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

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How to figure out the life time saving of refinancing?

I'm looking at refinancing my $290,000 mortgage (present is 30 yr fix, and with 26 yrs left) from 5.0% to 3.875% with no fees. I'm trying to figure out the lifetime savings. I believe this change in ...
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3answers
170 views

Does this Budget Make Sense for a New Condo?

I’ve been obsessively reading for the past week or two about how much of your gross/net income to be spending on Mortgage/Insurance/Taxes/HOA. More conservative estimates were at 25% of your gross ...
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1answer
110 views

What I can do to offset a bad fixed-rate mortgage?

My mortgage came up for renewal right at the time in 2009 when UK interest rates hit rock bottom. This was unprecidented, and most financial advice was to take out a fixed-rate mortgage. So I perhaps ...
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2answers
44 views

Evaluating Mortgage Refinance Loan Offers - Short Time Frame

I currently have a 4.5% mortgage with a balance of $247,000, and am going to refinance. However, my situation is a little atypical in that I don't plan to live in the house more than 3-4 more years. ...
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3answers
110 views

Issue with mortgage valuation on new build property

I have a friend who recently put a deposit down on a new-build flat in a large new development in Scotland, it's priced at £150,000. He's paid the reservation fee, and been approved for the mortgage ...
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12k views

15 year mortgage vs 30 year paid off in 15

I've found similar questions, but they all seem to focus on a preexisting 30 year mortgage and whether or not it makes sense to refinance to a 15. My question is a bit different. I have not yet ...
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1answer
72 views

Mortgage property

My Husband and I bought a mortgage house in 50/50 partnership, I am not working and he is paying all costs. However he works out of town and decided to stay there. But he is still paying full ...
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1answer
107 views

Can having a co-signer on a house loan reduce the down payment required?

I have worked as a freelance web designer for 3 years before taking a salary job at a company 6 months ago. I have enough money saved up and make enough at this job to own a house but I doubt I will ...
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111 views

What is a tranche?

I am studying Collateralized Mortgage Obligations (CMOs) - My understanding is that the product consists of mortgages which have real estate as collateral. The mortgages are bundled in batches ...
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1answer
46 views

FAFSA, internship and a new house

I completed 2 internship this year and my total income was roughly 24K. I had 7k or so withheld. I wrote checks to my parents:5k to contribute with the minimum to receive a mortgage loan required and ...
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1answer
117 views

Put extra payments towards almost paid off house or newer house?

My wife and I have two houses: one her parents live in and has only 4.5 years of mortgage payments left, the other we live in and is only 2 years into a 30 year mortgage. She has been making extra ...
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2answers
69 views

Does FHA goes hand in hand with PMI ?

I am curious: Can a first time home buyer put a %20 downpayment (to escape the PMI) and still have that low HUD APR? Do HUD and PMI have to go hand in hand ? This is what I think: if I am a ...
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0answers
41 views

Does settlement of second mortgage count as short sale?

Does settlement of second mortgage count as short sale? Suppose you settle a second mortgage debt (perhaps because the house/home is seriously underwater). That will report to the credit bureaus as a ...
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46 views

mortgage/title and gift giving tax law question

my mother has offered to gift me the 20% needed for my new home purchase. It has been determined that adding her would be a hindrance to my mortgage loan, thus I am facing gift giving tax issues. ...
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1answer
24 views

Home (re)Finance and Providing Additional Information

Since mortgage refinance rules require substantial information, and the goal is to evaluate whether the borrower has the discipline and ability to repay the loan, it would make sense to gather ...
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1answer
111 views

Everyone says you should start saving young. However, should my priority be to pay off my mortage? [duplicate]

Everything I read says you should use time to your advantage and start saving as soon as possible. However, I have a home mortage with an interest rate higher that what one could expect to make out of ...
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1answer
54 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 ...
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2answers
80 views

Does a house mortgage make it easier to get a personal loan?

This question is about whether a house mortgage "on its own" would improve a persons chances to qualify for a personal loan. With this I mean, does a house loan provide benefits that, simply because ...
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1answer
87 views

Why would my mortgage payment change if the interest rate stayed the same?

I just received a letter from my bank , stating that my yearly rollover interest rate would not be changing. As of now we pay $353.72 on the principal and 61.63 on the interest. This loan is almost 18 ...
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1answer
49 views

How do margins on tracker mortgages (variable rate mortages) vary over time?

