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This was sent by a reader who has been there, done that. i.e obtained
a US mortgage.
david
>From xxxx
Advice re US
mortgage made easy. Go thru TD
bank. They have purchased a bank chain in the northeast. I have done
the same
effortlessly thru rbc but their
Purchase of
centura banks are more centred
in the south. I think the name of td’s connection is Commerce Bank.
From: US / Canada
Income Tax Help - CEN-TAPEDE [mailto:centapede@lists.centa.com]
Sent: Wednesday, March
12, 2008
9:51 PM
To: CENTAPEDE;
CENTAPEDE-ca;
centapede-us; jurock
Subject: US CANADA
Question
Regarding a Canadian Purchasing a Residence in the US - david ingram
International non-resident cross border expert income tax service &
immigration help estate family trust assistance expert preparation
&
immigration consultant, income
I noticed your email
address on the internet and thought you
might be able to assist me.
I am a Canadian citizen
from Nova Scotia and I work for an
Oil Company in Alberta.
I will continue to work
in Alberta
(or Canada) but I
want to
purchase a townhouse in Washington
County, PA.
I contacted the Royal
Bank of Canada
regarding obtaining a mortgage for the property in PA and was advised
that you
cannot obtain a Canadian mortgage on a US property because if
there is
ever a default they cannot obtain the property. I was advised to obtain
a US
mortgage.
I contacted a mortgage
lender in PA and was advised that I
needed a Green Card (which takes 5-7 years and I am not interested in
obtaining) to obtain a US
mortgage.
Any advise or anyone you
recommend that I contact?
--------------------------------------------------------------------
Never head of such a thing.
If you have 35% down, you should be able to
get a mortgage anywhere in
the United States.
I likely have 300 clients who have US
mortgages without a green card.
Try another bank, S & L, or a mortgage
broker.
Just watch out for 'up front' fees at a
mortgage broker's office.
Unfortunately, there are many out there who
will charge you an up front
fee and then say they cannot get a mortgage for you and keep the fee.
If you do decide to use a broker, make sure
any fee is 100% contingent
upon their arranging a mortgage on terms that are satisfactory to you
or
approved by your brother or mother or lawyer, etc. That means they
get nothing - not even $50.00 if you do not get a mortgage.
For instance, your agreement might say that
the broker is entitled to a
fee of $4,000 upon obtaining a mortgage at 6% amortized over 30 years
with no
changes or interest rate adjustment for thirty years
The massive sub-prime mortgage meltdown in
the US
at the
moment has happened because 100's of thousands of people took out
mortgages
with low payments that doubled or even tripled two years later.
BEFORE you sign any purchase or
mortgage
agreement, have it vetted by a lawyer or KNOWLEDGEABLE real estate
person with
knowledge of local law.
Strangely enough, I know the area you are
buying in. My
sister lives in Wheeling, West Virginia, just across the line, 35 miles
to the
West on highway 40 (the National PIKE), the first Federally funded
highway in
the US. If you go 60 miles southeast on highway 40, you come to
historic Fort
Necessity,
which few Americans remember or know of as part of their history. (my
14
year old son Peter told me about it in 1998).
In the summer of 1754 a battle at Fort Necessity
was the opening action of the French and Indian War. This was a clash
of
British, French and American Indian cultures. George Washington
surrendered to
the French troops at the Fort which he built out of "Necessity" but
was allowed to leave with his troops and most of his arms, surrendering
only
his swivel guns. He also was promoted to Lieutenant Colonel at Fort Duquesne
at the age of 23 at the start of this skirmish. In 1759, Wolfe won at
the Battle of the Plains of Abraham and
by 1763 the war
that ended with the removal of French power from North
America. Remember that Gorge Washington was a British
Officer at
this point. However, the stage was set for the American
Revolution. In 1755 George was made a full Colonel and in 1758,
promoted
to acting Brigadier General at the age of 26. 12 years later, at
the age of 43, George Washington raised the Continental Army at Cambridge Massachusetts
and Valley Forge outside of Philadelphia.
Washington Country, your destination was formed in 1791 and named after
George.
But it did not stop there. Washington County
was the centre of the end of the 1791 Whiskey Rebellion. In 1794,
George Washington, now president of the United States, at the head
of a
12,500 member Militia marched into Monongahela and
staunched or ended the rebellion with the arrest and imprisonment of a
very
small number of people. 2 were sentenced to death but Washington
pardoned them because one was
'simple' and the other insane. Two or three of the others did die in
prison. Lots of history in Washington County.
