Any questions related to Home Ownership. There is a related specific tag for Mortgages. It is recommend you include a country, state tag, or location in your question.

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11
votes
8answers
55k views

In a house with shared ownership, if one person moves out and the other assumes mortgage, how do we determine who owns what share in the end?

Let us assume a shared ownership house, where everything is 50/50 in terms of deposit, monthly payments, bills, and eventually estate agent costs, and lawyer costs when the house is sold. If the ...
8
votes
3answers
427 views

Saving for a down payment on a new house, a few years out. Where do we put our money next?

We currently have two rewards checking accounts. We are nearing the maximums permitted on each account, after which we receive .5% and .25% APY. It's within our means to perhaps open another one, ...
0
votes
1answer
133 views

Should I buy a 2nd home for approx. $400-450K at age 63, if I can put down 35-40 percent?

I own and lived in a condo apt. and have no mortgage on it and moved (out of state) and rent it out. I am supported by the rental income as well as still earning a modest income. I want to retire in a ...
23
votes
5answers
8k views

Owning house for 3 years. 15 or 30 year mortgage?

I'm about to move to a new area and will be living there for 3-4 years and then moving to another area (I'm in the military and move every 3-4 years) and I'm thinking that buying a house there is my ...
14
votes
10answers
972 views

Why do some people say a house “not an investment”?

I have heard a few people say that "a house is not an investment" as an argument to stay in an apartment. (To me, this seems like a stupid reason, but that is not my question.) Of course, this is ...
18
votes
5answers
606 views

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed?

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed? Pretty simple really; I could make the payments on a 15 year fixed, but at today's low interest rates, ...
9
votes
4answers
167 views

How to take a home inventory?

An answer to the question Spring cleaning for your finances? Is there any activity that should be done annually, with respect to your money? mentioned home inventory: The Inventory is also very ...
7
votes
4answers
530 views

Looking to buy a house in 1-2 years. Does starting a Roth IRA now make sense?

My wife & I are 28 years old and are looking to purchase our first home in the next 1-3 years. Our financial situation looks something like this: 24% combined gross annual income in low ...
5
votes
4answers
2k views

Should I wait to save up 20% downpayment on a 500k condo?

Proper 2BRs start at $500k in our neighborhood. We're looking at buying, but I'm leery of the $100k downpayment. It would reduce our savings to 50k liquid and 75k in retirement. I can easily ...
12
votes
4answers
293 views

What is title insurance, and should I get title insurance for my home?

I have just sold my house and bought a new one. The lawyer I am working with to do all the necessary paperwork has sent me something about "Title Insurance". I am not quite sure exactly what this ...
5
votes
4answers
340 views

Sudden Wealth Management

My father passed away last week. I am not yet sure how much his life insurance is, it will be anywhere between 100k and 250k, which I know is a big range. Either way, I am having a bit of anxiety as ...
4
votes
3answers
2k views

What if I'm named on the deed but not on the mortgage and my boyfriend moves out?

7 months ago my boyfriend and I purchased a home together. I am named on the deed but not on the mortgage. He has moved out and I have agreed to make the mortgage payments myself so that I do not have ...
4
votes
3answers
654 views

Should I take money out of an old 401(k) to put a down payment on a house?

My wife doesn't work anymore and she has a 401(k) of about $80,000 from an old job. I have been kicking around the idea of taking that money out or rolling into an IRA so that I can have better ...
4
votes
2answers
293 views

What is mortgage insurance? Do you have to have it, in order to be approved by a bank?

What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?
3
votes
3answers
2k views

Can my rent to own equity be used as a downpayment?

Here is my scenario. Homeowner wants $296,000 Will give me letter stating that I have 20% down payment as a result of rent payments being applied toward purchase price. My question is...does the ...
2
votes
3answers
265 views

If I have a lot of debt and the housing market is rising, should I rent and slowly pay off my debt or buy and roll the debt into a mortgage?

I'm a Canadian divorcee who walked away from marriage with debt. I have a great income, but I owe $60K on a line of credit and credit card debt as a result of litigation. I pay $1,500/month in rent. ...