This tag is to be used for any question related to Home Loan. Questions in this tag should also use the appropriate country tag as the answer may vary depending on the region.

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23
votes
6answers
6k views

Why will the bank only loan us 80% of the value of our fully paid for home?

We own Land and a home, wanting to downsize and just buy a home and lot. We do not owe anything on our land and home, but have asked about a loan using our land and home as collateral, but, even ...
0
votes
1answer
38 views

Refinance FHA 203k to conventional

I am thinking of getting a streamlined FHA 203k loan for a home. The loan is for $101,300. The best offer I could find is 4% interest, but because of required insurance fees, I would pay $630.13 a ...
-5
votes
3answers
121 views

How much of my home loan is coming from a bank, how much it goes back? [closed]

If I get $100,000 home loan, at 10% interest rate, I would pay a total of $300,000 ($200,000 interest and $100,000 loan amount) over next 20 years. EMI would be roughly, $965. How much of my home ...
1
vote
1answer
83 views

Employer Letter for NRI Home Loan

Please advise: for an NRI working in US applying for home loan in India, Bank is asking for employer letter, latest salary revision letter from employer and employer ID card etc.. but if NRI is an ...
2
votes
2answers
77 views

Loan for Retired People in India

Is there a way to get loan for Retired people in India to buy a house? Can their working son or daughter being a NRI co-sign for surety purposes? Any bank or institution that you can suggest - thanks ...
1
vote
1answer
45 views

Auto/car loan or mortgage applications and consolidated hard pulls

I heard on the radio recently that if one applies for an automobile loan or a home mortgage, multiple loan applications show up as one hard pull on your credit report. Is there a time period where all ...
0
votes
0answers
61 views

Credit Cards and Home Loans

I am based on Sydney Australia. Looking to buy a house here. Customer of one of big 4 banks. Long story short, 6 Months back Talked to my bank about buying a house and discussed about my borrowing ...
18
votes
5answers
4k views

Dad paying for my new home in cash. How can I buy the house from him?

We found a home we would like to purchase (U.S.). It was the 2nd day on the market and there were already two other offers for it, so we decided to make a cash offer ($230K) as my dad agreed to pay ...
2
votes
1answer
143 views

What does it mean that: “Home loan must be secured within 90% of the value of the property”

I am applying for a home loan and I am unsure about some of the text received from the bank. What does it mean that a home loan must be secured within 90% of the value of the property? Does it mean ...
1
vote
1answer
69 views

Applying for a mortgage with multiple lendors in a 2 week period

I've just submitted an online application with a lender for a new home mortgage. I know that this lender pulls all of the 3 reports (EQ, EX, TU) and not FICO. Wondering if I shop around and also ...
4
votes
2answers
423 views

Should I pay off my house note before selling it? How does this affect my tax liability on the sale?

When selling a house, what would be better as far as getting the money back that was originally put down? A) Pay the house off completely from the mortgage company (95K remaining), then sell B) Sell ...
2
votes
2answers
151 views

How will my credit score be affected by a large purchase that raises my utilization if I pay it in full?

My Fiance and I realized that we need to start looking for homes and need to be pre-approved for a home loan. My fiance has better credit then I do, but mine is in good standing. We want to make ...
2
votes
1answer
64 views

Remitting Money To India Towards Home Loan Repayment

I am an Indian currently residing in US for the past 3 months. I have not converted any of my savings account to NRI accounts since the period of stay in the US is expected to be short. I have ...
2
votes
3answers
7k views

Tax rebate on house loan for under construction property

I have purchased a flat which is about to be completed by Dec 2014. As per the law I can get tax benefits on principle up to 1L rs and interest 2.5L for first 2 years then 1.5L (if first loan, and ...
5
votes
2answers
140 views

Is it advisable to take small planned loans before going for a huge home loan?

The area that I am focusing on is related to get lower interest rate when applying for a house loan 4-5 years down the line. After graduating from school and having a job, the credit score> ...
1
vote
3answers
2k views

How to work around the Owner Occupancy Affidavit to buy another home in less than a year?

I am buying a condo. The loan officer told me I will have to sign an owner occupancy affidavit in which I will commit to maintaining it as my primary residence for a year. This is not ok with me since ...
2
votes
1answer
345 views

How many home purchase loans can a non-resident Indian get in India?

