Answers
I'm trying to decide whether to take an open variable mortgage versus a credit line. Is there any difference? I live in Ontario, Canada
In Canada mortgage interest is not tax deductable, unless you're doing the smith maneuver.
Will a bank give you a line of credit to cover your mortgage or are you referring to a product like manulife one? The rates on the line of credit tend to be higher than on the variable rate mortgage.
Manulife Financial offers the most innovative line of credit in Canada for your home, instead of a mortgage. The Manulife One account combines ...
I rent out a house that is on my property in Canada. I have how much we have collected in rent and I want to exclude the mortgage interest, insurance, water bills, and some expenses to calculate my income from the rental, but I am not itemizing my deductions on the US 1040, I am taking a standard deduction, and it seems that form 1116 is forcing me to itemize. All I want to do is take away what I have paid in mortgage interest and insurance to come up with a correct total. I don't know which line would work best for me.
Thanks Jss, that helps, but I still find the form 1116 extremely confusing. I don't know where to put the mortgage interest and property taxes I paid on the form. I am designating the rental property as approximately one third the value of the total property and as such wish to deduct one third of the mortgage interest, property taxes, and water bills. I just don't understand the form too well.
For rental income you will file schedule E (Form 1040). You can deduct the expenses.
Then you will complete Form 1116 to get credit for the taxes paid in the foreign country. Read: http://taxipay.blogspot.com/2008/03/us-c itizen-or-resident-with-foreign.html
Hi, I am in Canada and I qualify to get a line of credit of upto around $80,000 (as discussed with my bank). I dont really need any of it since I will have all my tution covered, but I was thinking of getting this line of credit so I could use it for a variety of things, like using some of it along with my savings to use as downpayment for a house and get a mortgage (provided that I dont exceed the 30% limit of my credit limit).
Shall I go ahead and apply for line of credit or is it unwise? Pleaseee help me!!
If you don't need it, don't touch it. That's how banks get you. At some point, unless you're just a golden child, you may hit rough times and with all the money and charges and service fees, you'll really be throwing away good money like in a fire. Banks have a way of "extending nicities" to you when you hit a tight spot, but what most people don't realize that even thought he payment is low, you are not paying on the money you borrowed, just the fees and charges and eventually, it could ruin you for credit, permanently. Chances are, if it's for 'student' purposes, you have no clue of the tricks these money lenders can play. I've seen people so far in debt that it would take their death insurance to FINALLY pay off the bills.
The way I see it, if I can't pay cash for it, I don't need it. It's not fun ---never needing anything! but it's less fun owing everyone so that you can't even answer your phone cox they call you all day, all evening and on weekends trying to collect, even though that's illegal. Don't need it? Don't do it!
A good friend of mine fell victim to a sweepstakes scam phone call from Canada. He was promised a six figure win, but to claim it he wired five figure money from his home mortgage line of credit. Now he finds himself upside down on his mortgage. Can he recover any money through legal,legist means? He has notified the police and victims advocate, but they would not help him without a report from the police. He is in despair>
He has filed a police report.
Why isn't he getting the report from the police? Tell him to go file it ASAP. If he's an american and the company is in Canada, suing is a bit difficult.
Poor guy, they saw him coming.
My husband is in Michigan waiting to immigrate us from Canada. He earns approx $3200 net per month, has been at the same job since Nov 2007, but in the same LINE of work for over 10 yrs (owned his own business for approx 5 yrs during that time). He scored at approximately 600 on his credit reports due to old problems with his business. It shows $11,000 indebtedness on the report. How can he qualify to take advantage of Michigan's foreclosures and purchase a HUD home through FHA with the $100 downpayment program. Should he take the MSHDA pre-purchase credit repair course first? How long are these courses and do they make a difference to lenders? We need to get pre-approval for the mortgage in writing and will have the $1000 EMD and $100 downpayment as required by FHA. Unfortunately, since I'm still in Canada with the kids, I can't be added to the mortgage application until after November..and we have to be IN a new place by mid-January when the kids move over.
I suggest contacting a mortgage company that does not charge for pre-approval and ask them the questions you pose. http://mumloans.com is an affiliated lender of my broker. According to their website they do not charge for pre-approval.
They will be able to answer your questions and give you some options.
Types of Mortgages « Get Pre-Approved Today!
There are a lot of programs for different situations these days, which is why it’s best to start your home buying process with a call to a mortgage broker.
Unless you are a self-employed person (need to prove self employment), be prepared to obtain a job letter from your employer, as well as a recent paystub. The mortgage amount that you qualify for, will be based on how much income you can verify per year. If you are self-employed, and your credit is good, you can qualify for mortgages without having to prove all of your income.
If you have a good credit rating and verifiable income, you can purchase a home with as little as a 5% down payment. If you have no down payment, there is even an option where the lender gives you the down payment, but you pay a slightly higher interest rate. If you are tired of renting and would like to get into the market, please call me to discuss your options.
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