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

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0answers
78 views

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

My husband had an ex co-sign and they haven't been together for a while but know she feels entitled to half of what my home is worth. How can we go about this even though she had never made a payment. ...
0
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1answer
52 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 ...
11
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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 ...
5
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2answers
179 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
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1answer
59 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 ...
2
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2answers
124 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 ...
0
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3answers
75 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 ...
2
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4answers
120 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 ...
1
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2answers
175 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 ...
1
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1answer
46 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
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1answer
83 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 ...
0
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1answer
26 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
44 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
73 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
875 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
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7answers
4k 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
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1answer
45 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?
2
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3answers
86 views

How do I know if refinance is beneficial enough to me?

I have been contacted because mortgage rate dropped recently. But to what extent it will be beneficial to me to do re-finance.
1
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2answers
217 views

Buying a house 50/50

I'm thinking on buying a house with my Business Partner. I would be living on it. We are thinking on going 50/50 on the loan and down payment and hoa and repairs . Since I would be living there we ...
1
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3answers
196 views

Why should I care about my current mortgage payment's breakdown into principal and interest?

Mortgage payments tables list the amount that goes towards the principal and towards the interest. But since the bank is going to get whatever it is going to get, why should I care about this ...
-3
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5answers
173 views

Mortgage vs. Loan?

I understand the math behind how banks calculate the interest to principal ratio throughout the amortization period. I want to know why banks want you to pay as much interest as possible first? In a ...
1
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1answer
69 views

Selling stock for mortgage downpayment

I'm planning to buy a house, and the downpayment would come from the funds I'd get from selling some stock. Can I apply for the mortgage pre-approval and show the bank my stocks instead of cash? Or ...
0
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1answer
136 views

Mortgage for a house on my own land doesn't make sense!

I really don't understand this. Let's say I have a land worth of $30k. I want to build a house for $60k. The bank will use $30k as a downpayment from my land value and give me $60k to build a house ...
1
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0answers
56 views

Buying a home-Make as large a downpayment as possible, or keep cash to invest

I'm trying to decide whether to put a full 20% down on a new home (primary residence), which would eat up most of my cash from sale of current home, or do something like 10% down, 80% conventional ...
0
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1answer
43 views

How much CMHC fee do I need to pay if I cannot put 20% down on a new home

I am trying to calculate how much CMHC fee I will need to pay if I can only put in 10% downpayment on a new home as opposed to 20%. So as per this calculator: It shows:8640. My question is: is the ...
8
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1answer
170 views

True cost of a mortgage when considering inflation

For the purposes of this question, let's assume the following: Inflation is and will be a steady 2% I am in the 30% tax bracket and there is a home mortgage interest deduction I have a 30-year fixed ...
0
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1answer
32 views

What is “Last escrow analysis date”?

I am looking at the 'Escrow Details' on my mortgage and the "Last escrow analysis date" is listed as as 05/01/15. Obviously that date has yet to come. So what does this date represent?
3
votes
1answer
125 views

Buy to Let - Daughter-in-Law

My son and daughter-in-law are currently separated. They have 2 kids, and I have a great relationship with my daughter-in-law. I have had a relative die, and she is paying over the odds for rent, so I ...
-1
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1answer
124 views

What is the pitfall of using the Smith maneuver

What are the pitfalls of the Smith maneuver? It seems too good to be true and almost makes a case against fully paying down your mortgage :) What is the catch?
0
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1answer
38 views

Trading an FHA loan to bank for an REO

I hope this is the right location for this question. I couldn't find a section that better fit this question. If this is not the right place please let me know. I got a house 3 years back using an ...
0
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1answer
108 views

What happens if the appraisal is different than the sale price?

As I understand: The purpose of a down payment is to minimize risk to the lender. For a traditional mortgage, lenders are willing to lend up to 80% of the value of the house. The appraisal ...
1
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1answer
55 views

Does it affect our credit score if we refinance one mortgage and apply for a new one within a short span?

