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

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235 views

Lender refuses to terminate PMI despite my LTV being less than 78%

My lender, US Bank, is refusing to terminate my PMI even though I am now below the 78% loan to value ratio. We've been perfect customers and have never missed a payment. Their reasoning is that they ...
2
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1answer
14 views

Income Tax rebate on Housing Loan on rental property and HRA rebate?

I had purchased an under construction Flat with loan of 30 lacs in Indirapuram, Ghaziabad in Year 2011 for which I got possession in June,2015. I am staying on rent in East Delhi and claiming HRA ...
3
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1answer
81 views

Waiving PMI on initial conventional mortgage loan

I am about to close a mortgage loan for a HUD property which I had originally opted for a USDA Rural @ 3.25% for a sale price if $135,500 for 30 years. I just got the bank appraisal which states its ...
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2answers
140 views

How much money should I put on a house?

My mother passed away and left me with 100,000 dollars. My boyfriend and I decided that we would go ahead and buy a house. We are living with my dad right now and have 2 kids and we are both 22. I am ...
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0answers
37 views

Pros and cons accepting partial ownership of company as opposed to inheriting

My father owns property (buy to rent) and manages this through a small business in the UK. He probably has assets worth in the region of 750,000 GBP but is also still paying down the mortgages on each ...
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1answer
34 views

At what point in a refinance application should I be able to get a rate lock?

I've submitted my URLA, credit is checked and appraisal is scheduled. The broker has sent a disclosure pack that he wants me to sign and return with all documentation in order to start underwriting. ...
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0answers
41 views

Mortgage Refinance: What is Yield Spread Premium?

I have a GFE from a broker that contains a hefty (>$8000) Origination Charge that includes a 2% Yield Spread Premium, and a credit for the whole of that amount. The rate is good and the broker insists ...
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3answers
391 views

First time mortgage - process & rates

I'm looking to buy a first home in the next few months. At this point I thought I would check out the mortgage options as in my mind I'd need to have a mortgage agreed before going to look at houses. ...
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0answers
44 views

What kind of inspection will a mortgage company make

I want to refinance my house. What kind of inspection will the company giving me the new mortgage do to my house? Will they pick up all my carpets, will they just look it over, or will they do a ...
6
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0answers
167 views

If I'm the only one on the mortgage, do I have to count my significant other's payments as rent for tax purposes?

Lets say I take out a mortgage to buy a house, and I'm the only borrower on the loan. My girlfriend's dad gifts me $125k to pay the down payment. She and her parents go on the title, along with me. ...
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3answers
166 views

How high a mortgage can I afford at my current rate of monthly rent payments?

I've been considering home ownership, and all other things equal, I'd like to know how much of a mortgage I can afford based on the rent I currently pay. Not including heat and hot water, I pay ...
3
votes
2answers
215 views

Who gets to write off (deduct) interest part of a mortgage payment?

On a U.S. Federal tax return, you can write off interest and property tax payments on a mortgage. Who gets to do that? Just the person in whose name the mortgage is? Or anyone on the title of the ...
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1answer
51 views

How do rate locks work when buying a property?

We recently "locked" our rate on a rental property we are buying at 4.875. A day later, drops back down to 4.625. Can we no longer get the 4.625? Are we "locked" in at that rate thru closing?
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0answers
31 views

Preserving DTI ratio between mortgage pre-approval and closing

I am in the process of buying a house in the US. I have had an offer accepted and have pre-approval from a lender for a conventional/conforming loan at the maximum debt to income (DTI) that they are ...
2
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0answers
82 views

Underwriters refusing to use TheWorkNumber

Earlier this year, an underwriting department informed me they are no longer allowed to accept TheWorkNumber for employment verification purposes on any Fannie Mae Freddie Mac loans because of ...
1
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0answers
64 views

FHA loan just commenced : Any way to get any of the up-front mortgage insurance back?

Background : I ended up in a nasty situation where my FHA lender had over 7 weeks to prepare, and through indolence, was going to miss closing. Lender became very unresponsive - multiple multi-day ...
2
votes
1answer
51 views

Do capital gains get factored into AGI?

