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

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can I back out after signing a mortgage loan disclosure?

Can I change to another lender after signing a mortgage loan disclosure? I'm a first-time home buyer, not refinance. Thanks.
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0answers
36 views

How to read loan estimate, what to look for?

We are buying a newly constructed house and have been trying to compare loans from 2 different lenders (builder lender and our own lender). They both sent us the loan estimate sheet in similar format ...
4
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1answer
115 views

How far do I go with a mortgage approval process when shopping around?

We are currently in the market to buy a new home, and it's our first time dealing with shopping for mortgages. Our realtor put me in touch with her brokerage partner, and I've also been in touch with ...
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2answers
117 views

How do we split the proceeds when selling a jointly-owned home?

I bought a 2 family home with friend. I moving out, and she cant buy me out, so we selling. I spent $11,000 on some necessary remodel, where she did not have any to do. How does that work when we sell?...
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2answers
117 views

Mortgage change of terms (lower rate) increases payment amounts

My bank now offers lower interest rates than what I got when I first started my mortgage. I called to see about changing my terms (lower rate, same payoff date), and they said it would actually ...
5
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3answers
1k views

How does a mortgage pay the seller?

When someone gets a mortgage to buy a house does the mortgage company give the seller a lump sum of the purchase price? Or does the seller get monthly payments from the mortgage company?
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1answer
29 views

Refinance of joint tenancy home [closed]

Ex lives in home owned in joint tenancy with myself and intends to refinance the loan without my consent. Legal?
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3answers
179 views

In USA, is it possible to use a credit card as downpayment on a house?

This question is about whether the mortgage regulations or rules in USA say anything about using a credit card (or charge card such as Amex) directly for down-payment on a mortgage. With using it "...
10
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4answers
2k views

Interest rates dropped significant immediately after purchasing a home

Imagine that: One buys a home at an interest rate, for example 3.625% Several days after closing, interest rates have dropped to 3.4% The timing is rather unfortunate here. Is there any way to ...
4
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2answers
80 views

splitting a joint mortgage - one owner in home

Background - My ex and I split very amicably. We refinanced the home after this and are in a 50/50 partnership. I live in the house and pay half the mortgage and a tenant pays the other half. My ex ...
3
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1answer
49 views

How do personal retirement accounts factor into asset calculations for mortgage qualifications?

In applying for a mortgage, one important consideration is a list of your assets. I know this can vary a lot, but I'm curious about the particulars of how a retirement account would count towards your ...
0
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1answer
68 views

30 year vs 10 year Fixed Rate Mortgage [duplicate]

Let's say you're going to apply for a mortgage and two of your options are getting a 10 year, fixed rate mortgage or a 30 year, fixed rate mortgage. As is standard, you'll have a lower interest rate ...
17
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6answers
5k views

Was this a good deal on a mortgage?

I just graduated college last year, and was looking to buy a house. Clearly I wouldn't be able to buy it outright, so I was thinking of getting a mortgage. I have a steady job (~$55,000 annual before ...
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0answers
30 views

Condo Hazard Insurance Question

My condo building has hazard insurance - My mortgage company has the current ins. cert. I sent them one last year too (a few times actually because they kept claiming not to have received it) NOW ...
3
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2answers
111 views

Using credit card balance transfer to pay Mortgage line of credit

I have a mortgage which has a credit margin at rate of 5.75% which I would like to get rid of as soon as possible. One strategy to lower the interest cost would be to using one of my credit card to ...
4
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1answer
78 views

Mortgage question: Which banking terms mean “lends smaller amounts” or “offers small mortgage loans”?

Despite many phone calls I haven't been able to find a lender who offers home loans under 100k USD. Which banking terms are used to specify lenders who do "small" mortgage loans? I'm going with an FHA ...
0
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1answer
97 views

Take car loan out of mortgage to improve equity

I have my car loan as a part of my mortgage. Now, I want to buy a new house and I'm applying for a Proof of Funding (POF). My salary is (relatively) good, so the limiting factor is my equity. When ...
44
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9answers
14k views

Why are 30-year mortgages seen as unwise, if you can pay off the loan in a shorter period of time anyway?