We're considering moving from our current home by purchasing a new one prior to selling the old one. However, we refinanced the loan on our current home less than a full year ago (approx 9 months ...
1
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2answers
63 views

VA Mortgage Refinance Question

We have paid $400.00 for this refinance with the local bank we continually have our checking account and mortgage with. We have been waiting for the weather to be above freezing in order for our ...
1
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1answer
69 views

Extracting the value of a rate increase

Say I enter in a 30 year fixed rate mortgage at 3% interest a year (in the US). 5 years after, the rates climb to 10% a year for a 25 year mortgage. Assuming the value of the home stayed constant, ...
0
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3answers
138 views

new car loan vs use mortgage loan to pay for car

We have a mortgage loan for 3.5% and just got a car loan for 1.49%. My husband thinks we should pay off the car with our mortgage loan instead of using the car loan because we can claim mortgage ...
19
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4answers
3k views

After hitting 80% LTV, my mortgage lender refuses to remove PMI. Any recourse?

I recently refinanced my home. At the time based on the appraisal vs. amortization I found I would be stuck with PMI (private mortgage insurance) for about 9 months. I've paid extra on the mortgage ...
0
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3answers
88 views

Investment property refinance following a low appraisal?

Before I met my wife, I bought a house in April 2007, using a mortgage from my credit union. In December 2011 I refinanced this mortgage into a 4.625% fixed conforming 25-year mortgage with a Lender. ...
2
votes
2answers
135 views

Reporting a debt with $0 minimum payment on loan application

I am planning to buy a house later this year, and will be applying for a mortgage. I'm aware that part of the application will be reporting the amount I pay now for other outstanding loans (student ...
2
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0answers
44 views

Accepting a deposit into my mortgage from a third party and paying them interest

I'm a net borrower with a variable interest rate mortgage secured against my house. Let's say there is $200,000 owing and I'm paying 5% interest to the bank. It has a redraw at-will facility and I'm ...
0
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1answer
45 views

Loan Application in South Dakota

A co-worker of mine is going in to apply for a loan and start the closing documents for their home, and from the sounds of it they are not going through a Realtor because they are already living in ...
1
vote
2answers
144 views

How do you choose which mortgage structure is appropriate when buying a home?

My lease is up in 1 month, and I'm looking to buy a home in the next 4 weeks. I have narrowed it down to two that I am interested in. I'm wondering about the type of mortgage I should get. Which ...
3
votes
1answer
234 views

Mortgage interest deduction isn't affecting total income tax refund/owed?

I am reporting 2014 tax with TaxAct software. One question is about mortgage interest deduction. We bought the house(marriage joint) on 1998. It is our main and only residence. The rough mortgage ...
0
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0answers
202 views

Can I buy my wife out of our house without affecting her benefits?

My wife and I separated and she moved out of our family home. She has not worked for the duration of our marriage as I had a good income and she looked after our young children. She has chosen a life ...
3
votes
3answers
194 views

Does an LLC Protect me From Owing a Mortgage?

Let's say myself and my two peers, Adam and Ryan, start a limited liability company together, called Adryda LLC. We each put in $10,000 and take 33% equity. Later, Adryda buys a property with the ...
4
votes
2answers
463 views

Fixed versus adjustable rate mortgages for short duration ownership

I am planning on buy a house in the US. I expect to use the own the home as my primary residence for 5 years and then use it as a rental property. I think that means I will have to refinance after 5 ...
4
votes
1answer
72 views

Best way to make most of savings with ISA and Offset mortgage

I currently have an offset mortgage and also ISA stocks and shares account. The mortgage is only small as the property wasn't expensive and I placed a large deposit (40% of property) down. I have ...
4
votes
3answers
276 views

Paying over the minimum mortgage payment

I have a mortgage with Wells Fargo which I just obtained a few months ago for a new home. Due to unexpected circumstances, I am no longer planning on staying in the home as long as I thought I would. ...
0
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1answer
85 views

Should I use my primary home or the investment property for collateral on the mortage when buying an investment property?

I am buying a rental house in ocean city, MD. My primary home is PA. I do not know whether it is better for me to take mortgage on my primary house or part time rental house? Which give me more tax ...
1
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3answers
118 views

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 ...
1
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3answers
229 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 ...