I am considering paying off my home. The home is worth approximately $325,000, and I owe about $70,000 on it. I have $70,000 in savings and money market accounts, which pays me almost no interest.

A: Paying mortgage interest payments just to get a tax deduction is a poor use of money. Nobody wants to pay more taxes than is absolutely necessary.
Read the full story at DetNews.com
 






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