2
votes
1answer
75 views

Can I take a loan against propety in my children's name?

I am from Chennai, India. The house which we are living in Chennai used to be in my father's name. My father has four children and I am the last one, daughter and I am widowed and living with my ...
1
vote
1answer
161 views

How to calculate amortization table with pro-rated first month

From what I understand, banks prefer to have loan payments due on the 1st of the month. To that end, if you close on a property on, say, the 15th, they will charge you a pro-rated payment to get you ...
4
votes
3answers
186 views

Can future rental income be applied to present debt-to-income ratio when applying for second mortgage?

If someone wants to purchase a second home as a source of rental income (and potential investment), would (or could) a lender apply the estimated future income from rent on to the present ...
4
votes
3answers
196 views

What costs should I consider when planning to maintain a vacant condo for a few years?

I have a job offer in a different city. I currently own a condo that I may return to but that would be really nice to have as a hub for returning to visit family as well as I have a family member who ...
12
votes
4answers
13k views

When can you use existing real estate as collateral to buy more?

My grandfather owned a dozen apartment buildings, and when I asked him when I was little how he got so many, he said he just bought one, and then used it for collateral to get the second, and so on. ...
2
votes
1answer
636 views

How can I get a loan secured with free and clear land?

I own a piece of vacant land free and clear. I have an immediate need for cash and would like to take out a loan secured by my property. The land was last appraised at $980,000. I cannot pay a ...
0
votes
1answer
60 views

Are “hard money loans” meant only for real estate?

I am interested to know whether Hard money loans are meant only for Real Estate or other fields too.
3
votes
2answers
266 views

Homeowner's association funding a project in a condo: Bank wants an individual guarantor. What to do?

From time to time my HOA (homeowner's association) needs extra money for a project (eg painting fences, fixing roofs, plumbing repair, etc). They typically respond by raising the monthly HOA dues for ...
19
votes
6answers
1k views

Why do people use mortgages, when they could just pay for the house in full?

I would like your recommendation on whether you should buy a house with a mortgage, which you would pay as you go, or should you buy it in full.