I have a housing loan (purchase loan) with a bank in India, which is going very smoothly without any dues. My present salary is approx. 250,000 INR (15,000 UAE dirhams). I would like to purchase one ...
6
votes
1answer
214 views

How do banks feel about loaning money to independent IT contractors for a home mortgage?

I'm in IT, I go on contracts that range from 3-6 months, but they have a termination clause of 2 weeks usually. I earn $900 NZ per day. How lenient would a bank be on lending say $400K to me, which I ...
1
vote
1answer
712 views

How to calculate the proportion interest/principal of this fortnightly (bi-weekly) loan payment?

You would need to borrow $660,000 and your fortnightly payments would be: Reducing loan $2,299.61 given 5.75 variable interest rate How much of the $2300 fortnightly paid is interest, and how ...
5
votes
1answer
131 views

Loan from Canada to UK

I live in Canada. My brother in the U.K. is thinking of purchasing a house with his wife. They are both teachers and careful with their money but don't yet have money for a down-payment. I am ...
2
votes
1answer
656 views

Getting a loan to buy a second house from family in India

I have one elder brother. My father has one house worth 30 Lacks. During property sharing, this house went to my brother. He is planning to sell that property, but I do not want to sell it to some ...
6
votes
4answers
588 views

Am I really house poor?

This is my financial situation and I hope that someone can guide me. I have been in the market for a house to buy. There is a house that I like and I wanted to know if I could afford it. I have ...
0
votes
1answer
689 views

How much higher should my APR be than my rate?

First time home buyer looking at mortgages and having a hard time understanding the difference between good and bad on rates. On a loan estimate I have been quoted 4.75% rate(seems high?) and 5.795% ...
7
votes
3answers
371 views

Save a dollar for house downpayment or put it in an individual 401(k)?

I am a self-employed independent contractor. I'm trying to decide what to do with any extra income I earn over the near future, given that I have the eventual goal of purchasing a house (within 2-3 ...
0
votes
1answer
1k views

How to Split a loan, and how much should be my investment

I am from india, my idea of the question is to understand what is the loan amount i am entitled to, what should be my plan for applying a loan, and is there any ways to reduce interest rate after a ...
2
votes
2answers
2k views

Can I work with two or more mortgage brokers at the same time?

When searching for a home loan, can I get two or more mortgage brokers to search for the best rate for me and at the end just choose the one that found the best rate?
2
votes
3answers
532 views

House EMI. Is it better to take a shorter or longer tenure?

If I take a loan for 1.000,000 and try to pay it in five years, I'll have to pay approx 20000 as EMI. My uncle tells me to keep the tenure as 20 years (with interest rate at 10%), and my EMI will be ...
3
votes
1answer
83 views

Can multiple inquiries with only one mortgage lender over months hurt your credit?

We applied for a home loan in the beginning of January and was told to wait 2 months. I want to know if multiple credit inquiries from only ONE lender will hurt or does it count as one creditor? Over ...
4
votes
3answers
531 views

Is PMI rate set until 20% paid off

From various things I have read, it seems like PMI stays at the same rate, regardless of how much you owe. Is that right? That is, say I put down 10% and I get PMI. Will my PMI payments stay the ...
3
votes
2answers
197 views

How can I determine if a FHA loan refinance offer is from a reputable lender

I'm getting semi-frequent advertisements in the mail for FHA streamline eligibility. The latest one (from a vender called "Intelliloan") seems like it could be a reasonable deal: 1%-2% lower ...
3
votes
1answer
222 views

Mortgage loan plus home loan

In India, can I be a co-borrower to a mortgage loan of a property which my father owns and then even take a home loan for a new property? (The mortgage loan will be used for paying the 20% self ...
4
votes
2answers
825 views

How to find if a loan has PMI Insurance? (death in the family question)

My grandmother died recently and left her house to my mother. The house is worth about $20,000 less than is owed on it. If the house has private mortgage insurance (PMI), this is fine because the ...
3
votes
2answers
917 views

want to refinance FHA loan, may move out unexpectedly and would like to keep as investment property, what are my options?

I'm currently in my primary residence with an FHA loan. I'd like to refinance for a better rate (as I can likely get it down at least 1.5 percentage points or so). I also intend to ultimately use ...
0
votes
1answer
73 views

How to calculate what i need to pay each month in a annuity type of loan?

