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

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7
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3answers
765 views

Missing opportunity cost of mortgage prepayment

What other opportunity costs of paying off a mortgage early might I be missing? I am in year 2 of a 15 year mortgage at 2.875% with no other consumer debt. I have a 8 month emergency fund, maxing out ...
11
votes
2answers
1k views

Mortgages: What is the terminology for how much I own and how much I still owe?

I'm looking for the terminology related to my home mortgage. The word or phrase for how much of my house I own. The word or phrase for how much I still owe. For example, suppose I bought a $500K ...
3
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1answer
71 views

Understanding Gift taxes for mortgage downpayment

We have finally decided to purchase our first home and we plan to borrow interest free money from friends and family to pay off 20% downpayment and get cheaper interest/escape PMI. IRS says .. "The ...
2
votes
3answers
220 views

Paying off mortgage or invest in annuity

We are retired, I'm 62 and my husband is 58. We have $150,000 in savings, a 401K at $105,000 and another 401K of $75,000. The home mortgage has a balance of $160,000 with 18 years left on a 20 year ...
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0answers
34 views

Default on credit report

I was wondering if anyone could help me with a situation that is giving me a lot of trouble at the minute? Back in 2011, I took a credit card with Vanquis Bank. Being young and silly, I didn't really ...
7
votes
1answer
42 views

What is the definition of a “first time buyer” with relation to the UK “help to buy isa”?

I'm very interested in the soon to be released "help to buy isa". I'm unclear on the definition of a first time buyer. I have owned a house (with my ex wife) but I am no longer on this mortgage, ...
0
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0answers
52 views

First time buyers in the UK

Are there currently any grants or interest free loans available to first time buyers in the north of England on a home worth around £145,000? My partner and I are looking to purchase a house in the ...
1
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2answers
66 views

How does one compare repayment of a loan based on a fixed payment of some dollar per $1000 borrowed?

I'm having some difficulty understanding the payment fees of a possible home equity line of credit (HELOC). The HELOC is for $270k, with a stated repayment period of 15 years at 2.75% APR. The credit ...
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0answers
31 views

I forgot to file my T4 tax form. Will this affect my mortgage?

I'm in Quebec, Canada. Tomorrow I am submitting an application for mortgage through a mortgage agent. Because I started working at a new job in December 2014, I was asked for my T4 forms and notices ...
2
votes
1answer
205 views

Is it a good strategy to +cash out refi every six months?

I was speaking to a coworker, who says he uses the following strategy: He refinances his house every 6 months with a +cash out refi (a refi that has negative closing costs). His argument is that ...
2
votes
2answers
50 views

Figuring flood insurance into financing cost

I've been keeping the mortgage on my house, even though I have the savings to pay it off, because it's at 3.8% and my investments are expected to return at least twice that. However: I'm in a ...
2
votes
1answer
72 views

How does DTI work while building a house?

Lenders are pretty consistent and clear about how DTI (debt-to-income ratio) is calculated and the limit of 45% for a traditional mortgage against a primary residence. New construction loans seem to ...
11
votes
4answers
4k views

Why the interest does not stop on the day of paying off the whole loan

We are trying to pay off our 20 years fixed mortgage after 12 years and when I called the mortgage company and asked for the balance (in my calculation is only 57000 of the principal left) the ...
8
votes
3answers
467 views

Lender refuses to terminate PMI despite my LTV being less than 78%

My lender, US Bank, is refusing to terminate my PMI even though I am now below the 78% loan to value ratio. We've been perfect customers and have never missed a payment. Their reasoning is that they ...
2
votes
1answer
33 views

Income Tax rebate on Housing Loan on rental property and HRA rebate?

I had purchased an under construction Flat with loan of 30 lacs in Indirapuram, Ghaziabad in Year 2011 for which I got possession in June,2015. I am staying on rent in East Delhi and claiming HRA ...
3
votes
1answer
96 views

Waiving PMI on initial conventional mortgage loan

I am about to close a mortgage loan for a HUD property which I had originally opted for a USDA Rural @ 3.25% for a sale price if $135,500 for 30 years. I just got the bank appraisal which states its ...
-1
votes
2answers
172 views

How much money should I put on a house?

