Word: mortgagee
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When Neil L. Rudenstine took the University's helm in 1991, Harvard lent him a bright yellow mansion on posh Brattle Street for free. But even though Rudenstine lives on University property without rent, he borrowed $176,000 from Harvard for a mortgage.
Without a mortgage program, says Rudenstine, most Harvard faculty members would not be able to live in Cambridge. Without educational loans, Harvard would be at a competitive disadvantage compared to other top college that offer to pay for part of the college expenses of their professors' children.
Rudenstine uses his mortgage to pay for his apartment in New York, where he stays during frequent visits to the city on Harvard business, often for fundraising. He has another $53,000 in educational loans for his children, who are graduate students.
If you're in the midst of refinancing your mortgage a second time, get it done before year-end. Any points you paid on the earlier refinancing become immediately tax deductible. If you refinanced into a bigger mortgage and used the difference for a home improvement, you can take an...
Some 200,000 Americans should have an easier time affording a home come Jan. 1. Fannie Mae, the government-chartered mortgage financier, just raised its 1999 single-family loan limit to $240,000, from the current $227,000. That means more borrowers will have access to the lower rates and...