My GF wants to cash out all her Apple stock for the downpayment on a house. But she is on an income-contingent repayment plan for her massive student loans—so she is afraid if she cashes out her ...
6
votes
1answer
363 views

Is this comparison of a 15-year vs. a 30-year mortgage reasonable?

My wife and I are thinking about purchasing a home at some point in the next few years, which has got me reading about mortgages and trying to think through what would make the most financial sense ...
3
votes
2answers
77 views

What to look for when evaluating a mortgage lender?

When evaluating mortgage offers in the US for a primary residence, obviously the rate and fees is important to consider as it impacts the bottom line. Having a lender who is responsive when trying to ...
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2answers
68 views

LTV of sales price or appraisal cost

I want to purchase a home using a conventional 30 year loan @ 3.50% interest. I want to get out of paying the Private Mortgage Insurance. I understand I need to pay upfront more than 80% LTV. I ...
9
votes
2answers
808 views

How to represent mortgage overpayments in household budget

I keep a household budget spreadsheet, one tab of which represents our savings. Some of our savings is in traditional savings vehicles (ISAs etc.), but some of it has been used to overpay the ...
0
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1answer
32 views

Do the credit bureaus have 14 or 30 days mortgage rate shopping window ?

I got prequalified 15 days ago. Now, I am planning to get prequalified with other lenders to compare the rates, and get a better deal with my mortgage APR rate. However, I'm worried that the credit ...
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3answers
88 views

How to shop for mortgage rates ?

I have already been prequalified with 3.8% (but I am sure I can do better :)). Now, I am about to make an offer on a house. So, once the seller accepts my offer, how do I rate shop ? Do I need to ...
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5answers
3k views

Oversimplify it for me: the correct order of investing

I have been reading the top posts here, and the recommendations for what to invest in are often similar. What I'd like to know, in as simply of terms as possible, is what the consensus is on priority ...
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5answers
2k views

Pros/cons of borrowing money using a mortgage loan and investing it in a low-fee index fund?

I'm wondering if this investment strategy would work: I get a mortgage loan for $300K at a 3% rate (realistic for current 5-year fixed mortgage rates here in Canada). I invest the proceeds in a ...
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0answers
90 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 ...
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1answer
107 views

Use of free and clear houses as Collateral

I'm currently exploring the possibility to buy another property and use the leverage of my paid off properties as collateral for a loan for the down payment. What would be my best options to pursue ...
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1answer
92 views

Unable to get a mortgage with partner, can we still share the house? (UK)

My long term girlfriend are trying to buy a house together. She is an EU national but has not lived in the UK in the past 3 years. We each have half the money we need and my income is good enough to ...
13
votes
7answers
4k views

Am I considered in debt if I pay a mortgage?

75% of Americans are in debt. I'd like to know if I'm also considered in debt if I am paying my mortgage on a house. I didn't think I was in debt if I own the house. I guess I pay 'rent' to a bank ...
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1answer
123 views

Basic bookkeeping account entries for a house purchase and mortgage?

I borrow 200,000 to purchase a house worth 250,000, putting down 50,000 of my own. The borrowing is at 5% over 30 years. What are the basic double-entry bookkeeping entries I must make to record this ...
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1answer
89 views

How long should a mortgage take to appear on my credit report?

I bought a house earlier this year (closed on 30 Jan 2015), and while the two inquiries (prequalification from one bank, then the 'actual' lender we went with) about my mortgage appear on my report ...
6
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2answers
606 views

Can my mortgage company force me to buy condo hazard insurance?

I live in the United States and have a mortgage for my condominium. After 10 years under my current policy, I suddenly received a letter from the lender, saying "A review of our records indicates we ...
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2answers
134 views

Pitfalls of a Home Equity Loan

A person asked me a question, and quite frankly I am stumped! They have the opportunity to lower refi their home and lower their interest rate by about .75% with no closing costs. They would be ...
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1answer
138 views

Is my husband's ex-wife owed a portion of the value of our home? [closed]

Is my husband's ex-wife entitled to a portion of the home for which she is on title, even though she never made a payment?
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1answer
62 views

Pay down mortgage or low interest student loans [duplicate]

I have both a mortgage and student loans, as many now do. My mortgage is at 5.5 % with ~ $250k balance and my student loans are at ~ $98k with 2.125 % interest. The remaining number of payments are ...
12
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8answers
3k views

Mortgage or not?

