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

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Why would my mortgage payment change if the interest rate stayed the same?

I just received a letter from my bank , stating that my yearly rollover interest rate would not be changing. As of now we pay $353.72 on the principal and 61.63 on the interest. This loan is almost 18 ...
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33 views

How do margins on tracker mortgages (variable rate mortages) vary over time?

One kind of mortgage, in the UK at least, is a tracker: the interest rate is equal to the central bank's base rate of interest, plus a constant margin. The margin can apply for the lifetime of the ...
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HAMP enrollment and side effects

I am in the process of getting enrolled in the Home Affordable Modification Program through my bank to lower my mortgage payment, which is high because I got my house back in 2007 and haven't ...
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18 views

Getting Rid of PMI [duplicate]

We bought a house for less than 20% down payment, and now we pay over $150 a month for useless PMI (private mortgage insurance). I regret having done this, but assuming that I can't change the past, ...
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2answers
89 views

Refinance when going to sell?

I currently own a home with a mortgage at 4.25%. I'm five years into a 15 year loan. My wife and I would like to sell within the next three years and we have almost 50% equity in the house. We ...
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288 views

Should I give my mortgage broker access to my bank account?

Is it safe to allow a mortgage broker to access my finances? They are requesting it in order to present account balances to our home loan issuer, and while I wouldn't suspect they are scamming us or ...
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39 views

When mortgage in dollars should be replace with mortgage in rubles?

I've found the picture below, which demonstrates at which RUB/USD exchange rate mortgage in rubles is less expensive, then mortgage in dollars (i.e. when refinancing of dollar mortgage to ruble ...
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174 views

Here's my plan for saving up for a house - What can I do to improve?

I'm 20 and I'm from Australia, have about $8000 saved up for my mortgage fund, hoping to get a hefty sum for my downpayment when I plan to buy a house in the future. The $8000~ savings came from my 6 ...
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41 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution ...
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2answers
109 views

Is it possible to sell early on a house in a 30-year mortgage?

I am trying to understand the functioning of mortgage but I am having a bad time. I have been through many different types of concepts and calculations, but I still cannot get how exactly this works. ...
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5answers
968 views

What things should I consider when getting a joint-mortgage?

I'm currently renting and I'm wanting to buy a house in the area to live in (because I want more space and I want my money to go into an asset rather than simply losing money I'm paying in rent). ...
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16 views

Can i avail rebate on Home loan interest without sale deed and registration

I have booked a flat in June 2011 and taken loan from bank. I am paying EMI since August 2013. Physical possession of flat given to me in November 2014 but sale deed not given to me by builder till ...
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31 views

Formal Definition of APR

I have seen several conflicting sources on the internet about APR. Some say the effective rate is (1+APR/n)^n -1 while others say this formula is the APR since APR represents the rate over all ...
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2answers
74 views

How to calculate the potential difference of putting money into buying my house vs paying it into a pension

I've been wondering for a while if I would be better off stopping my pension payments and paying the money off my mortgage and paying it off more quickly. Then I would rent out the house and start ...
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2answers
330 views

In-laws moving in (financial/tax implications)?

We are contemplating moving into a house with an in-law suite in Mississippi and our inlaws selling their house and moving into it. We would pool the sales from both houses as downpayment on the new ...
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33 views

Interpreting mortgage rates

today is November 2014 and this comes from the state of Illinois, US I have received a mortgage preapproval letter that contains the following clause: The type of loan chosen is FNMA Agency 30 Yr ...
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44 views

Mortgage loan and move money to US

If I re-finance or get mortgage loan from my existing property in my home country, and move money to the United States, which taxes do I need to pay (Income tax? Interest Taxes?) or what shall I take ...
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97 views

First time homebuyer/investor: How to best allocate money towards paying off mortgage?

I am 23 with no debt and planning on purchasing a house. I've been running through many hypotheticals and decided to post an example to see what others think since this is a significant decision. I ...
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2answers
98 views

Can an undocumented immigrant in the US get a mortgage?

When I search this question on google all I get is that how it used to be possible for a person without a social security number to get a mortgage before but now the regulations became more stringent. ...
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60 views

Ready for my first home

1.Apply for a mortgage I have heard that I should shop for many lenders. Here is a few questions related to this: 1.1 My friends tells me that I should look for a good lending company and I should ...
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62 views

We want to sell a house we own 50% but the other parties do not [closed]

My husband and I bought a house 13 yrs ago to take care of my Grandparents, due to none of their daughters could qualify nor could they take care of them. My Aunt and Uncle went on the Deed of Trust ...
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1answer
67 views

How to determine mortgage or rent payment

I used to know a formula for determining P. I. T. I. (principal, interest, taxes, insurance) payments being $(interest rate x 100) for every $1000 of home value. Does this still apply as the best way ...
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38 views

Refinance FHA 203k to conventional

I am thinking of getting a streamlined FHA 203k loan for a home. The loan is for $101,300. The best offer I could find is 4% interest, but because of required insurance fees, I would pay $630.13 a ...
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Not paying cash for a house

It is a common opinion that a person should not buy a house for cash even though the funds to do so are available. My understanding is that investing cash and paying mortgage with the interest or ...
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344 views

I'm 20 and starting to build up for my mortgage downpayment, where should I put my money for optimal growth?

I have no credit, no loans, and am a contractor for $40/hr at a company and I expect to work here for quite a while (job security should be above average). Every week, I allocate $300 to my Mortgage ...
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192 views

Buying a house, how much should my down payment be?

Let's say I have 500k in cash and would like to buy a 750k house. My burn rate (monthly spending) is around 4k per month, my income around 8k per month (after taxes, not including IRA contributions). ...
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45 views

What are the easier to qualify home loans in Canada?

