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RBinAK

the last 60 days

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Locked in a 4.25% this morning. Paid off one of my CC's so it will report zero when they post the the CRA's on the 1st of the month. A side effect of this whole process is me a habit of ending every month with no credit card debt. (Well, 1% of course).

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Not sure if anyone is reading this but I have a question.

 

Can I prepay mortgage months like I do my auto loans? I like to be about 6 months ahead.

 

If yes, can I take full tax advantage of the interested paid? I understand paying principal is obviously smarter but I very much enjoy being able to burn through reserves and still have months safe.

 

I bought my place less than 12 hours after it listed so Ib included 60 days to move out in my offer as they didn't have another place and now I'm super bored.

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Depends on the lender. Most wouldn't and those payments would be principal payments. But again everyone is different.

 

Sent from my SCH-I545 using Tapatalk

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Not sure if anyone is reading this but I have a question.

 

Can I prepay mortgage months like I do my auto loans? I like to be about 6 months ahead.

 

If yes, can I take full tax advantage of the interested paid? I understand paying principal is obviously smarter but I very much enjoy being able to burn through reserves and still have months safe.

 

I bought my place less than 12 hours after it listed so Ib included 60 days to move out in my offer as they didn't have another place and now I'm super bored.

 

If I make an extra payment in the EXACT amount of my normal mortgage payment my servicer's default approach for how the payment is applied (as either the next full payment due or simply an extra amount toward the principal) depends upon when in relationship to the next payment due that the extra payment is received. I don't know the exact parameters, but if the next payment due is close it is counted as that scheduled payment... if not, it posts as an additional amount toward principal. even if it's exactly the amount of my scheduled payment.

 

I always contact them in advance to make sure they understand how I'd like the extra payment to post, and they're always happy to comply.

 

If I make a payment of a different amount (say, an even $5,000) they'll apply that as an additional payment toward the principal only. The aren't going to break that up and apply some of it toward my payment and another part as an extra principal reduction.

 

Your tax deduction for mortgage interest is based on the actual interest you are charged, based on how your payments are applied to your balance.

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I got an email to explain a deposit in my account from my last history send over. it was a simple transfer from one bank to another. I asked what it was about they said that they are increasing my income calculation. This business is confusing. I find an awesome place well under the limits they set and now they reset the bar and make my ratios look even better.

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Wednesday, 5/7 closing

Thursday, 5/8 record and transfer ownership

Friday, 5/9 Seller moves out

 

Just got the email!

 

Join CB 2007, Closing on house just 7 years later. This is a marathon not a sprint.

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