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

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Buying property in India : paying loan/mortgage

I am on H1b visa in USA and thinkg about buying property in India. What is the best way to make payments from USA bank ac to pay loan/mortgage in india? Can i get tax relief for loan/mortgage payment ...
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2answers
449 views

Should I remodel or buy a bigger house?

My husband and I have two children under 2 years old and have outgrown our current 1400 square foot home. My husband and I both work from home, and we have a day nanny who comes and helps with the ...
5
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2answers
66 views

HELOC with no first mortgage (for liquidity--no plans to spend it)

For a home-owner with no debts, a good salary, credit score, etc.: What terms would be optimal for future liquidity when obtaining a home equity line of credit (HELOC)? The point is to obtain ...
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22 views

Who originates loans guaranteed by the USDA Farm Service Agency?

The official Guaranteed Farm Loans page says: FSA guaranteed loans provide lenders (e.g., banks, Farm Credit System institutions, credit unions) with a guarantee of up to 95 percent of the loss of ...
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5answers
1k views

Rent or own, given these circumstances

Option A: $3600 (RENT) for a 3/2.5 condo. Option B: $629,000 (BUY) for a 3/1.75 house. This is in the Los Angeles area. Looking to live in this area for at least a year, maybe more. The house ...
6
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3answers
185 views

Is it a good idea to get a mortgage when buying a house, for credit reasons?

I'm thinking about buying my first house, and I'm wondering whether I should get a mortgage from a bank or not. This is mostly because I've heard that getting a mortgage is critical part of building ...
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2answers
51 views

Where can I find information on Loans in foreign currency for the purchase of property in Australia? [closed]

I am looking for information on what banks, or other financial institutions, allow borrowing of money in their home currencies for the purposes of purchasing property? The type of information I am ...
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2answers
104 views

Is it possible to put less than 10% down for a mortgage without resorting to an FHA loan?

My wife and I are considering buying our first house. We are pre-approved for a mortgage and, after months of seeing nothing but fixer-uppers or homes in questionable areas, we found a home we really ...
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0answers
52 views

Is Stack Collateral legal

Is it legal for a mortgage company to use my first house as collateral for my second house. If so how can I separate them and create two mortgages?
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2answers
108 views

Can someone deduct mortgage interest on two properties?

My wife and I file returns jointly. For the year 2013, we moved into a new home. However, since the market was not great we did not sell our old home. We rented it out for around 4 months. So for 2013 ...
3
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1answer
87 views

What is the best way to get cash from my retirement accounts for a home down payment?

So I am not sure the best way get cash for down payment on a house. Ideally I would like to make it 20% to avoid PMI. The purchase price on the house is going to be about 250k. I have about 5k in ...
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1answer
53 views

How can I check if my mortgage balance is correct?

Since I couldn't easily get my unpaid principal balance, I calculated my mortgage balance using a handful of online calculators. Today I took a look at the actual balance, and was rather surprised to ...
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3answers
110 views

Walking away from an FHA loan

I'm currently looking into the idea of buying a multi-family home in Brooklyn via an FHA loan. FHA loans seemed like they could take some of the risk away of putting down 20% (i.e. a high % of all my ...
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1answer
87 views

Using a house for collateral

We are looking for a buy to let mortgage but only have 15/20% deposit and as first time buyers most lenders are looking for 75% LTV so one financial advisor recommended using another property (Parent) ...
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2answers
99 views

Is credit history more important than amount of savings when applying for a mortgage?

I am currently in Australia and fixing to buy a house here. What is given more value when I apply for a mortgage to buy a unit in an apartment: a sound credit history, or a lot of savings in the bank ...
2
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1answer
67 views

What would happen if I were to lose all equity in my condo when it's time to renew the mortgage?

I've been reading Condo Bible and it has the following passage: A solid down payment of at least 25 percent will act as a buffer for you at mortgage-renewal time should interest rates slowdown. If ...
3
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1answer
85 views

Is the interest on a non-bank loan for a house still considered tax deductible?

