Yes. Maybe. Our elected Mensas in the U.S. Senate, in an effort to aid and assist an ailing real estate industry (ha!), voted to increase mortgage fees on newly originated Fannie Mae, Freddie Mac and FHA loans. This increase will equate to $180 per year on a $200,000 mortgage, and will last for the life of the loan. This new tax is said to be necessary to extend the much publicized “payroll tax cut” for an additional two months. Okay, then what? And besides, who ever said that intelligent life exists in Washington?
Congress may very well choose to reject this latest Senate proposal, in which case the payroll tax cut may be allowed to expire. If so, expect a cut in your take-home pay come January 1st.