ON Canada - get a one year open mortgage

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I'm in a 5 year fixed mortgage with royal bank and have less than 2 years left in this term. i'm interested in buying a new house, and the bank told me it would cost $12,000 to break my current mortgage. i want to go with scotiabank and ask them to pay off my penalty. do you think they would do this?

A new lender will only lend mortgage funds based on the value of the property being purchased. You signed for a mortgage loan that has a prepayment penalty, therefore, if you refinance you current mortgage loan you have to pay the lender a penalty. Your new lender will not take on your prepayment penalty responsibility. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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I live in tn, usa and my mortgage interest is $4,511 (whatever that means). i am going to give this tax form to my accountant to deal with. in the meantime i was curious to know around how much of a savings i would get on my taxes because of this? is it $400, $1000, etc. that i would not have to pay in extra taxes when i file for 2010?

At the moment, it's worth $0. You get a standard deduction of $5700 without owning anything. If the only thing you can put on schedule A is $4511 of interest, you won't be itemizing and your refund won't change.

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I am 64 ( retired ) and my wife is 59..we are both on the original mortgage which is paid off. to qualify she will be taken off the co-ownership of the house. we are doing this because we are broke except for my social security check so we couldnt pay any fees until the loan was in our hands. we live in tx. and our house is in great shape and recently valued at about 125,000. can someone please tell me what to expect?

Fees will be about $5,000 and will essentially be due when the loan comes due. (Make sure you get adequate life insurance so your wife won't lose the house if you predecease her.)

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I realize this question has probably been asked about a zillion times, but this one has a twist. my wife is about to become a pharmacist. at that time, our pre-tax income will go up approx $100,000 per year. we were pretty much breaking even on my salary alone, so this extra money will help out a lot. however, here's the kicker... she's planning on working for three years, and then we're going to start having kids. at that time she's going to take a few years off and i'll be the sole breadwinner again (except with kids this time!). i expect to be earning approximately $15,000 more in three years than i am now. we're both only 26 years old, so retirement is a long way away (though they always say it's never too early to start saving for retirement, right?). do we pump up the 401(k)s and iras? do we concentrate on the mortgage? do we do neither and put it in a non-retirement investment account so we can access it easily for our extra expenses with the kids? thanks!

You should ALWAYS pay yourself FIRST.... So---fund the retirement (especially if it is a matching 401k), then pay down the mortgage....

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I'm decided to downsize and sell my own home. if someone inquires from my craigslist ad and wants to buy the house, what do i do? do i need a real estate lawyer? is he/she less expensive than having a realtor (he offered) do the paperwork at 2.5% of the mortgage? if i did use a lawyer, do they set up the title company or do i have to secure that service? what costs, as a seller, can i expect when i sell? i live in the jacksonville area of florida and it appears, depending on the closing/selling costs associated with the sale of my home, that i may be able to break even on my house after living in it just one year because we bought it $23,000 less than the market appraisal in 2010. if i can get a handle on how much the total costs are going to be (lawyers or realtors, title fees, state/county/city fees, etc., etc.,) then i can set a price as low as possible, and that way, hopefully, i can attract more buyers. i'm looking to get out of this house and downsize and not have to bring a check to closing. can anyone out there educate me on all this? i truly appreciate any help....thanks! :)

1% is the culture norm

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Took out $10,000 from an ira to put down on a house, we closed late december. also paid half year property tax upfront. i realize the 10g will be taxed as income, but what kind of breaks do we get for buying a house. obviously we don't have much interest paid towards our mortgage, nor have we saved much receipts last year b/c we were'nt planning on buying a house. in this situation would we still go with a standard deduction or try to itemize?

Since you bought the house late in the year, you probably won't get much if any benefit from it on this year's taxes. Add up your potential itemized deductions - if they're higher than your standard deduction, then go ahead and itemize, but don't be disappointed if they're not.

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He moved out a couple of years ago to live with me as the relationship had broken down, he continued to pay all of the mortgage for a year but now only pays half, he didn't want the house sold cos his daughter still lived there and was at school. the ex has now met someone new and has moved him in, yet she still expects him to pay his half, their daughter is now earning and so not a dependent as such albeit he would never see her homeless obviously. the daughter doesn't get on with the new boyfriend either and is causing her to remain in her bedroom because they just don't get along....we told the daughter she can come stay with us as she's so unhappy... but the main question is what rights does he have to make her sell the house ?? they're not married by the way, they have two daughters and the house is in joint names.... he's a great father and always puts his girls first.. his ex made it intolerable for him to live in the home any longer...

