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

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Money and legal rights [on hold]

If the second persone didn't live in the house for the first 5 years and one person payed everything what legal right still have the second person
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Please help me decide whether to Roth IRA or pay off my underwater mortgage?

my name is Jane and this is my first time stumbling across this site. I'd appreciate any quality answers to my question. Here's my stats: 3 jobs: 55k/year FT at a church 40k/year PT at a juvenile ...
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2answers
185 views

Can your bank foreclose your house if you own more than 50% of the house equity?

I'm wondering once you paid your mortgage for long enough so you own more than 50% of your home equity the bank shouldn't be able to foreclose the house anymore since you got more than 50% of the ...
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1answer
68 views

How to buy a house in US from foreign loan

I am a US resident. This scenario involves 3 entities. I want to know what would be the situation (legal and cost) if I can borrow money (complete value of the house Eg: 500 K) from a person or a ...
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120 views

Cost of Title Insurance

When I've shopped around for car insurance and health insurance, there are large differences in cost and also in the type of policy. I just bought a house, and I noticed that there seems to be no ...
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1answer
73 views

Paying part of the mortgage before remortgaging

I am aware the exact answers to my questions below may depend on the conditions of the mortgage but I would still be grateful for some advice and pointers. Let's say I took a 2-year fixed rate ...
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3answers
252 views

How to calculate how much house I can afford?

Let me start by saying that I've already read How big of a mortgage can I realistically afford? And How much house can I afford, waiting around 3 years or so But those questions are very ...
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10answers
11k views

Is paying off your mortage a #1 personal finance priority?

Everyone always says and aims to "pay off my mortgage" But in the current climate of low interest rates is this really worth it? Should that money be put to use earning a higher yield? OR Does the ...
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0answers
36 views

Downsides to Property Tax Deferral?

Illinois has a property tax deferral program that allows seniors to borrow against the equity of their house (which includes a lien) up to $5K per year at 6% simple interest (!). I am considering ...
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1answer
45 views

Investing in a Condo or House [closed]

I am a single male and I live in Atlanta, Georgia. I am contemplating whether to invest in a house or a condo. As a lifestyle, a condo suits me better because I am single, I do not have any kids ...
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42 views

Calculating interest accrued for 30/360

my typical interest calculation is Actual/Actual or Actual/365. I'm curious to how 30/360 should be calculated if the duration is not from beginning of the month to the end of the month. For example ...
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1answer
147 views

Can I make money from the mortgage?

I have this question: Let's say I bought a house for $100k. Now after 5 years the value of the house went up from $100k to $150k. Can I go to the bank and ask for the additional $50k added to the ...
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3answers
1k views

Will the ex-homeowner still owe money after a foreclosure?

I'd like to know whether a person still own any money to a bank if his house ended up foreclosed? From what I found out it says that yes and the borrower owns the difference that the bank sold the ...
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2answers
88 views

Mortgage lenders asking questions about personal expenditure

When applying for a mortgage, the lender or broker typically asks several questions regarding your income and expenditure. One question often asked is how much money you typically spend per month on ...
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1answer
260 views

At what point does a rate bait and switch become fraud?

I'm currently in the process of buying a house. Once the price was negotiated and agreed upon, I solicited quotes from various mortgage brokers. One offered a lower rate than the others, so we picked ...
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1answer
47 views

Refinance a land loan into a mortgage loan

If I obtain a 10 year land loan and but finance the build of a house with my own money will I be able to refinance that land loan into a conventional 30 year mortgage loan eventually?
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5answers
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My father has passed away and I want to buy his home

My father has passed away and I want to buy his home. There is no mortgage left and I will be paying off my sister half of the house value. Do I need to get a new mortgage?
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3answers
65 views

Calculator for fixed mortgage overpayment plus regular payment

In my personal budget, I allocate a fixed amount £x per month to mortgage repayments. This amount includes a sum which is going towards overpaying the mortgage so that I can get the thing over with as ...
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4answers
211 views

Can rent be added to your salary when applying for a mortgage?

