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

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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
122 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. ...
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2answers
31 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
130 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
24 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
251 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
50 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
80 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
194 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 ...
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1answer
45 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
votes
1answer
186 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 ...
3
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1answer
104 views

Inflation adjusted total formula for cost of mortgage

True cost of a mortgage when considering inflation has an answer by a Chris Degnen with the relevant formula(s): adjusted = (p - (1 + inf)^-n*p)/inf; pv = Σ p2 (1 + r2)^-k for k = 1 to n ∴ pv = (p2 ...
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2answers
65 views

Setting up auto-pay. Should I use my bank that holds mortage or my personal bank?

I am trying to setup my bills so I can be a little hassle free when it comes to paying them. The cost isn't so much an issue as me remembering to pay them in the first place. Currently, I have been ...
3
votes
3answers
139 views

Mortgage refinancing

Lets say I buy a house worth £350k with a mortgage of 30 years. Down-payment of £50k and monthly £1250 with 3% interest. After 5 years I realized I can afford £5k monthly, can I pay off some debt to ...
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10answers
10k views

Why is being “upside down” on a mortgage so bad?

For the longest time (especially during/after the housing crash in the US), people would speak in hushed whispers or terrified pleas when they talked about being upside down on their mortgage. While I ...
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5answers
79 views

Alternatives to mortgage for mobile expats

I know that buying a house, as opposed to renting, is often a very good financial decision: you have to live somewhere, and paying off a house instead of throwing money away on rent often makes alot ...
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0answers
40 views

What is formula to calculate “In 5 years” amount on page 3 of the mortgage Loan Estimate form?

Loan Estimate form for mortgages in US have a "In 5 years" amount paid. What is the formula for calculating that based on other values in the form ? On page 3 of the example form at ...
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2answers
71 views

Withdraw IRA Early to Buy a House

I am looking at purchasing my first home, as my calculations show it would actually be cheaper to pay a mortgage (and related fees) than it would be to continue renting. I have some savings, and some ...
0
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2answers
90 views

While interest rates are low is it better to take a short-term fixed mortgage or long-term one

In the UK mortgage uinterest rates are historically low and I'm in a position where paying off a small mortgage in tens is financially viable. There are however two courses of action I could take: ...
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1answer
34 views

compute the principal and interest for a specific month (period) on an amortized loan

I can easily compute the monthly payment for a loan given the amount, the number of periods, and the periodic rate. From that, I can easily build an amortization table iteratively by subtracting the ...
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5answers
3k views

Should I buy a house because Mortgage rates are low

Interest rates are pretty low right now and a few of my friends are rushing to buy a house(even though the actual property prices are pretty high.) I was of an opinion that mortgage rates being low is ...
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1answer
129 views

Am I a first time buyer if I own a share of my parents property?

If my parents use the land registry to add me as a 10% owner of their house, would I still qualify as a first time buyer in reference to common first time buyer mortgage schemes?
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1answer
149 views

What happens to an Earnest Money Deposit if underwriting falls through?

I paid an Earnest Money Deposit (EMD) on a home purchase to an escrow account setup by real estate agents and later paid the full down payment amount to the title insurance company. If underwriting ...
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1answer
85 views

What do I bring to an accountant if I own a house?

I bought a house in Dec. 2014. I wrote checks and paid both School and County taxes on it in 2015. I have the bills for these taxes. Is that enough? I went on the county property tax information ...
2
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1answer
50 views

Lending to SMSF

I have owner occupied/investment property. I have $2M loan on my property, and $2M sitting on my offset account, therefore paying no interest. Can I use my cash in the offset to lend to my SMSF to ...
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2answers
151 views

What is the formula for the monthly payment on an adjustable rate mortgage?

Can people tell me how monthly payments are calculated when a mortgage has an initial rate? What is the formula? I have seen online calculators but not formulae. My guess is: We assume that the ...
3
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1answer
331 views

Fiancée not on the mortgage but wants to be on the title

Just to clarify: She cannot be on the mortgage because she is on another mortgage with her mother. We will be paying for the mortgage together. As she is paying for the mortgage with me, she wants ...
3
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1answer
53 views

Use of Self Directed IRA for Lending Second Mortgage

Here's the scenario: Let's say that I have someone who wants to borrow money from me to buy or rehab a house (i.e. secured loan), but I do not have enough money in my personal savings or self directed ...
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0answers
93 views

What are some motivating ways to track performance of paying back a loan?

I have a mortgage right now and I am motivated to pay it off as fast as possible. I have thought of a few key performance indicators that I store in a spreadsheet and check on each month. These ...
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1answer
49 views

How to calculate multiple debt payments with additional lump sum and varying additional monthly payments

I'm attempting to create a calculator that I can use to try different debt repayment scenarios. If I have multiple debts with different rates I'm wondering what algorithm to use to figure out how long ...
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votes
1answer
258 views

Should I worry too much about saving my 20% down before buying my first house?

I am not too sure when exactly am I going to be buying the house. I can safely say that it would be between 2-5 years. However, I have no idea on exactly when. It all depends on market conditions and ...
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1answer
65 views

How do I determine if my Canadian mortgage is a non-recourse or recourse loan?

Purchasing property in the US I always knew that if the worst would happen and I defaulted on my mortgage, the bank would take the keys and assume ownership of the property and then sell it to ...
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1answer
41 views

Income tax rebate on Housing Loan Interest for under construction house pending more that 3 years

I have booked a flat in Hyderabad with reputed Builders. I have booked the flat in December 2012. Loan of about 35 Lakhs was sanctioned in August 2013 and about 30 Lakhs was disbursed to Builder in ...
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1answer
91 views

Penalty on fixed rate mortgage in Netherlands

Is there any way to get out of a mortgage with >6% rate of interest which was fixed for 10 years (I am in my 5th year)? The only option that my mortgage provider bank provides, consists of a >30K euro ...
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1answer
141 views

Repaying a mortgage early

I have a 2-year fixed-rate mortgage (2% interest rate) in the UK, with a 2% early repayment penalty (I have used my yearly early-repayment allowance already). Is there any benefit to taking a 2% ...
0
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3answers
210 views

Mortgage payments

Background I was watching a video about mortgage-backed securities on Khan Academy (ref. this video, skip to 2:32), and something struck me as odd about the way he presented the mortgage model. He ...
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1answer
106 views

Real estate agent wants a loan introduction letter

I was talking to a real estate agent (USA, CA bay area) who told me that I need to not only fill out a loan app, w2, and account statements but also write a introduction letter for the lender. I've ...
0
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2answers
251 views

Can I be building a house with the bank forever?

I got a crazy idea and I'd like to know if this is even possible. Let's say I buy a house for $100k. After 2 years the house's value will go up to $150k. I will ask a bank through home equity to lend ...
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3answers
208 views

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 ...
3
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2answers
281 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 ...
4
votes
1answer
93 views

How to buy a house in the United States using money from a 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 ...
3
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2answers
136 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
92 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 ...
2
votes
3answers
392 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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votes
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
41 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
66 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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0answers
50 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
162 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 ...
5
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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 ...