I have only 6 unpaid things on my credit report. The small things add up to only $17XX.00 but the oldest thing, an unpaid credit card from 5 or 6 years ago, has nearly doubled to $11,000 due to ...
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49 views

Real estate loans for repairs

I am very interested in purchasing a foreclosed home that is sold by Freddie Mac. The outside looks great, but the inside needs some work. Basically, the previous owners took everything including the ...
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1answer
119 views

Dealing with Home inheritance

I have been living in my grandmother's house for the past 20 years. The house has been paid off for years. During that time, I have taken care of her and the house until she got bedridden. My aunt had ...
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1answer
80 views

Mortgage rate shopping - 14 day period

I'm currently in the 14 day period since my credit (all 3) were pulled for a Mortgage Application. A second lender pulled my credit today (still in the 14day period) and surprisingly, the new inquiry ...
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179 views

My sister borrowed money on a home thats not hers, how can I protect the home?

After the death of my sister, my mother finds out she had taken a mortgage out on mom's home. The deed and taxes are only in mom's name. The bank came out taking pictures yesterday. Mom is 72 ...
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47 views

Loan for treatment

Getting loan from parents property. Both Mother and Father have expired. We are 7 member (5 brother & 2 Sisters ) , property is in name of our parents. For emergency we require loan for treatment ...
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131 views

Formula that predicts whether one is better off investing or paying down debt

This is more of a statistics/probability question but the implications for personal finance are obvious. Let's say you have extra cash (assume tax-advantaged space is already maxed out) and are ...
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67 views

How much will I be saving off of interests if I fully pay my mortgage earlier?

I purchased a vacant lot and opted to pay for it in installment for 60 months at an annual fixed rate. This formula was used to calculate my monthly fee: M = P[i(1+i)^n / ((1+i)^n-1)] I am currently ...
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74 views

Mortgage Refinance

We are refinancing from a 30-yr to a 15-yr. Our current rate is 3.75%. The new rate for 15-yr is 3.875%. The loan is costing us $10,000 which is included in the loan. Our payments will go up approx. ...
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56 views

What is a “property tax assessment”?

Zillow list property taxes near the bottom of any listing. There are two main columns, Property Taxes and Tax Assessment. On an example $350k home for 2014, Zillow list the two values as: $1900 and ...
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I earn $75K, have $30K in savings, no debt, rent from my parents who are losing their home. Should I buy a home now or save?

My parents have advised me to buy a home, as residential real-estate is still "cheap" (or what's considered cheap in my area). My parents have valid points, especially from an economic/investing ...
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1answer
82 views

Mortgage: Low house price with high income (Canada/US)

I am planning on purchasing my first home, but its going to be for my mother. She lives in a small town with very affordable housing. The place will be around $68k with 20% down payment ($13,600) ...
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172 views

Steps to buying a home

My wife and I are looking into buying a home. We are discussing home vs. co-op, I don't want the co-op I'm to worried about re-sale which I think will not exist. Basically what are some good steps to ...
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183 views

Is it wise to sell company stock to pay down a mortgage?

Is it wise to sell company stock to pay down a mortgage? Say, you have $25,000 and a $100,000 mortgage. Is it better to continue to assume the risk over the long haul or cash in at a reasonable ...
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1answer
98 views

What effect does a high credit line have on a mortgage?

I have received a letter from my credit card company increasing my credit line and when I spoke about this with a co-worker, they told me that I should request that the company does not increase my ...
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1answer
160 views

Can I take a loan against propety in my children's name?

I am from Chennai, India. The house which we are living in Chennai used to be in my father's name. My father has four children and I am the last one, daughter and I am widowed and living with my ...
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1answer
60 views

Mortgage Banker vs. Mortgage Servicer - Why go through “middle man”?

I am house hunting and I'd like to understand something. I am currently running into a scenario where I just simply don't understand it at all. Here is a little background story: I am looking at a ...
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1answer
112 views

Possible refinance from 15 year fixed to 7/1 arm

I have a 15 year fixed mortgage at 4.25%. Remaining balance 167.754 due to be paid 8/1/2015. I pay an extra $200 payment towards the principal each month. I'd like to pay the mortgage off in 6-7 ...
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51 views

Excel Canadian Mortgage Formula Help

I need to get the ending balance formula for a project in excel calculating mortgage payout. I am hoping to develop a formula instead of formulating an amortization table. I have used the following ...
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2answers
150 views

How can I use the equity out of my current property to purchase another one?

I got out a $200,000 loan for a property that is valued at $270,000. I managed to get the property for $250,000 and I threw $50,000 at the deposit. Therefore, I currently owe $200,000. I purchased ...
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1k views

Who pays the property tax on a home for the year of sale?

I sold a condo on the 2nd of January this year, and I was a bit taken aback when I got a property tax assessment for that property from the county for this year (this was not a bill just an assessment ...
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3answers
132 views

Concerns about paying mortgage early after cash liquid again

I am considering locking up some cash in investments, even a 1 year CD, in order to get even a small ROI with thought that I might buy a house next summer (June onwards). Or perhaps earlier, if ...
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782 views

How do I divide equity following separation with cohabiting partner?

I have been in a cohabiting relationship for 20 years - we are living in a property that we have lived in for 12 years - we bought the property for £95,000 and the property is now valued at £190,000 ...
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1answer
76 views

Can FHA mortgage insurance premiums go up after a loan is issued?

Is the FHA monthly mortgage insurance payment determined at the time the loan is written? I have a friend who streamlined her FHA loan in about 2012 (original FHA loan 2007). Her MI annual payment ...