Review Mortgage Lenders

Acme Mortgage

St. John's Mortgage Professionals

www.acmefinancial.com ACME Mortgage Professionals 95 Bonaventure Avenue, St. John's, NL A1B 2X5 709-738-2263

New IRS "Shorter Form" Is Little Help

See Also: 14 Tax Breaks You Won't Believe Are Real

For the 2018 income tax return, the IRS plans to consolidate all three versions of Form 1040—1040, 1040A and 1040EZ—into one document that’s about half the size of the current tax return. But the shorter form won’t necessarily make it easier to file your taxes. In order to shrink the form, the IRS had to move a number of commonly used tax credits and deductions to supplemental forms. Taxpayers will also need to use these forms, known as schedules, to report income from capital gains and self-employment.

A taxpayer who has a straightforward tax situation “would only need to file this new 1040, with no additional schedules,” the IRS says. As a result of the tax overhaul, the vast majority of taxpayers will claim the standard deduction instead of itemizing. But even taxpayers who don’t itemize may need to use the supplemental forms. Several money-saving tax breaks available to non-itemizers, such as education tax credits and the write-off for student-loan interest, have been moved to separate schedules.

B-20 causing housing immobility

“I’m not saying they shouldn’t be trying to address housing prices in Toronto and Vancouver, but I think most of that has to do with supply. There’s this overall restriction throughout the entire economy about who can get a mortgage, how many people can get a mortgage, and how big the mortgage they can get is. I don’t think they understand what they’re doing. It makes me nervous that bureaucrats are making these decisions and not bankers.”

The B-20 guidelines have locked borrowers into their mortgages and impeded housing mobility. But most incredulous to Axsen is that existing mortgage holders have been displaced onto shaky ground. Irrespective of high Beacon Scores, they’re being punished.

Citing a client who paid down an $800,000 mortgage and still cannot move lest they substantially downsize, Axsen said, “The government has set up rules in which you can’t even qualify for the mortgage you have. Not only can’t you move, you can’t go to a different lender because they have to qualify you, so you’re stuck with your existing lender. You can’t compete to get yourself a lower interest rate on your house and you can’t sell your house for a different one because the government has deemed you’re not worthy, even though you have perfect credit and you’ve never missed a payment. Somehow, some bureaucrat sitting in front of a computer running a statistics program is telling the bankers how to qualify you to get a mortgage.”

mortgage--Who owns it? Please help.?

I bought my home and got financing through a mortgage company (lets call it ACME Mortgage). I make my payments to US Bank, as they aquired the loan. My loan is a Fannie Mae Loan on top of that. I have a single payment to US Bank.


1. Most likely, US Bank "owns" the note but they could also be just the one "servicing" the mortgage for some investment house who owns a "security instrument" into which your mortgage was bundled.