My sister and her husband and three
children live in Wheeling
West Virginia (30 miles away) and one
of my
favourite clients of all time, Virginia Harper is buried in Wheeling. One
of my other friends has a
mother and sister living in a Hutterite Colony 50 miles south east at
Uniontown.
And, although Scranton
PA
is 180 miles closer to New York City
than
it is to Washington
County, I have an
82
Cadillac Eldorado convertible parked outside my house as I write this.
Of
course, the Caddy was bought in Scranton.
Good luck on your purchase. You can do it
if you have the cash
for the down payment.
---------------------------------------------------------------------------------------------
On February 11, 2008, David Ingram wrote:
It is very unlikely that blind or unexpected email to me will be
answered. I receive anywhere from 100 to 700 unsolicited emails a
day and usually answer anywhere from 2 to 20 if they are not from
existing
clients. Existing clients are advised to put their 'name
and PAYING CUSTOMER' in the
subject line and get answered first. I also refuse to
be a slave to email and do not look at it every day and have never ever
looked
at it when I am out of town. e
bankruptcy expert US Canada Canadian
American Mexican Income Tax service and help
However,
I regularly
search for the words"PAYING CUSTOMER" and always answer them first if
they did not get spammed out. For the last two weeks, I have just found
out
that my own email notes to myself have been spammed out and as an
example, as I
wrote this on Dec 25, 2007 since June 16th, my 'spammed out' box has
47,941
unread messages, my deleted box has 16645 I have actually looked at and
deleted
and I have actually answered 1234 email questions for clients and
strangers
without sending a bill. I have also put aside 847 messages that I am
maybe going to try and answer because they look interesting. -e
bankruptcy expert US Canada Canadian
American Mexican Income Tax service and help
Therefore,
if an email is not answered
in 24 to 48 hours, it
is
likely lost in space. You can
try and
resend it but if important AND YOU TRULY WANT OR NEED AN ANSWER from
'me', you
will have to phone to make an appointment. Gillian Bryan generally
accepts
appointment requests for me between 10:30 AM and 4:00 PM Monday to
Friday
VANCOUVER (Seattle, Portland, Los Angeles) time at (604) 980-0321. david
ingram expert
US Canada
Canadian American
Mexican Income Tax service and help.
david
ingram's US / Canada
Services
US / Canada / Mexico
tax,
Immigration and working Visa Specialists
US / Canada
Real Estate Specialists
My Home office is at:
4466
Prospect Road
North
Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604)
980-0321 Fax (604)
980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA)
time - (please
do not fax or
phone outside of those hours as this is a home office) expert
US Canada Canadian American
Mexican Income Tax service help.
Disclaimer: This question has
been
answered without detailed information or consultation and is to be
regarded
only as general comment. Nothing in this message is or should be
construed as advice in any particular circumstances. No contract exists
between
the reader and the author and any and all non-contractual duties are
expressly
denied. All readers should obtain formal advice from a competent and
appropriately qualified legal practitioner or tax specialist
for expert help, assistance, preparation,
or consultation in connection with personal or business affairs
such as at www.centa.com. If
you forward this message, this disclaimer must be included." e
bankruptcy expert US Canada Canadian
American Mexican Income Tax service and help.
David
Ingram gives expert income
tax service & immigration help to non-resident Americans &
Canadians from New York to California to Mexico family,
estate, income trust trusts Cross border, dual citizen - out of
country investments are all handled with competence & authority.
Phone
consultations are
$450 for 15 minutes to 50 minutes (professional hour). Please note that
GST is
added if product remains in Canada
or is to be returned to Canada
or a phone consultation is in Canada.
($472.50 with GST if in Canada)
expert
US Canada
Canadian American
Mexican Income Tax service and help.
This is
not intended to be definitive but
in general I am quoting $900 to $3,000 for a dual country tax return.
$900 would
be one T4 slip one W2 slip one
or two interest slips and you lived in one country only (but were
filing both
countries) - no self employment or rentals or capital gains - you did
not move
into or out of the country in this year.
$1,200
would be the same with one rental
$1,300
would be the same with one business
no rental
$1,300
would be the minimum with a move in
or out of the country. These are complicated because of the back and
forth
foreign tax credits. - The IRS says a foreign tax credit takes 1 hour
and 53
minutes.
