I am curently in the process of trying to buy my first home. I have shopped around for mortgages and came across the Recapture Tax mortgage. It seems to be a really good deal, I understand the stipulations, and I just need a bit of input from people that have used this recapture tax mortgage.
2007-10-06 15:11:52 · 3 answers · asked by notre 1 in Business & Finance ➔ Renting & Real Estate
30 years in the world , and I Never heard of it .
You sure it's legit ?
Do your homework ,
And if it is NOT a 20 or 30 year fixed under 7% ,
Keep looking and do Not get mixed up in it .
>
2007-10-06 15:28:40 · answer #1 · answered by kate 7 · 0⤊ 0⤋
Yes, if you're in Canada as well, there is such a thing. It's not specifically for first time buyers, anyone can do this type of mortgage. The difference between a regular mortgage and this one is that you actually claim the interest in such a way on your taxes that you get a percentage of it returned. People like this mortgage type if they do NOT work out of their home/self employed - you already get tax benefits that are greater if you are either of those. It's really not that common for people to take out these mortgages, a little less education out there on product, not all intstitutions offer. I would really read the terms before doing...
2007-10-06 22:49:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Never heard of it.
I would check to see if your state offers GRANTS for first time homebuyer's
Arizona just received 400 million dollars to help first time homebuyer's out.
Here are the details for Arizona First Time Homebuyer's
http://www.welcome2arizona.com/home/first_time_homebuyer/first_time_homebuyer.php
Terry S.
http://www.Welcome2Arizona.com
2007-10-06 22:16:56 · answer #3 · answered by Terry S 5 · 0⤊ 0⤋