Tagged Questions

A mortgage is a loan that is secured by real property (land, buildings).

learn more… | top users | synonyms

1
vote
1answer
50 views

How to determine mortgage or rent payment

I used to know a formula for determining P. I. T. I. (principal, interest, taxes, insurance) payments being $(interest rate x 100) for every $1000 of home value. Does this still apply as the best way ...
-2
votes
0answers
29 views

Mortgage interest rate question?

An adjustable rate mortgage with a teaser start rate of 1.5%, an index of six month LIBOR, a margin of 2.0%, and periodic and lifetime caps of 2/6 with semi-annual adjustments, would have a maximum ...
0
votes
1answer
23 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 ...
12
votes
2answers
3k views

Not paying cash for a house

It is a common opinion that a person should not buy a house for cash even though the funds to do so are available. My understanding is that investing cash and paying mortgage with the interest or ...
6
votes
4answers
224 views

I'm 20 and starting to build up for my mortgage downpayment, where should I put my money for optimal growth?

I have no credit, no loans, and am a contractor for $40/hr at a company and I expect to work here for quite a while (job security should be above average). Every week, I allocate $300 to my Mortgage ...
1
vote
3answers
144 views

Buying a house, how much should my down payment be?

Let's say I have 500k in cash and would like to buy a 750k house. My burn rate (monthly spending) is around 4k per month, my income around 8k per month (after taxes, not including IRA contributions). ...
1
vote
1answer
34 views

What are the easier to qualify home loans in Canada?

I have only 6 unpaid things on my credit report. The small things add up to only $17XX.00 but the oldest thing, an unpaid credit card from 5 or 6 years ago, has nearly doubled to $11,000 due to ...
0
votes
0answers
38 views

How can my cousin take loan on my grandfather's property? [on hold]

I am resident of India. I own a house which is on my grandfather's name on property card. Total property has 4 separate Property Tax receipts. My cousin is applying for a loan on one of them and he ...
0
votes
0answers
27 views

Real estate loans for repairs

I am very interested in purchasing a foreclosed home that is sold by Freddie Mac. The outside looks great, but the inside needs some work. Basically, the previous owners took everything including the ...
3
votes
1answer
108 views

Dealing with Home inheritance

I have been living in my grandmother's house for the past 20 years. The house has been paid off for years. During that time, I have taken care of her and the house until she got bedridden. My aunt had ...
2
votes
1answer
59 views

Mortgage rate shopping - 14 day period

I'm currently in the 14 day period since my credit (all 3) were pulled for a Mortgage Application. A second lender pulled my credit today (still in the 14day period) and surprisingly, the new inquiry ...
0
votes
1answer
166 views

My sister borrowed money on a home thats not hers, how can I protect the home?

After the death of my sister, my mother finds out she had taken a mortgage out on mom's home. The deed and taxes are only in mom's name. The bank came out taking pictures yesterday. Mom is 72 ...
-3
votes
1answer
42 views

Loan for treatment

Getting loan from parents property. Both Mother and Father have expired. We are 7 member (5 brother & 2 Sisters ) , property is in name of our parents. For emergency we require loan for treatment ...
3
votes
2answers
119 views

Formula that predicts whether one is better off investing or paying down debt

This is more of a statistics/probability question but the implications for personal finance are obvious. Let's say you have extra cash (assume tax-advantaged space is already maxed out) and are ...
-2
votes
1answer
62 views

How much will I be saving off of interests if I fully pay my mortgage earlier?

I purchased a vacant lot and opted to pay for it in installment for 60 months at an annual fixed rate. This formula was used to calculate my monthly fee: M = P[i(1+i)^n / ((1+i)^n-1)] I am currently ...
0
votes
4answers
70 views

Mortgage Refinance

We are refinancing from a 30-yr to a 15-yr. Our current rate is 3.75%. The new rate for 15-yr is 3.875%. The loan is costing us $10,000 which is included in the loan. Our payments will go up approx. ...
0
votes
2answers
54 views

What is a “property tax assessment”?

Zillow list property taxes near the bottom of any listing. There are two main columns, Property Taxes and Tax Assessment. On an example $350k home for 2014, Zillow list the two values as: $1900 and ...
18
votes
10answers
8k views

I earn $75K, have $30K in savings, no debt, rent from my parents who are losing their home. Should I buy a home now or save?

My parents have advised me to buy a home, as residential real-estate is still "cheap" (or what's considered cheap in my area). My parents have valid points, especially from an economic/investing ...
0
votes
1answer
78 views

Mortgage: Low house price with high income (Canada/US)

I am planning on purchasing my first home, but its going to be for my mother. She lives in a small town with very affordable housing. The place will be around $68k with 20% down payment ($13,600) ...
2
votes
2answers
159 views

Steps to buying a home

My wife and I are looking into buying a home. We are discussing home vs. co-op, I don't want the co-op I'm to worried about re-sale which I think will not exist. Basically what are some good steps to ...
5
votes
2answers
170 views

Is it wise to sell company stock to pay down a mortgage?

Is it wise to sell company stock to pay down a mortgage? Say, you have $25,000 and a $100,000 mortgage. Is it better to continue to assume the risk over the long haul or cash in at a reasonable ...
3
votes
1answer
88 views

What effect does a high credit line have on a mortgage?

I have received a letter from my credit card company increasing my credit line and when I spoke about this with a co-worker, they told me that I should request that the company does not increase my ...
2
votes
1answer
141 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 ...
3
votes
1answer
56 views

Mortgage Banker vs. Mortgage Servicer - Why go through “middle man”?