I'm interested to know whether mortgages in the UK are ever given by taking into account any rent that the owner may acquire, rather than simply the owner's salary. My understanding of standard ...
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2answers
67 views

Advantage of dropping PMI at 79% LTV with an appraisal fee

The LTV on my 30-year mortgage recently decreased to 79%, and I called the lender to drop the PMI on my loan. The customer service representative to whom I spoke said that there would be $400-$500 fee ...
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1answer
122 views

Purchasing a condo vs renting when monthly payment is very similar

Basically my mother wants to move closer to us and rents range from $1900-$2000/month for a 2br place. Condo's similar size with mortgage, insurance, taxes, hoe, etc come out to be $2k-$2.2k/month. ...
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1answer
61 views

Will refinancing my auto loan hurt my mortgage approval or help it?

My wife and I are currently selling our house and intend to finance a new home within the next few months. Would refinancing my auto loan hurt or help our max possible approval? On one hand, it ...
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3answers
255 views

Buying a property for 3 years and then selling

I have recently taken on a fixed-term contract for three years, which is giving me a salary significantly higher than I am used to. After the three years, however, it is very likely that my salary ...
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2answers
115 views

Paying off a mortgage early

I am thinking about buying a property with a mortgage in the UK, living in it for 3 years, and then selling it. This is because at that point, I will probably be moving out of the city I am currently ...
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2answers
179 views

Should I take out a bigger mortgage, or pay a greater cash deposit?

Let's say I want to buy a house worth £400k. I can get a mortgage up to £300k, and I have £150k cash sitting in the bank. Which would be my best option: 1) Take out the maximum mortgage of £300k and ...
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1answer
1k views

What's the logic for the length of service (employment) criteria for mortgage applications?

On a mortgage application, what's the logic - and is there any evidence for it - regarding longer length of service being 'better' for an applicant? I can understand if you've only been in the job a ...
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2answers
187 views

Should I overpay to end a fixed-rate mortgage early? [duplicate]

About six years ago, UK interest rates hit the historic low of 0.5%. In keeping with all the finiancial advice at the time that this was a once in a lifetime circumstance I rushed out and got a fixed ...
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4answers
566 views

Can I switch mortgage of a house to a different house?

Let's say I have a mortgage for a house I live in. I find another house and I like it better. Is it possible to take that mortgage I pay and switch the houses? And maybe pay some difference if the ...
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2answers
128 views

Is it the right time to start the homebuying process?

Jan 2015 My wife and I were in the market to buy a home and we got preapproved. The credit pull revealed a negative mark on her credit report (sub-600 FICO score) which was for a student loan that ...
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0answers
30 views

Help to buy ISA (UK) eligability [duplicate]

We are currently saving for a mortgage deposit, I have already sent off my help to buy application as a first time buyer. We are unsure as to whether my girlfriend is eligable. She previously had a ...
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3answers
152 views

Cash out 401k for house downpayment

Does it ever make sense to cash out my 401k in order to make a larger house down-payment? Say I have a marginal tax rate of 35%. If the difference between the interest in the 401k and the mortgate ...
28
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10answers
6k views

How can I legally and efficiently help my girlfriend build equity by helping with a mortgage?

I am in a committed relationship -- but for various reasons don't want to get married. I just bought my first apartment for $200,000 on a 30 year mortgage. My girlfriend will be living with me but her ...
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2answers
112 views

Is eliminating debt smart when considering a home purchase? [duplicate]

I'm entering into the latter half of my twenties, and I'm now faced with a question I've seen a few times before on this site: should I pay off my student loans or use the money as a down payment for ...
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3answers
235 views

Paying off student loan or using that money for a downpayment on a house

I am 22 years old, I live in Atlanta, Georgia and I am a recent graduate. I approximately owe 22,000 dollars in student debt (all federal student loans at a fixed rate). My job pays me around 50,000 ...
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1answer
96 views

Is it possible to deduct mortgage interest if you aren't named on the mortgage?

