The Payroll Tax and Increase in Mortgage Fees

Real Estate Agent with Keller Williams Community Partners

Another tax is going to be implemented on real estate starting January 1st.

In order to cover the two month "payroll tax holiday" fees will be increased on government backed mortgages from Fannie Mae and Freddie Mac.

The fee will be an additional 0.1 "surcharge" paid monthly on mortgages from both government backed institutions.

A typical $200,000 mortgage will see an approximate increase of $17 per month.

The Payroll Tax is used to fund Social Security. A two month "tax holiday" will take around $33 billion dollars away from the Social Security Trust Fund.

 Bottom line: There is not free ride. Regardless of your political affiliation one thing stays the same: Somebody has to pay!


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Randy and Sue Wells

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