My girlfriend and I bought a house recently, and we are botth on the loan.
We both make payments, but our wages are vastly different. I understand
that there are tax credits for paying interest on a home loan, but we are
unsure if there would be an advantage to declaring the interest that is paid
in a different way (ie., does someone with a much lower wage get better
interest credits, or someone with a higher wage? Does it not matter? If
the lower wage person makes the majority of the payments, is that better in
terms of the credit at refund time, or would it be better for the higher
wage person to pay more of the mortgage (and therefore get more of a credit
due to more interest being paid also). Or is it just a straight credit
that's given based on the actual amount of interest paid, and so no
combination is any different in terms of who pays more, etc., we'll get
exactly the same interest paid credit as if one person paid all of it, the
other person paid all of it, or both split, etc.?

Any advice on this would really be appreciated, and thanks.

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