He wasn't married to her? He voluntarily forfeited any rights to the house and the child by shacking up with a woman he's not married to. Sorry, ignorance of the law is not a defense. Why did he run out on his child? And no, she cannot come live with you as that would be considered child abduction. You have NO LEGAL RIGHTS to the child, even while paying child support. To learn a father's rights, join Dads House in Yahoo Groups. It's free to join and you associate with other fathers going through the same thing. http://Dads-House.org PATERNITY Paternity Http://Ch07-A_Fathers_Rights-Movie_Trailer.Dads-House.Org/ Http://Ch07b-Paternity-Single_Fathers_Rights.Dads-House.Org/ Http://Ch07c-Paternity-New_Claim_Against.Dads-House.Org/ Http://Ch11j-Challenging_Paternity_Due_2_Fraud.Dads-House.Org/ Http://Ch07f-Paternity-Giving_Up_Parental_Rights.Dads-House.Org/ Http://Ch07g-Paternity-Prenatal_Testing.Dads-House.Org/ GETTING STARTED Http://Ch03a-Daily_Journals_In_Family_Law_Cases.Dads-House.Org/ Http://Ch03b-Chronological_Statement_4_Attorneys.Dads-House.Org/ Http://Ch04e-Recording_Conversations-Legality_N_Use.Dads-House.Org/ ATTORNEYS & YOU Http://Ch04a-Choosing_A_Family_Law_Attorney.Dads-House.Org/ Http://Ch04b-Interviewing_Family_Lawyers.Dads-House.Org/ CHILD SUPPORT Http://Ch11a-Child_Support-Responding_2_New_Claim.Dads-House.Org/ Http://Ch11b-Child_Support-Establishing_Amount_Owed.Dads-House.Org/ Http://Ch11d-Child_Support_Rebuttable_Presumption.Dads-House.Org/ Http://Ch11e-Child_Support_Trust_Funds.Dads-House.Org/ Http://Ch11f-Child_Support_Contempt_Hearing.Dads-House.Org/ Http://Ch11g-Child_Support-Income_Tax_Considerations.Dads-House.Org/ Http://Ch11h-Child_Support_Ends_At_What_Age.Dads-House.Org/ Http://Ch11i-Child_Support_Adjust_Due_2_New_Child.Dads-House.Org/ Http://Ch11l-Child_Support_Adjust-Income_Of_2nd_Spouse.Dads-House.Org/ CHILD CUSTODY Http://Ch09a-Child_Custody-Can_Fathers_Win.Dads-House.Org/ Http://Ch09b-Child_Custody-Contested_Considerations.Dads-House.Org/ Http://Docs.Dads-House.Org/Rightsduties&Responsilities.Pdf Http://Ch09c-Child_Custody-Joint_Custody.Dads-House.Org/ Http://Ch09d-Child_Custody-Cooperative_Parenting.Dads-House.Org/ Http://Ch09e-Child_Custody-Considered-Factors.Dads-House.Org/ Http://Ch09f-Child_Custody_Prep_N_Interrogatories.Dads-House.Org/ Http://Ch09g-Child_Custody-Bird_Nest.Dads-House.Org/ Http://Ch09h-Child_Choosing_Custodial_Parent.Dads-House.Org/ \\\

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Was seriously assaulted while carrying out instructed orders at work by a customer from which i received 3 fractures to my cheek, 2 teeth broken and various other cuts and bruises. metal plates inserted into my face , left with numbness and visible scarring and lost teeth.as been off work from this for 6 months and expect to be off for a few weeks yet company wants to pay only statutory sick pay even though i am still undergoing treatment from their insurers. would lose my home if on sick pay as basic wage was scraping to pay mortgage. what are my rights here? should have added, my job entails collecting money . this particular customer already said that they were refusing to pay but company sent me repeatedly to door to ask for the money or i would be facing disciplinary action for failing to collect

They only have to pay you SSP. Why should you get your full salary when you are not actually working?

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I love my friend "jane" but her week long birthday celebration is breaking my bank. she wants to go bowling ($35+ when you include snacks and drinks), have a movie night on friday ($5 - 10 for snacks), and go to an expensive french restaurant ($40) of course because it's her birthday, we will all be expected to pay for her when we go to dinner and bowl. i do care about my friend, but i have two children, a mortgage and car note. plus my gram's birthday is next week, so i have to buy her a gift and cake. doesn't she realize how bad the economy is right now? we really can't afford to do all those things (oh and what about the gas we'll spend to get there?)

No real "Friend" expects a gift of any form from another friend. My friends and i always send an email to each other on our birthdays, we do not send presents. I would never expect my friend to take me out or pay for my meals simply because it's my birthday. In fact, i discourage such behavior from my friends! I prefer to be closer than that. That they email me and send me birthday cards makes me feel wonderful and cared for. I make sure i send them cards and an extra email on their birthdays as well. Remembering to tell them how much i care for them and how happy i am to be in their lives. It's time to go have a serious talk with this friend of yours. If it ends the friendship, then she wasn't a real friend in the first place. Explain to her that you can't afford to go to these places and do all these things she'd like to do. Explain how much you care for her and how much you enjoy her in your life, but you have a family now and can't spend your money in this manner. Have a talk with your other friends and see if they'd like to be there to have the same talk with her. I am betting the other friends are feeling much the same way you are. Tell her if she picks on thing she'd like to do, you'll try to afford to come along, but she must pay for herself. Birthdays are not a free ride and they shouldn't be used in this manner. Think on this. As a friend, would you demand such things? Would a true friend? My answer is a true friend would never ask such things of their friends.

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6 months ago i purchased a second home in california and started renting my first home. the people renting the home broke their contract and left, and i have been unable to find more renters. i cannot afford to pay both mortgages for both homes, and the one i was renting (the first home) i am thinking about letting go into foreclosure or short sale. this home has been refinanced once (this was just to get a better interest rate and no money was borrowed) and the loan is an 80/20. both homes have the same mortgage bank too. what can i expect to happen? will i loose both homes, have to owe the smaller loan from the first home still, have a huge tax bill from the irs for the difference of the home, or what? please help. no extra money was taken out of the first home is what i am saying. i did not refinance and take out money from the then exisiting equity in the home. the refinancing was to lock in a interest rate before the rates went too high. and i know its not play money, bs like that is not helpfull. hope insulting little remarks like that make you feel good and all knowing.

Since you refinanced you will owe the money no matter what you do. If they take #1 and you do not pay up the differance they can go after #2 and any other assets you have. If they can't get it in assets the garish wages until you have repaid the money you were given. I do not get where you think no money was borrowed. What do you think this is? Play money? You borrowed and you spent real cash money.