I am house hunting and I'd like to understand something. I am currently running into a scenario where I just simply don't understand it at all. Here is a little background story: I am looking at a ...
0
votes
1answer
78 views

Possible refinance from 15 year fixed to 7/1 arm

I have a 15 year fixed mortgage at 4.25%. Remaining balance 167.754 due to be paid 8/1/2015. I pay an extra $200 payment towards the principal each month. I'd like to pay the mortgage off in 6-7 ...
1
vote
0answers
45 views

Excel Canadian Mortgage Formula Help

I need to get the ending balance formula for a project in excel calculating mortgage payout. I am hoping to develop a formula instead of formulating an amortization table. I have used the following ...
3
votes
2answers
137 views

How can I use the equity out of my current property to purchase another one?

I got out a $200,000 loan for a property that is valued at $270,000. I managed to get the property for $250,000 and I threw $50,000 at the deposit. Therefore, I currently owe $200,000. I purchased ...
9
votes
4answers
1k views

Who pays the property tax on a home for the year of sale?

I sold a condo on the 2nd of January this year, and I was a bit taken aback when I got a property tax assessment for that property from the county for this year (this was not a bill just an assessment ...
2
votes
3answers
122 views

Concerns about paying mortgage early after cash liquid again

I am considering locking up some cash in investments, even a 1 year CD, in order to get even a small ROI with thought that I might buy a house next summer (June onwards). Or perhaps earlier, if ...
6
votes
1answer
753 views

How do I divide equity following separation with cohabiting partner?

I have been in a cohabiting relationship for 20 years - we are living in a property that we have lived in for 12 years - we bought the property for £95,000 and the property is now valued at £190,000 ...
2
votes
1answer
69 views

Can FHA mortgage insurance premiums go up after a loan is issued?

Is the FHA monthly mortgage insurance payment determined at the time the loan is written? I have a friend who streamlined her FHA loan in about 2012 (original FHA loan 2007). Her MI annual payment ...
3
votes
1answer
211 views

Is it necessary to pay tax if someone lends me money to put into my mortgage?

So I have a fairly big mortgage and a family member of mine has a fairly large sum of cash. As he doesn't want to invest in any investments, it's just sitting there in the bank gaining interest in ...
0
votes
4answers
143 views

Best refinance option

Edit 8/13 3:30pm: Thank you everyone for the helpful advice so far. The lender behind Options A & B contacted me and lobbied for himself, saying there is a $1000 credit towards closing which ...
17
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 ...
5
votes
4answers
272 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 ...
2
votes
1answer
152 views

Can a bank ask for a quicker repay of a part of a mortgage?

In the UK, could a bank ask you to repay quicker a part of a mortgage (or a loan guaranteed with a property) because your risk profiles increases due to the value of property going below the ...
10
votes
2answers
304 views

Should a married couple co-sign a mortgage or not?

If one partner can qualify for the mortgage that the couple needs based on his/her income and credit history alone, is there value in co-signing the mortgage apart from the 'in it together' mentality? ...
6
votes
2answers
550 views

Difference between a mortgage and buy-to-let in UK

In terms of rights, whats the difference between getting a regular mortgage and a buy-to-let mortgage for a property in the UK? For example, if I wanted to invest in a property, and got a regular ...
1
vote
1answer
116 views

European vs. American mortgage underwriting with regards to the health of the borrower

Whenever I hear about a European mortgage application process, there are always health records involved. They want to know that the borrower is likely to outlive the mortgage (or most of it, I guess). ...
3
votes
5answers
268 views

As a contractor, should I overpay my mortgage or contribute to a pension?

My specific situation is:- Early 30s Software contractor via a ltd company Resident in Scotland Higher-rate taxpayer Mortgage at ~5% (variable 4.5% above BoE), LTV about 75%. I'm allowed to overpay ...
15
votes
12answers
4k views

Why is paying mortgage interest considered by some to be beneficial?

When discussing buying a home I often hear people say they like having a mortgage because they get the benefit of writing off the interest. Am I misunderstanding something? My simple thought is if ...
2
votes
1answer
132 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
0answers
32 views

What should I be doing with my money as I save for a down payment on a house? [duplicate]

A bit of background: My wife and I have a combined income of over $100k (before taxes, retirement, etc). We both put 15% of our paycheck into a 401(k), and we have no debts of any kind. We pay off ...
0
votes
2answers
96 views

Taxes on someone else paying my mortgage

I have to repay my house loan. Can I take money from my son for repaying the loan? The bank is saying that my son cannot pay directly from his account; it means I have to receive money in my account ...
1
vote
0answers
40 views

As a non-canadian resident can I get a mortgage loan in Canada?

I am willing to buy an apartment in Canada, where I'll be living for 5 years with a student visa (I am swiss). Can I get a mortgage loan in Canada although I am not Canadian neither permanent ...
1
vote
0answers
112 views

Paid off 2nd mortage early, balloon due 2022

I just paid off my second mortgage with a balloon payment due in 2022. In paying off the 2nd mortgage, balloon payment goes away correct? I am done, done done paying this rip off lender? thanks in ...
2
votes
3answers
148 views

Formula for variable rate Canadian mortgage

What is the formula for calculating payments on a variable rate mortgage in Canada? (This source says variable rate mortgages are compounded differently than fixed rate mortgages) Concrete example: ...
2
votes
1answer
49 views

Determining CMHC insurance premium

Is the calculation based on purchase price with HST or without HST? For example, the property is being purchased from the builder and the stated purchase price includes HST. If the posted price is ...
4
votes
3answers
96 views

How do you calculate whether a 4 year mortgage term is cheaper than a 5 year term?

For example, assuming a balance of $200k 5 year fixed at 3% 4 year fixed at 2.8% How much would the interest rate have to rise before you lose out if you take the 4 year term?
1
vote
1answer
64 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 ...