I'm trying to buy a house that's listed as not inhabitable in its current state. I want to buy it so I can repair it and live in it. I have all the financials I need, and I have excellent credit, but ...
2
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3answers
93 views

3-year horizon before trading up to next home: put windfall in savings, or pay off mortgage?

Summary: over the 3 years until I trade up to my family's next home, is it smarter to put my upcoming windfall (~$400K, earned over the next 3 years as I vest in stock) in a savings account (earning ...
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1answer
116 views

Can you borrow against a home that you don't fully own, i.e. inherited part, but without estate fully settled?

My brother and I were left our parents' home after they passed. My brother, executor of the will, resided in the house at the time of their deaths and I did not. The home is still in the name of ...
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1answer
42 views

Is there a Fannie Mae and Freddie Mac for Canada

In the Open Yale Financial Markets Course, Prof Schiller says at 57:40 that Canada Housing Mortgage Corporation is same as Fannie Mae/Freddie Mac. Are there any differences? Can I buy CHMC shares ...
3
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1answer
44 views

Why the borrower needs to pay premium for mortgage life insurance

There is a product called mortgage life insurance. Apparently if I have the insurance and I die , the insurance will pay the bank the remaining mortgage. It is for the bank's protection, not mine. ...
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2answers
300 views

How to divide a mortgage and living area fairly?

I recently bought a 3 unit, 3 storey house with my husband and sister. The basement we will renting out to a tenant, my sister will occupy the ground floor and my husband I will occupy the top two ...
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4answers
200 views

What to do with savings for 3-5 years?

Here's the situation: Married, late 30's, combined income around $170k. 2 toddlers. We owe $360k on a house worth $600k. Only other debt is $20k each in student loans. 401k plans are in order. We have ...
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1answer
43 views

What is the use of mortgage insurance premium paid to CMHC

When I bought my condo, because I could only put down 10%, so I had to pay CMHC (Canada Mortgage Housing Corporation) insurance premium (about 12 000 dollars I believe but I could be completely wrong ...
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2answers
45 views

Is impounding property taxes and homeowners insurance into a mortgage cost effective?

What are the pros and cons of impounding property taxes and homeowners insurance into the mortgage, for the homeowner? Are there any economic advantages to paying them separately? Tax benefits, non ...
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3answers
97 views

Deciding on whether to redraw from mortgage

I'm trying to work out whether or not there will be any benefit in redrawing from my mortgage to pay off my car loan. The idea is that if I pay off the loan, I can use the monthly car payments as ...
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2answers
97 views

How to calculate the equity owned in a jointly owned mortgaged property?

I jointly own a property with two of my sisters. When we purchased the property I put a £10,000 deposit down and was the sole contributor to this. All three of us are currently paying one third of ...
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2answers
150 views

Buy To Let Mortgage For Relative - Tax Implications - UK

My sister is just coming out the other end of a messy and protracted divorce. She has 3 children and despite many legal actions there's pretty much no hope of getting any support from the ex-husband. ...
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0answers
109 views

Why initial mortgage payments go towards the interest and not principal? [duplicate]

What is the reason that initial monthly payments towards a mortgage mostly goes to the interest and then later on, the payment goes to the principal? Is it designed this way for the benefit of the ...
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1answer
64 views

When bi-weekly payments are made on a mortgage, is the bank required to zero out the interest?

Is a bank or loan company required to zero out the interest every 2 weeks when bi-weekly payments are made on a mortgage loan?
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2answers
121 views

Can IRS detect cash used to pay mortgage as income? [closed]

Simple question: hypothetically, assume I had cash every month that I did not want to deposit (e.g. if I had renters paying cash for rent or some such income). If I took that cash directly to my ...
2
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1answer
56 views

How a mortgage backed security fluctuates

If I buy a mortgage backed security, what will happen to my investment if: The person that took out the mortgage defaults The person makes a prepayment The person refinances The bank that ...
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3answers
108 views

Does the back-end ratio for mortgage affordability include credit card debt if a balance isn't carried on the card?