In the US, if I obtain a mortgage in my name, can my wife (who contributes to the downpayment/mortgage payment) claim the interest deduction on her taxes? A lot of sources I'm finding online say ...
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2answers
93 views

Credit Unions vs Bank Mortgage

I am a first time home buyer. My home-buying credit score is 620. I was recently preapproved for an FHA loan with my bank. The interest rate is decent at 3.75%, the only issue is I will have to pay ...
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44 views

Please Define this FHA Loan Requirement

While looking up FHA loan requirements, I found the following line interesting: Must have a steady employment history or worked for the same employer for the past two years. From: ...
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1answer
86 views

Saving into 'Help to buy ISA(s)' with partner

My partner and I are planning to buy our first house in the next 2-3 years. This month the UK Government has opened up help to buy ISAs which give a 25% bonus on top of what you deposit in up to a ...
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4answers
577 views

First Mortgage - Finding a Lender

I have been looking for a home in the US, I am a first time buyer and was wondering if someone with more experience than me can recommend ways to find a good lender? I started off by talking to my ...
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4answers
184 views

Should I pay off my house

I purchased my house (3 bedrooms, 2 full baths) in 1997 for $84,500. I have already made $166,500 of mortgage payments on a 9% interest rate loan. I have $53,000 left in payments. It recently ...
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1answer
248 views

My girlfriend has never owned a house, I have, can she get a help to buy isa?

this is a follow on from my previous question: What is the definition of a “first time buyer” with relation to the UK “help to buy isa”? So the Help to buy ISA has arrived. Having had a read ...
2
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1answer
156 views

Best mortgage options when you have less than 20% downpayment?

Whats the best way to buy a home (condo) when you have less than 20% downpayment? I'll have closer to 10%. Should I just pay PMI or take out a loan for the other 10% or something else? I live in ...
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2answers
56 views

Cashing out equity in mortgage to pay for another one?

Let's say I get a mortgage on a house next week. In 2 years time I decide I'd like to move to another city within my country (UK). If I wanted to cash out the equity I've already put into the house at ...
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3answers
1k views

Overpaying on mortgage - How is term reduction calculated?

Just for some example figures: Original Term: 25 Years Loan Amount: £100,000 Interest rate: 2% I'm trying to make an excel table which keeps track of my mortgage payments including overpayments. ...
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3answers
202 views

What return are you getting on your money from paying down a mortgage on a rental property?

If you bought a $200,000 rental home with 20% down, what is the return on investment you're earning over the full 30 year period from paying down the loan using the rental income? We will assume the ...
3
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2answers
202 views

Lost job a week before closing with a mortgage. Options?

I unexpectedly lost my job a week away from closing on a condominium with a mortgage. I wasn't worried… until I realized that the mortgage is conditional on my creditworthiness remaining the same. ...
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3answers
629 views

31 years old, single, zero debt, engineer making 80k/year, saving 1k/month. How do you get ahead?

I have currently 10k in savings acc, rent an apartment for 1k/month, I don't have a 401(k) (I will start at the beginning of 2016). I'd love to buy a house or apartment next year and start a family in ...
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1answer
52 views

Credit history when buying a property

Recently in the UK there seem to have been a lot of changes with how mortgages work, especially with the introduction of the "help-to-buy" schemes. Whilst looking around a few sites (both .gov and ...
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6answers
4k views

home co-ownership, one party can pay off their share of the mortgage, the other can't

My significant other and I own a house together. I recently got an inheritance that makes it possible to totally pay off my share (50%) of the mortgage. How can I do that when he owns 50% and can't ...
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10answers
9k views

Is it possible to make money by getting a mortgage?

I met with a financial advisor for the first time yesterday (trying to get my things in order for retirement). During our meeting he told me a story that sounded pretty impressive, but the more I ...