$1,600
would be the minimum with a rental
or two in the country you do not live in or a rental and a business and
foreign
tax credits no move in or out
$1,700 would be for two people with income from two countries
$3,000
would be all of the above and you
moved in and out of the country.
This is
just a guideline for US / Canadian
returns
We will
still prepare Canadian only
(lives in Canada,
no US
connection
period) with two or three slips and no capital gains, etc.
for $200.00 up.
With a
Rental for $400, two or three
rentals for $550 to $700 (i.e. $150 per rental) First year Rental -
plus $250.
A Business
for $400 - Rental and business
likely $550 to $700
And an
American only (lives in the US with no
Canadian income or filing period) with about the same things in the
same range
with a little bit more if there is a state return.
Moving in
or out of the country or part
year earnings in the US
will ALWAYS be $900 and up.
TDF
90-22.1 forms are $50 for the first
and $25.00 each after that when part of a tax return.
8891 forms
are generally $50.00 to $100.00
each.
18 RRSPs
would be $900.00 - (maybe
amalgamate a couple)
Capital
gains *sales) are likely
$50.00 for the first and $20.00 each after that.
Catch
- up returns for the US
where we use the Canadian return as a guide for seven years at a time
will be
from $150 to $600.00 per year depending upon numbers of bank accounts,
RRSP's,
existence of rental houses, self employment, etc. Note that these
returns tend
to be informational rather than taxable. In fact, if there are
children
involved, we usually get refunds of $1,000 per child per year for 3
years. We have done several catch-ups where the client has recieved as
much as $6,000 back for an $1,800 bill and one recently with 6 children
is
resulting in over $12,000 refund.
This is a
guideline not etched in
stone. If you do your own TDF-90 forms, it is to your advantage.
However,
if we put them in the first year, the computer carries them forward
beautifully.
This from
"ask an income trusts tax
service and immigration expert" from www.centa.com
or www.jurock.com
or www.featureweb.com.
David Ingram deals on a daily basis with expatriate tax returns with
multi jurisdictional cross and trans border expatriate problems for
the
United States, Canada, Mexico, Great Britain, United Kingdom, Kuwait,
Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand,
France,
Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia,
Scotland,
Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India,
Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba,
Bahamas,
Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB,
and any of
the 43 states with state tax returns, etc. Rockwall, Dallas, San
Antonio Houston, Denmark, Finland, Sweden Norway Bulgaria Croatia
Income
Tax and Immigration Tips, Income Tax Immigration Wizard Antarctica
Rwanda Guru Consultant Specialist Section 216(4) 216(1)
NR6 NR-6 NR 6 Non-Resident Real Estate tax specialist expert
preparer expatriate anti money laundering money seasoning FINTRAC E677 E667 105
106 TDF-90
Reporting $10,000 cross border transactions Grand Cayman Aruba Zimbabwe
South
Africa Namibia help USA US Income Tax Convention. Advice on bankruptcy
e
bankruptcy expert US Canada Canadian
American Mexican Income Tax service and help .
David
Ingram expert
income tax service and immigration help and preparation of US Canada
Mexico
non-resident and cross border returns with rental
dividend wages self-employed and royalty foreign tax credits family
estate
trust trusts income tax convention treaty advice on bankruptcy
New York,
Boston, Sacramento, Minneapolis,
Salem, Wheeling, Philadelphia, Pittsburgh, Atlanta, Pensacola, Miami,
St
Petersburg, Naples, Fort Myers, Cape Coral, Orlando, Atlanta,
Arlington,
Washington, Hudson, Green Bay, Minot, Portland, Seattle, St John, St
John's,
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Red Deer, Drumheller, Fortune, Red Bank, Marystown, Cape Spears, Truro,
Charlottetown,
Summerside, Niagara Falls, income trust, Income Tax Treaty Convention. - e
bankruptcy expert US Canada Canadian
American Mexican Income Tax service and help.
david
ingram International non-resident cross border expert income tax
service &
immigration help estate family trust assistance expert preparation
&
immigration consultant, income trusts experts on rentals mutual
funds RRSP RESP IRA 401(K) & divorce preparer preparers
consultants Income Tax Convention Treaty. advice on bankruptcy
expert US Canada
Canadian American Mexican Income Tax help.
Be ALERT,
the world needs more
"lerts".
bankruptcy expert US Canada Canadian American
Mexican Income Tax service help. - expert us
Canada Canadian Mexico income tax service and help
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