When we rent a property we can write off the interest portion of mortgage in tax return . Is it correct? can we do the same for primary residence where we are living I mean write off the interest portion in tax refund or not. Or is it Only applicable for investment property
There is a second question pertaining to Mortgage Rate Protection/Protector clause in insurance policy. Can anyone explain me what the below means in simple English:
In the event of a covered loss or damage caused to your principal residence and should the Insured’s lending institution or bank “call in” the Insured’s
current mortgage, this policy insures, in addition to the policy limit, the difference between the current rate and a higher interest rate obtained on the
balance of the outstanding mortgage.
We will pay monthly payments only for the duration period of the current mortgage until its normal expiry or up to such earlier date your title or interest in
the premises is relinquished.
The Insurer’s monthly payments are made only for the duration period of the current mortgage until its normal expiry or up to such earlier date at which
the Insured’s title or interest in the premises is relinquished.
This policy also insures fees charged by a lawyer to obtain the new mortgage but does not insure other costs such as judgements or service charges.
There is a second question pertaining to Mortgage Rate Protection/Protector clause in insurance policy. Can anyone explain me what the below means in simple English:
In the event of a covered loss or damage caused to your principal residence and should the Insured’s lending institution or bank “call in” the Insured’s
current mortgage, this policy insures, in addition to the policy limit, the difference between the current rate and a higher interest rate obtained on the
balance of the outstanding mortgage.
We will pay monthly payments only for the duration period of the current mortgage until its normal expiry or up to such earlier date your title or interest in
the premises is relinquished.
The Insurer’s monthly payments are made only for the duration period of the current mortgage until its normal expiry or up to such earlier date at which
the Insured’s title or interest in the premises is relinquished.
This policy also insures fees charged by a lawyer to obtain the new mortgage but does not insure other costs such as judgements or service charges.
