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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1
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2answers
39 views

Closing a home loan and credit card use

I'll be closing on a home loan in the next month. I'm aware of the risks of running up credit during this period. Right now I have a very low credit utilization ratio (~5% or less). I'd like to make a ...
4
votes
1answer
321 views

Loan servicing company sent me a check in error and wants it back

I was in the process of refinancing my home with RanLife. Shortly after the refinance went through my loan was sold to Chase bank. I received a check from the loan servicing company LoanCare for ...
1
vote
1answer
96 views

Hedging your personal assets

I have been recently reading about how derivative instruments (options, forwards, future contracts) are used to protect your securities. I started wondering if its similarly possible to hedge your ...
12
votes
4answers
2k views

What percent of the profit do you get from selling a home with a mortgage?

This is a very simple question, but I've had a hard time finding a simple answer. Suppose Bob has a home that's worth $100k, with a mortgage, with $50k of the principal paid off (so he still owes the ...
1
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1answer
27 views

If bank can give less home loan than PAL offered based on my credibility

I have applied PAL (Pre approved home loan ) for a bank. Bank have approved the amount what I needed. When I confirmed with them, they assured they have check my cibil and credibility before approving ...
1
vote
1answer
30 views

Transfer from NRE account to a local Indian account is it taxable

This may sound like a repeated question yet I would like to be sure on the answer. I am currently working in US. I do occasional transfer from my US account to my Indian NRE account (ICICI Bank) ...
1
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2answers
105 views

If I have a home loan preapproval letter for x, can the seller know this without me explicitely telling them?

So, where I live there is in a major seller's market. Houses are sold within days of listing, which makes things like getting loan approval for houses a bit of an issue. I know I can get a blank ...
1
vote
1answer
48 views

Pre-Emi Calculation

I would like to take home loan for under-construction building in India. Completion time will be 30Months. How do I calculate pre-emi, if I take the home-loan of Rs.60L for 15 Years with an interest ...
1
vote
2answers
110 views

Want to get off a home loan in TN

I am in a home loan with my ex-partner in joint tenancy. She is the primary on the loan paperwork. I would like to remove myself from the loan. Is that possible? She does not want to refinance in ...
1
vote
1answer
83 views

What sort of demands is it reasonable for a home loan lender to make on the borrower, if any?

What sort of demands is it reasonable for a home loan lender to make on the borrower? For example, if a first-time home buyer with a FICO score in the 600s relocates to another city and applies for a ...
1
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0answers
101 views

Selling a home in the UK to buy a home in the US

I US citizen currently live in the UK, but will be moving back to the US in the near future. I own a home in the UK, with a sizeable mortgage and a LTV ratio of about 70%. I would like to sell my home ...
1
vote
1answer
189 views

Loan to buy a real estate in Germany

Today I have a question about home-loans: I started saving money to raise a small capital in order to submit a request for a loan and since I am totally new to this topic (and some language barriers ...
10
votes
5answers
1k views

What are the pros and cons of buying a house just to rent it out?

My situation is that I'm 23 and have about $4k a month of spare income after everything. I'm considering buying a house in the area I come from, a relatively cheap area where I have friends who bought ...
1
vote
0answers
102 views

Buying a home-Make as large a downpayment as possible, or keep cash to invest

I'm trying to decide whether to put a full 20% down on a new home (primary residence), which would eat up most of my cash from sale of current home, or do something like 10% down, 80% conventional ...
2
votes
1answer
138 views

can foreign income be used to pay Home loans without paying any taxes?

Can we use the foreign income(from North America), transfer it to my savings account in India and pay my home EMI? I read here in forum that foreign income is not taxable unless used to buy stocks, ...
0
votes
1answer
48 views

Trading an FHA loan to bank for an REO

I hope this is the right location for this question. I couldn't find a section that better fit this question. If this is not the right place please let me know. I got a house 3 years back using an ...
3
votes
2answers
93 views

How can I judge loan availability?

I want to apply for home loan ( I am from India ). But I did not know If I am qualified for loan or not. Previous history is that I already have a home loan for a property through my family. That ...
1
vote
1answer
233 views

Tax Exemption on Home loan on property on Father's name in INDIA

We have an independent house registered on my father's name. I took a loan for construction of first floor. The bank has granted the loan after submission of documents and verifications. My father is ...
0
votes
1answer
49 views

Loan Application in South Dakota

A co-worker of mine is going in to apply for a loan and start the closing documents for their home, and from the sounds of it they are not going through a Realtor because they are already living in ...
1
vote
1answer
169 views

Can I get home loan and claim tax benefit if I repay the loan for a property in India which is in my mother's name?

We are planning to buy a new house in India of which my mother will be the sole-owner. At present, she doesn't have any source of income. Now I have two questions in it. Is it possible for me to ...
7
votes
1answer
338 views

Can't sell my house because of HOA delinquency rate

Just found out a few days before settlement on the sale of my house that most lenders will not lend funds to a buyer if the property they are purchasing is part of an HOA community where more than 15% ...
1
vote
1answer
184 views

Principal amount on house loan shown in saving 80C

I booked a property in April 2014. This property is under construction. I got a loan on this property and paid EMI from May 2014 with Principal amount and interest I want to know:- Can I get benefit ...
8
votes
6answers
3k views

mortgage vs car loan vs invest extra cash?

I received a good bonus this year and am trying to figure out the best way to use it. I have no credit card or student debt, maintain an emergency fund, and am maxing out tax advantaged retirement ...
1
vote
1answer
148 views

HRA + Home Loan for under construction Property

I know this question has been asked many times earlier but the answers are too technical for me to understand. Request your guidance (at dummy level). I am living in a rented house. This year (F.Y. ...
2
votes
2answers
174 views

Tax Exemption on Home loan EMI in INDIA

I have taken a loan of 9 Lakhs for a flat for which I have take possession last November.What all documents will I need to get tax exemption. I have rented out this apartment. What documents will I ...
2
votes
1answer
382 views

Construction loans - when do payments begin?

For the sake of round numbers, consider this scenario: $300,000 land purchase $700,000 cost to build a home $200,000 down payment Figure building the home will take 1 year. My question is, for ...
24
votes
6answers
7k 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
100 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
248 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
169 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
333 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
72 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
1answer
124 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 ...
19
votes
5answers
6k 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
185 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
100 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
994 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
200 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
91 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
14k 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
156 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
7k 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
460 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 ...
7
votes
1answer
298 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
1k 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
152 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
839 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
713 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
1k 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
463 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 ...