I'm slowly working towards buying my first home (yay!), and have been playing around with the numbers. As far as I can tell, there's literally zero advantage for getting a 10 or 15-year mortgage since ...
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3answers
213 views

Rent at $1500/month in Toronto or Mortgage even with ≥ 5% interest?

Because my aunt had 1 Bankruptcy discharged in 2004 and 1 Consumer Proposal discharged in Jan. 2015, for her any mortgage interest rate probably ≥ 5%. Her credit score is 720, and she is renting now ...
3
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3answers
213 views

Is there any reason not to get pre-qualified for a mortgage?

I'm considering buying a house, but I'm very early in the process so I don't want to commit to anything yet. I noticed that my bank (USAA) has an option for mortgage pre-qualification, and I'm curious ...
6
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3answers
908 views

When building credit in preparation to buy a house, should I buy a car or not?

I am in the process of re/building my credit, as I have never had a credit card until recently (I did everything with debit or checks). I do however have a decently sized number of student loans (on ...
3
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4answers
487 views

That “write your own mortgage” thing; how to learn about it

In the US experience, I've often heard or read of people "writing their own mortgage", I mean to say when selling a house. You'll hear of a "doctor or attorney" writing their own mortgage on a sale, ...
5
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2answers
493 views

What is a HomeStyle Mortgage from Fannie Mae?

Background: We are considering buying home listed for USD$199,000. It is rather outdated and the systems are - we think - original to the home, built in 1976. (I'm trying to get more disclosure from ...
3
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2answers
317 views

What happens to my mortgage if I quit my job?

I want to buy a house and take out a mortgage for it. I plan on making this a rental property. However, I want to travel and start my own company next year. If I do that, I won't have a stable income (...
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2answers
238 views

Why is there so much interest on home loans?

Search around the internet for current mortgage rates and play with some of the amortization calculators. You'll see that at the end of the payment schedule you will be paying almost an equal amount ...
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4answers
112 views

How to hedge an adjustable rate mortgage to lock in the current rate for the whole loan duration?

For a certain property my lender will only give an ARM (10 year fixed, 1 year adjustable afterwards), which is based off the U.S. Treasury rate. However I would really prefer a fixed rate mortgage. ...
3
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1answer
92 views

How is my [UK] bank calculating mortgage porting affordability?

I have had a mortgage with my bank for ten years now, and want to move. I have phoned them a few times to ask about what I can afford, but each time the answer confuses me, and when I ask how they ...
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1answer
33 views

Am I eligible for Home mortgage interest deduction if I live outside the US?

I am a US citizen living outside the US, and I have a mortgage. Am I eligible for Home mortgage interest deduction?
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4answers
432 views

Avoid paying off a mortgage early?

My mortgage is 3.5% fixed rate. I have enough money to pay off the remaining balance, and still have enough left over for an emergency fund. My investments have historically made more than 3.5% per ...
3
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1answer
82 views

Is cash (from sale of equities, other property or savings) taken into account for mortgage affordability?

Imagine the following scenario: Gross annual income - $100k Cash (from property equity, shares, saving etc) - $100k No debt. Down payment - 20% (e.g. $20k) to be taken from cash pot. Mortgage - ...
5
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1answer
88 views

Are unknown lenders safe to use?

I want to refinance my mortgage, so I went searching for rates and a typical page on BankRate looks like this: These rates are a good half a percent less than what's offered by the major banks, but ...
4
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2answers
180 views

What is included in 43% debt to income ratio calculation for mortgages?

I'd like to know what items a bank will look at for their debt to income ratio calculation for an application. My only loan right now is a car lease. So I'm specifically wondering if any of these ...
4
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1answer
78 views

How do you find best mortgage without damaging credit score?

