Home Mortgage and house tax?


Jump to Page:
< Previous  [ 1 ]    Next >




parth1970   
Member since: Jan 06
Posts: 174
Location: Brampton

Post ID: #PID Posted on: 11-12-06 13:30:46

How does this work? Mortgage company normally add home tax with monthly mortgage payment?

And if yes, is there any benefit for home owner?

Home owner can pay home tax at the end of year?

Thank you,

Parth


-----------------------------------------------------------------
"First they ignore you, then they laugh at you, then they fight you, then you win" - Mahatma Gandhi


Pramod Chopra   
Member since: Sep 03
Posts: 1284
Location: Pickering, ON

Post ID: #PID Posted on: 11-12-06 14:01:36

Quote:
Originally posted by parth1970


How does this work? Mortgage company normally add home tax with monthly mortgage payment?

And if yes, is there any benefit for home owner?

Home owner can pay home tax at the end of year?

Thank you,

Parth



Congratulations on buying your own sweet home. I hope that you have chosen a good variable mortgage rather than locking in at a fix rate as the rates are likely to go down.

The lender would like to make sure that the Property Tax is not in arrears at any given time. Most of the lenders would offer you this facility of collecting the property tax installments along with the mortgage installment and later on remitting it to the munispality themselves. For this the lenders make a 'separate tax account' and till such time they remit it to he munispality, they might give you some interest on your deposit as well.

The benefit to the home owners is that it does not pinch them too muchs s it comes out from their account regularly in small installments rather than they pay themselves either in a 'lump sum' or in 2, 3 or 6 installments.

If you want to pay it yourselves and your lender allows it, then you can pay it yourselves by enrolling in installments with Munispality. In any case you have to pay it in time to avoid penalties and the lender may ask you to provide proof of having paid the tax up to date and in time.




-----------------------------------------------------------------


Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada



parth1970   
Member since: Jan 06
Posts: 174
Location: Brampton

Post ID: #PID Posted on: 11-12-06 14:04:52

Thank you Mr. Pramod for quick reply.


-----------------------------------------------------------------
"First they ignore you, then they laugh at you, then they fight you, then you win" - Mahatma Gandhi




Jump to Page: < Previous  [ 1 ]    Next >

Discussions similar to: Home Mortgage and house tax?

Topic Forum Views Replies
JOB OPPORTUNITY AS Mortgage Loan Officer, Loan Originator
Jobs 1609 0
40 Year Mortgage Introduced in Canada
Real Estate & Mortgages 2170 2
Mortgage question
Real Estate & Mortgages 1463 2
Home buying steps
Real Estate & Mortgages 1659 1
Multiple Mortgages for the same house
Real Estate & Mortgages 1720 1
Home Mortgage and house tax?
Real Estate & Mortgages 1465 2
Home owners, What Insurances you ha(d)ve on your Home purchase ( 1 2 3 )
Real Estate & Mortgages 4092 18
Mortgage Life insurance and home insurance
Real Estate & Mortgages 1821 3
20% down, buying home has gone cheaper
Real Estate & Mortgages 2561 3
Mortgage Company
Real Estate & Mortgages 1538 1
American Mortgage firms file for bankruptcy
Real Estate & Mortgages 1838 0
Homeowner uncovers mortgage fraud
Real Estate & Mortgages 2218 4
MORRTGAGE CONSULTANT
Real Estate & Mortgages 2950 4
Additional real estate investment.
Real Estate & Mortgages 2996 2
What is best option ( Related to Mortgage & Line of Credit) ( 1 2 3 )
General 4608 15
How does this works out - House + Investment Property ( 1 2 )
Real Estate & Mortgages 2814 8
Mortgage payments / Property Taxes and Tax refund !!
Accounting and Taxation 2355 2
Is this Person eligible for 2nd Mortgage ?
Real Estate & Mortgages 1764 6
Renting a property, what about Mortgage ?
General 1843 1
Mortgage Guide
Real Estate & Mortgages 1934 3
Mortgage for buying a home in Florida
USA 1437 0
Question related to Investment Home
Financial Planning 2706 6
Conversion from Principal home to investment property ( 1 2 )
Accounting and Taxation 2225 7
Second Mortgage Investment
Real Estate & Mortgages 2169 4
New Mortgage Rule and eligibility for mortgage
Real Estate & Mortgages 2514 1
 


Share:
















Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.