I am 57, spouse 53. I lost my 30+ year business in 2009, decelared personal bankruptcy and now have only $4K in retirement accounts. The positive news is that I am employed; my income is 110K, hers is ...
6
votes
1answer
197 views

Deferring mortgage interest expense to next year when filing taxes?

I paid around $25,000 in mortgage interest payment last year, however, I had no income. I was wondering if I could defer this expense to next year and omit it this year. Since it will not benefit me ...
3
votes
1answer
140 views

Low-interest 30yr mortgage - can the bank pull a fast-one?

I'm on the cusp of signing a 30-year fixed mortgage at 3.8% interest (I might even be able to negotiate it down to 3.6%). Looking at historical interest rates, it's a dead-certainty that interest ...
3
votes
2answers
228 views

Does a 401(k) contribution harm your Debt-to-Income ratio for a mortgage application?

If I contribute to a 401(k) at work, and thus have a lower W-2 income box 1 (Wages, tips, other compensation), will this hurt my debt-to-income (DTI) ratio on a mortgage application? I wouldn't think ...
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3answers
92 views

How does a lender compute equity requirement for PMI?

I owe 280k on a house and asked my lender (CitiMortgage) about refinancing. My credit score is great (close to 850), and I'm a customer in good standing. CitiMortgage's appraisal came back at around ...
3
votes
4answers
154 views

Borrowing from my brother for the downpayment of house?

I am looking to by a house real soon. I definitely want to avoid PMI and put down 20% which amounts to about $100K of initial payment. I have no debt whatsover (no credit card/student/car loans). I ...
4
votes
2answers
349 views

Should I pay off a student loan before getting a mortgage, given I have a large deposit?

I live in the UK, and have a ~£15K student loan that I started in 2007. That means that I pay extremely low interest on it (lower value of "RPI" and "Base Rate + 1%") and that I only ever pay it out ...
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vote
1answer
59 views

Will dipping in to savings affect mortgage possibillities?

I currently have 2 accounts; a savings, and a current. Each month I have an amount transferred over to the savings. Since I have saved for a number of years now I have enough for a reasonable deposit ...
3
votes
1answer
122 views

How to bump up my credit for buying a house in a year (open another card or not)

Here's a rough breakdown of my non detailed credit report. I want to buy a house well condo in a year. I am in the 28% tax bracket. I have 20% or more down to avoid PMI. My question is this ...
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1answer
33 views

Rate used for approval on a 5/5 ARM?

When applying for a 5/5 ARM with a 2% cap each adjustment, a 6% lifetime cap, that starts out at 2.5%, what rate will the lenders generally use to qualify you for the loan when computing your debt to ...
0
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1answer
52 views

Options to remove PMI payment from mortgage [duplicate]

When I bought my house last year, I had only about 8% of the purchase price for a down payment (though the bank's initial appraisal was for about $17,000 higher than the purchase price) but I figured ...
0
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1answer
101 views

Is it ok to go to mortgage underwriting with two different lenders at the same time?

I am in a situation where I need to get a mortgage in a short period of time. My situation is unique and I want to make sure the mortgage gets approved. I started working with a small bank and it died ...
6
votes
5answers
977 views

Should I Buy a House or Wait

I live in the US in PA and I am thinking about buying a house that costs $225,000. I can put 50% down and make a salary of 50k before taxes. I have no debt but will probably need a new car in a few ...
12
votes
7answers
5k views

Advantages of paying more of your mortgage while you know you won't continue to live there your whole life

Recently I bought a house for 140k in the Netherlands. It had a mortgage of 110k (3,0% interest) and a startersloan of 30k (4,0% interest, no payments/interest the first 3 years). I am getting ...
2
votes
2answers
118 views

what is a mortgage gift exchange?

How do I do a gift exchange on a mortgage? my ex husband is on the mortgage loan and we are both on the title. he wants to turn over the mortgage to me, by doing a gift exchange, how does that work?