Good or bad, how do get to the same number as the bank web calculator do with the following data: Money loaned: 2 500 000 Interest: 3.5% Effective interest: 3.6% Fee (each payment): 50 Number of ...
2
votes
3answers
4k views

Why would this FHA refinance cause my mortgage insurance payment to increase so much?

I have a 30-year fixed loan at 5.25%, of which I still owe $184,000. Current payment is $1463/month including PMI, escrow, taxes, etc... and I've been in this loan for 2 1/2 years. Current appraised ...
2
votes
2answers
2k views

Advice regarding how much should be in the bank account after downpayment for a bank to give me loan

I am planning to buy a condo in Chicago, IL - USA Let's say that I am buying a condo worth 250,000 and is FHA approved. Let's say that I have 70k in my account. When I pay 20% down, and after ...
3
votes
2answers
257 views

Questionable Home Loan/ Construction Agreement Clause

I'm in the process of building my first home. While I have enough money in the bank to pay for the home straight up, I would rather take advantage of the record low interest rates and keep my money in ...
5
votes
2answers
260 views

Home loan: loss payable clause in favor of lender for home insurance?

I am buying a house, and got a set of documents from my lender today. A part of that document says: Please notify your insurance agent that your hazard insurance and if applicable, your flood ...
5
votes
2answers
11k views

Can I get a housing loan for my father's property?

I want to apply for a home loan, but the property is registered in my father's name. Is it possible? Can anybody help clarify my understanding of home loans?
11
votes
3answers
469 views

How do people trade up from one house to another?

Newbie question here folks. My wife and I currently own our first (20% down on a condo in San Francisco in 2009; fixed 30-year loan). Obviously at some point (maybe 2-4 years from now) we would like ...
2
votes
2answers
684 views

How do historically low interest rates affect real estate prices?

30-year fixed interest rates have hit a historic low today: 3.83%. I happen to live in the second hottest real estate market in the nation and am considering purchasing my first home, which would be ...
1
vote
1answer
351 views

Will I get tax benefit from both HRA and Housing loan

I'm having housing loan but it is not self occupied and I'm staying in rental basis. Can I avail the tax benefit from HRA as well as from housing loan. If so is there any document need to be submitted ...
0
votes
1answer
849 views

FHA Reduction Notices From Third-Party Companies - Scam? Or Something To Consider?

We've got an FHA loan on our house with a 4.75% interest rate. We get a lot of seemingly junk mail but one item from "American Financial Network" caught my eye: The Federal Government recently ...
9
votes
2answers
2k views

If I Use My Roth 401K for a Downpayment for My 1st Home, What Will I Be Taxed On?

I've been making post-tax contributions to my employer's Roth 401K plan for a little over 3 years now, and I'm needing some cash for a downpayment for my first home. Will I be taxed on the full amount ...
2
votes
5answers
1k views

Comparison of cash concessions vs lower home purchase price?

My agent advised me that its common to get a 3% cash concession from the seller when purchasing a home to cover closing costs. I want to know what negative affects this might have by taking cash in ...
5
votes
2answers
613 views

Why would an FHA loan require a loan guarantor to also be a party to the deed?

My daughter is buying a house with an FHA loan but does not have enough income to qualify, so she needs me as a co-signer. The loan originator is claiming that, by FHAs terms, if I am co-signing, I ...
0
votes
1answer
66 views

Home loan application factors for self-employed

What factors are considered in applying for a home loan where the primary income of our household is from self-employment? Details: Salaried, W-2 employee of an S-Corp (50% owned) Corporation is ...
4
votes
3answers
205 views

What is the best way to get a “rough” home appraisal prior to starting the refinance process?

Given the tightening of regulations on appraisals in the home financing process, I would like to get an idea of the "rough" value of my home before initiating the refinance process. Since our ...
5
votes
1answer
100 views

How do secured loans get paid off when selling the asset?

I own a home in California (as tenants in common) with two siblings. My brother took out a loan using the house as collateral. When we sell the house, does the loan get repaid first, or do I get my ...
5
votes
1answer
139 views

HAFA: Missed 14 Day Response Window — Am i SOL now?

I have started the short sale process with Bank of America and I am going through the federal program HAFA. I initiated the process but delayed submitting documentation longer than the mandated 14 ...