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My question is: Canadian-specific
QUESTION: We are planning to buy a house. So far I have done a lot of
research regarding mortgages. The next step is to get pre-approved but
before I go to the bank what advice can you give me in order to get the best
rate, even better than the ones advertised by the banks. I find it difficult
to bargain these days and I am not sure I want to use a mortgage broker as I
want to buy a mortgage from a bank and not from a credit union.
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david ingram replies:
No problem:
Joan Marsh is a mortgage Broker who makes House Calls. I alkso qualify as a mortgage broker but in the last month, two people in my office and my wife have obtained mortgages from Joan.
Her phone number is (604) 535-9981
More importantly, Joan is one of the few mortgage brokers arouns who truly undewrstands how a homeowner can rearrange their affairs to make their mortgage deductible and will willingly write the mortgagfes to make this possible.
Sometimes, the freedome to move the money around merans you might even pay a bit more, but the freedom will save you thousands.
As an example, if you are paying 3% on a $300,000 mortgage, you have to make at least $13,500 and pay $4,500 of income tax to have $9,000 left to pay the interest.
On the other hand, if the interest is deductible, after you pay the $9,000 of interest, the tax office sends you a refund of you get $3000 or so back as a tax refund so you only need to earn $6,000 to pay the mortgage.
I will prove that to you. Earn $6,000 borrow $3,000 and pay the $9,000 deductible interest. When the $3,000 tax refund comes back, you can pay back the $3,000 you borrowed. You only need to make (earn) $6,000 instead of $13,500.
David Ingram of the CEN-TA Group
US / Canada / Mexico tax and working Visa Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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