One kind of mortgage, in the UK at least, is a tracker: the interest rate is equal to the central bank's base rate of interest, plus a constant margin. The margin can apply for the lifetime of the ...
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24 views

HAMP enrollment and side effects

I am in the process of getting enrolled in the Home Affordable Modification Program through my bank to lower my mortgage payment, which is high because I got my house back in 2007 and haven't ...
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0answers
18 views

Getting Rid of PMI [duplicate]

We bought a house for less than 20% down payment, and now we pay over $150 a month for useless PMI (private mortgage insurance). I regret having done this, but assuming that I can't change the past, ...
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2answers
110 views

Refinance when going to sell?

I currently own a home with a mortgage at 4.25%. I'm five years into a 15 year loan. My wife and I would like to sell within the next three years and we have almost 50% equity in the house. We ...
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1answer
331 views

Should I give my mortgage broker access to my bank account?

Is it safe to allow a mortgage broker to access my finances? They are requesting it in order to present account balances to our home loan issuer, and while I wouldn't suspect they are scamming us or ...
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41 views

When mortgage in dollars should be replace with mortgage in rubles?

I've found the picture below, which demonstrates at which RUB/USD exchange rate mortgage in rubles is less expensive, then mortgage in dollars (i.e. when refinancing of dollar mortgage to ruble ...
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1answer
199 views

Here's my plan for saving up for a house - What can I do to improve?

I'm 20 and I'm from Australia, have about $8000 saved up for my mortgage fund, hoping to get a hefty sum for my downpayment when I plan to buy a house in the future. The $8000~ savings came from my 6 ...
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2answers
79 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution ...
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2answers
175 views

Is it possible to sell early on a house in a 30-year mortgage?

I am trying to understand the functioning of mortgage but I am having a bad time. I have been through many different types of concepts and calculations, but I still cannot get how exactly this works. ...
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5answers
988 views

What things should I consider when getting a joint-mortgage?

I'm currently renting and I'm wanting to buy a house in the area to live in (because I want more space and I want my money to go into an asset rather than simply losing money I'm paying in rent). ...
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1answer
41 views

Can i avail rebate on Home loan interest without sale deed and registration

I have booked a flat in June 2011 and taken loan from bank. I am paying EMI since August 2013. Physical possession of flat given to me in November 2014 but sale deed not given to me by builder till ...
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35 views

Formal Definition of APR

I have seen several conflicting sources on the internet about APR. Some say the effective rate is (1+APR/n)^n -1 while others say this formula is the APR since APR represents the rate over all ...
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2answers
88 views

How to calculate the potential difference of putting money into buying my house vs paying it into a pension

I've been wondering for a while if I would be better off stopping my pension payments and paying the money off my mortgage and paying it off more quickly. Then I would rent out the house and start ...
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338 views

In-laws moving in (financial/tax implications)?

We are contemplating moving into a house with an in-law suite in Mississippi and our inlaws selling their house and moving into it. We would pool the sales from both houses as downpayment on the new ...
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Interpreting mortgage rates

today is November 2014 and this comes from the state of Illinois, US I have received a mortgage preapproval letter that contains the following clause: The type of loan chosen is FNMA Agency 30 Yr ...
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1answer
49 views

Mortgage loan and move money to US

If I re-finance or get mortgage loan from my existing property in my home country, and move money to the United States, which taxes do I need to pay (Income tax? Interest Taxes?) or what shall I take ...
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2answers
103 views

First time homebuyer/investor: How to best allocate money towards paying off mortgage?

I am 23 with no debt and planning on purchasing a house. I've been running through many hypotheticals and decided to post an example to see what others think since this is a significant decision. I ...
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2answers
191 views

Can an undocumented immigrant in the US get a mortgage?

When I search this question on google all I get is that how it used to be possible for a person without a social security number to get a mortgage before but now the regulations became more stringent. ...
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1answer
67 views

Ready for my first home

1.Apply for a mortgage I have heard that I should shop for many lenders. Here is a few questions related to this: 1.1 My friends tells me that I should look for a good lending company and I should ...
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1answer
68 views

We want to sell a house we own 50% but the other parties do not [closed]

My husband and I bought a house 13 yrs ago to take care of my Grandparents, due to none of their daughters could qualify nor could they take care of them. My Aunt and Uncle went on the Deed of Trust ...
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1answer
70 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 ...
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1answer
56 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 ...
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3answers
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 ...
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4answers
392 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 ...
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3answers
243 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). ...
2
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1answer
53 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 ...
2
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1answer
53 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 ...
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1answer
132 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 ...
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1answer
99 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 ...
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1answer
191 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 ...
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1answer
47 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 ...