Posted on: 30th Jan, 2006 03:06 pm
Is there any difference between Canadian mortgage and American mortgage?
Hi Bret,
Yes there are differences between the Canadian and American mortgage for home buying. The main difference is that people in the U.S. can deduct their mortgage interest payments from the taxable income whereas there is no such deductions in Canada.
Angel
Yes there are differences between the Canadian and American mortgage for home buying. The main difference is that people in the U.S. can deduct their mortgage interest payments from the taxable income whereas there is no such deductions in Canada.
Angel
There are many differences between American and Canadian house buying procedures.The main difference, and perhaps the most surprising to Americans, is the non-deductible mortgage payment in Canada.
Homeowners in the U.S. may deduct their mortgage interest payments from their taxable income. This is NOT the case in Canada. Canadians CANNOT deduct their mortgage interest payments from their taxable income.
Homeowners in the U.S. may deduct their mortgage interest payments from their taxable income. This is NOT the case in Canada. Canadians CANNOT deduct their mortgage interest payments from their taxable income.
Kindly supply me with the relevant information. Is there a difference between the dollars like North America, Norway, South America etc???
Hi Busie!
Currencies vary according to different countries. Though all the countries you have mentioned use dollars but the value of dollar may be different.
Thanks,
Jerry
Currencies vary according to different countries. Though all the countries you have mentioned use dollars but the value of dollar may be different.
Thanks,
Jerry
say you have a 100$ bill from canada and you go to the bank to exchange it for an 100$ bill from america isn't there a difference?
It seems like they amortize differently--American mortgages are compounded daily; it appears that Canadian mortgages are by and large compounded quarterly.
A profound difference would also be that Canadian homes don't need to "conform to FHA guidelines"--as an American loan would if it is an FHA (or other HUD) loan.
E.g., "must not be fifty yards from a railroad track," etc.
In America, if you are a veteran of the War of 1812 you can get a VA loan but it is my understanding that Canadians are still bitter about this issue.
Just kidding on that last one--but obviously there would be no American "VA loan" per se available in Canada.
A profound difference would also be that Canadian homes don't need to "conform to FHA guidelines"--as an American loan would if it is an FHA (or other HUD) loan.
E.g., "must not be fifty yards from a railroad track," etc.
In America, if you are a veteran of the War of 1812 you can get a VA loan but it is my understanding that Canadians are still bitter about this issue.
Just kidding on that last one--but obviously there would be no American "VA loan" per se available in Canada.