I have a few questions on trying to get my first mortgage (30 year, fixed rate). I'm first doing some comparisons using these two online tools: https://www.zillow.com/mortgage-rates http://www....
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2answers
32 views

Re-financing rental property in excess of original basis

Is the interest deductible on a rental property mortgage that is in excess of the original basis plus any improvements, less depreciation?
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2answers
68 views

US mortgage without waiving or assigning rights?

At a bank in Pennsylvania (USA) to get loan with house as collateral. This is for a small rental LLC with a couple of houses. While reading the agreement, much of it was commonsense, but a few things ...
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1answer
74 views

Calculate APR from balloon loan

I need formula to calculate nominal APR from balloon loan with contract fee. The initial data and payment schedule is: Loan sum: 10 000€ Interest rate per year: 15% Loan period: 2 years Payments ...
3
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2answers
106 views

Getting Earthquake Insurance on a new Mortgage

I live in the bay area, CA where there are many earthquakes. I was recently reading: http://blog.petetheplanner.com/financially-what-happens-when-your-house-burns-down/ which stated that your home ...
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1answer
60 views

Jumbo loan amount before or after downpayment? [duplicate]

I want to take out a mortgage, but the value of the house is greater than $417,000, which is the amount when a mortgage becomes a Jumbo loan. I looked for more information on BankRate.com, and even ...
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5answers
9k 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 ...
3
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2answers
105 views

Is a secured loan or mortgage considered debt? [duplicate]

Lets say you buy a home for $300k, and put down a $100k payment and take out a $200k loan. The house was purchased for a fair, properly appraised value. Does this mean that you are now $200k "in ...
4
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2answers
157 views

Higher mortgage to increase savings to invest?

Last week we went to the bank to talk about a mortgage. Here in Belgium, 40% of your mortgage is can be deducted from your taxes. You can deduct 1520 euro during the entire course of the mortgage. ...
0
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2answers
59 views

ESPP (Employee Stock Purchase Plan) Funds on Mortgage Loan Application

Will the bank count these funds? My company ESPP works like this: 25% of my bi-monthly paycheck (after taxes) is withheld and sent to some kind of company escrow account. This is done for 6 months. ...
4
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2answers
152 views

Break even point of mortgage prepayment penalty vs anniversary payment

I want to calculate the optimal way to apply a $100,000 inheritance to my mortgage and am having difficulty figuring this out. I am in Canada and if I apply all of the money on the mortgage ($170,000 ...
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1answer
50 views

large recurring transfers of to India from US and/or taking Indian mortgage

I am a US citizen and have lived in America my entire life. My wife is an Indian citizen is in the US on a Greencard (K1/fiancee visa) for the last few years. Before marriage, when she was in India, ...
3
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1answer
275 views

Lender asking why I'm moving to a new state

Question from my lender for a new primary residence I'm under contract on in another state (my personal data has been replaced with fake addresses): "BORROWER TO PROVIDE SATISFACTORY DOCUMENTATION ...
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1answer
60 views

Getting a mortgage

we own a rental property with our son. The rentals pay the house payments. After 10 years our son wants to buy his own house in another state. Do we have to pay him the whole price to buy the house or ...
2
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1answer
88 views

Condo hazard insurance — who takes the next step? Everyone else is refusing

I live in California. The bank (in Atlanta) who has our home loan needs to see proof of our condo master hazard insurance policy or they will buy us a policy. The agent who sold the policy told me ...
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4answers
222 views

Renting or Buying an House

We are a young couple who are renting apartment near NYC. It has been almost 4 years that we have been renting and after every couple of years we had to move to a newer location and every time our ...
0
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1answer
53 views

Purchase a home as primary residence but rent it until current lease is up

If I purchase a home as a primary residence, how can I rent it out until my current apartment lease is up (about 1 year)? My intent is to use it as a primary residence, just not within the 60 days ...
3
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1answer
234 views

In-laws want to gift us $100,000 for a house downpayment. Money will be coming from an overseas account

My in-laws (living in US, green card holders), want to gift my wife and me (US citizens) $100,000 for a down payment on a house. The money will be coming in from Taiwan. What do I need to know about ...