In the calculation of the back-end ratio (total debt to income), you're supposed to include all debt obligations (e.g., credit card, car payments, student loans, alimony, etc.). However, I haven't ...
3
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2answers
166 views

How does mortgage payoff work logistically?

Let's say I am in a position to pay off a mortgage. I understand that there is a "payoff amount" that may not correspond to my balance due to various escrow and interest calculations. What I'm not ...
3
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1answer
103 views

Who is responsible when property and the loan are in different names?

We have a LAP (Loan against property) loan with ICICI Bank. The loan is on my name (primary), with my brother and father as co-signers. I am not sure how the ICICI bank sanctioned the loan on my name ...
3
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1answer
113 views

What is a cash back mortgage and should I consider using one?

In speaking with a mortgage adviser recently, I found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea? To give you some ...
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1answer
48 views

Fair Value of a monthly payment given two Bank Payment structures

The question below was given in class and I have doubts about the use of the word "fair value". THe provided solution is to have Bank B make an overall return on the mortgage of 12%, but I don't agree ...
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0answers
32 views

Possible outcomes of needing a Tree Report before Mortage? [UK]

Whilst applying for a mortgage on a house I've needed to get an arboricultural report due to the valuer requesting it due to some trees on the property. The report came back advising that a tree be ...
3
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1answer
111 views

Is it to my advantage to refinance with an LPMI option (Lender-Paid Mortgage Insurance)?

My fiance and I bought a house in April 2013 using a FHA loan, 30-year fixed. We only had to put down 3.5% so of course a good bit of our monthly payment is PMI. I got a call today from the same ...
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1answer
72 views

What is the best way to borrow money to consolidate our multiple outstanding mortgages?

My wife and I are in our early 60's. What We Have We have a condo that is upside down. It appraised at $110,000 and we owe $105,000. The going market rate is $85,000. We pay 5% for this loan. Our ...
4
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1answer
103 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 ...
6
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1answer
115 views

Is the mortgage interest calculated on original principal or remaining principal

When I take a mortgage of 300 000 at 3% annual rate, will the 3% always be calculated on the 300,000? Or will it be calculated on the remaining principal? i.e if after a year, I paid off 15,000, the ...
2
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1answer
82 views

What questions should I ask a mortgage broker when refinancing a condo in Wisconsin?

I live in Wisconsin. I'm trying to refinance my condo right now. I have next to no experience with refinancing, but I'd like to do some research on the subject before I start asking these questions, ...
9
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5answers
426 views

What is the best way to stay risk neutral when buying a house with a mortgage?

I'm looking to buy a property. I do not want to take a risk on this property. Its sole purpose is to provide me with a place to live. How would I go about hedging against increasing interest rates, to ...
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1answer
90 views

What kind of legal agreement do I need to obligate myself to pay 1/2 of a mortgage

My wife and I purchased a home this year and we are both on the title. The mortgage however had to be taken out only in her name because I had substantial losses in the previous year which would have ...
3
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2answers
104 views

Adding a sale condition to a new mortgage [closed]

I live in the UK and am currently looking to buy a house with my partner. The property will be about £230k towards which I will be supplying a £100k deposit and my partner zero deposit. For this ...
5
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2answers
237 views

Explain: “3% annual cost of renting is less than the 9% annual cost of owning”

I was reading this: http://patrick.net/housing/crash1.html and found this statement by Patrick: 3% annual cost of renting is less than the 9% annual cost of owning the same thing Source: ...
4
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2answers
122 views

FHA with 15% down and PMI

I am purchasing a house with 15% down and I am trying to decide between going FHA or conventional. My FHA case number was pulled back in March, just before the new rules went into effect, so if I go ...
2
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1answer
86 views

Transfer mortgage between two different properties without penalties

Can a mortgage be transferred to purchase two different properties without penalties? I live in BC Canada.
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2answers
226 views

Why are mortgage interest and taxes considered tax deductible?

I have trouble understanding the rationale behind why certain things are tax deductible while other things are not. For example, I understand that RRSP contributions are tax deductible because I am ...