When it comes to my mortgage, can I pay more than my required monthly payment?
I live in Canada (so any advice, please consider Canadian law), and I am pretty naive when it comes to mortgages and the details behind payments and “prepayments”. (Not even sure I understand that term accurately.)
I’m wondering if I have a mortgage (more specifically a fixed-rate), and I have a set monthly payment, if I can pay more than my monthly payment without making a permanent commitment to that increased payment. (For example, throw my tax return towards my mortgage debt.) And, if it doesn’t effect that, what are the penalties surrounding paying off your loan early? Any websites that explain this in relation to Canada law would greatly be appreciated or perhaps someone who is an investor that lends or is a mortgage broker for a living.
Thank you in advance!
Im a first time home buyer. I am a otr driver. I am out working 355 days a year. I take 1 week off to visit family back home.
The dept of transportation allows me to deduct from taxable income a flat rate of 45? dollars for everyday im out on the road..away from my home state.
I claimed about 37.00 a day..itemized on my return.
I also have other deductions to my taxable income.
The issue is.. my mortgage broker is stating that the underwriter is making me show my tax returns for 07 an 08 to see IF i qualify for a home loan.
I made 53k , i had 20 k in deductions. I couldve taken more but thats a gray area , recpts etc.. anyway..
i am NOT a self employed person.. i have w2s. I applied to the underwriter , got approved for 72k.
I negotiated the purchase price, and such.. got my loan down to 56k & seller contribution of 2k, add in an 8k rehab loan, brings my tally to 64k, add in 12k closing etc.
bottom line. my mortgage guy locked me a rate at 5.5 fixed 30 etc. amaZing..its till the 1st of march..
Our closing goal is the 20th of feb.. as i said i had a preapproval.. i signed a contract , (theres alot more details about the contract).. paid for inspection, and appraisal. now mortgage guy TIM.says he put off ordering the survey as i may not qualify now..
I ask why am i being forced to show tax returns, just because my occupation is trucker?.. if i made 53k a year and say paid rent equal to my truck pmt.. 652 , and ,my util budget is 232 a month.
I make around 4144 a month. I gotta eat, like eveyone else..only i get a tax break on daily expenses.. meals etc.
My mortgager lied to me saying an appraisal had been ordered when it has not ..that was 9 days ago.. now i found out that the realtor.. MY realtor stated ..c.mort group has ordered the appraisal, then see hand writen
order but am told by morgage co. that it wasnt ordered.
everyone else whos not a *truck driver..gets to take w2s to fha and show bills etc, get a loan.
but for I .. i am required to show all my tax return even tho i am not self employed and i get most of my tax pmts back by itemizing.. well the house sits and i am left with 725 spent for inspection and appraisal and now even tho i had a prequal letter, a signed contract and 30 days into the process.. my mortger says i dont qualify..
is there a way around this. thru it..etc
The purpose of buying a home now is the market, my age and family needs.
I plan to be home more and my work is slowing down a bit.
Ive been a driver for 7 years. didnt want or need a home, stayed out on the road.
now.. my family has no housing.. i have the ability to have a full house again.
and yes..tax deductions.. equal amounts better investment..
the reason the underwriter is asking for
the returns…because i stated truck driver as job.
i also wonder..could it be also because im female?
if only my ahem.experienced mortgage broker listed me as
or relocation specialist
or professional commodity relocator..?
im just barely at the qualifying line. as Tim says.
hes asking if some of my *depreciation? can be added back.. like half my meal per diem deductions.
im 130 lbs 5.5 , healthy.. i do not eat 45 dollars of food a day. lol. but i am allowed to deduct it.
im wondering what would happen if i ammended my return , gave back the piddly 2k i got in refund pay taxes..lol
thanks for the support.. i really appreciate someone elses view of this
i am not self employed. thanks for the confirmations on the tax return question. as for being a tax evaider. ha. not.
i worked 355 days this year. worked holidays and also a team driver. yeah it cost me 20000 to make 53.
oh btw.. i redid what my taxes wouldve been if i claimed only 8000 in perdiem for the year.. i would only owe 350 over what i PAID..bummer.. guess i could ammend my return. NOT.
my net income is 29k after redoing the taxes. i would have to give back 2005.00 and another 350. this is being considered. i have time to get more capital. im actually 2 weeks ahead of schedule as per the contract. but..i would rather have the writer make the adjustment on thier end. less paperwork. and i dont want to give up 2k. i do have till april. spose i could sell my soul to irs and take the buyers credit. use the money to tidy up my ammended return? whatever..