My mother passed away and left me with 100,000 dollars. My boyfriend and I decided that we would go ahead and buy a house. We are living with my dad right now and have 2 kids and we are both 22. I am ...
0
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0answers
43 views

Pros and cons accepting partial ownership of company as opposed to inheriting

My father owns property (buy to rent) and manages this through a small business in the UK. He probably has assets worth in the region of 750,000 GBP but is also still paying down the mortgages on each ...
0
votes
1answer
42 views

At what point in a refinance application should I be able to get a rate lock?

I've submitted my URLA, credit is checked and appraisal is scheduled. The broker has sent a disclosure pack that he wants me to sign and return with all documentation in order to start underwriting. ...
0
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0answers
46 views

Mortgage Refinance: What is Yield Spread Premium?

I have a GFE from a broker that contains a hefty (>$8000) Origination Charge that includes a 2% Yield Spread Premium, and a credit for the whole of that amount. The rate is good and the broker insists ...
4
votes
3answers
418 views

First time mortgage - process & rates

I'm looking to buy a first home in the next few months. At this point I thought I would check out the mortgage options as in my mind I'd need to have a mortgage agreed before going to look at houses. ...
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0answers
51 views

What kind of inspection will a mortgage company make

I want to refinance my house. What kind of inspection will the company giving me the new mortgage do to my house? Will they pick up all my carpets, will they just look it over, or will they do a ...
6
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0answers
205 views

If I'm the only one on the mortgage, do I have to count my significant other's payments as rent for tax purposes?

Lets say I take out a mortgage to buy a house, and I'm the only borrower on the loan. My girlfriend's dad gifts me $125k to pay the down payment. She and her parents go on the title, along with me. ...
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vote
3answers
180 views

How high a mortgage can I afford at my current rate of monthly rent payments?

I've been considering home ownership, and all other things equal, I'd like to know how much of a mortgage I can afford based on the rent I currently pay. Not including heat and hot water, I pay ...
3
votes
2answers
219 views

Who gets to write off (deduct) interest part of a mortgage payment?

On a U.S. Federal tax return, you can write off interest and property tax payments on a mortgage. Who gets to do that? Just the person in whose name the mortgage is? Or anyone on the title of the ...
2
votes
1answer
67 views

How do rate locks work when buying a property?

We recently "locked" our rate on a rental property we are buying at 4.875. A day later, drops back down to 4.625. Can we no longer get the 4.625? Are we "locked" in at that rate thru closing?
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0answers
33 views

Preserving DTI ratio between mortgage pre-approval and closing

I am in the process of buying a house in the US. I have had an offer accepted and have pre-approval from a lender for a conventional/conforming loan at the maximum debt to income (DTI) that they are ...
2
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0answers
87 views

Underwriters refusing to use TheWorkNumber

Earlier this year, an underwriting department informed me they are no longer allowed to accept TheWorkNumber for employment verification purposes on any Fannie Mae Freddie Mac loans because of ...
1
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0answers
76 views

FHA loan just commenced : Any way to get any of the up-front mortgage insurance back?

Background : I ended up in a nasty situation where my FHA lender had over 7 weeks to prepare, and through indolence, was going to miss closing. Lender became very unresponsive - multiple multi-day ...
2
votes
1answer
56 views

Do capital gains get factored into AGI?

My GF wants to cash out all her Apple stock for the downpayment on a house. But she is on an income-contingent repayment plan for her massive student loans—so she is afraid if she cashes out her ...
6
votes
1answer
376 views

Is this comparison of a 15-year vs. a 30-year mortgage reasonable?

My wife and I are thinking about purchasing a home at some point in the next few years, which has got me reading about mortgages and trying to think through what would make the most financial sense ...
3
votes
2answers
80 views

What to look for when evaluating a mortgage lender?

When evaluating mortgage offers in the US for a primary residence, obviously the rate and fees is important to consider as it impacts the bottom line. Having a lender who is responsive when trying to ...
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vote
2answers
75 views

LTV of sales price or appraisal cost

I want to purchase a home using a conventional 30 year loan @ 3.50% interest. I want to get out of paying the Private Mortgage Insurance. I understand I need to pay upfront more than 80% LTV. I ...
9
votes
2answers
820 views

How to represent mortgage overpayments in household budget

I keep a household budget spreadsheet, one tab of which represents our savings. Some of our savings is in traditional savings vehicles (ISAs etc.), but some of it has been used to overpay the ...
0
votes
1answer
39 views

Do the credit bureaus have 14 or 30 days mortgage rate shopping window ?

I got prequalified 15 days ago. Now, I am planning to get prequalified with other lenders to compare the rates, and get a better deal with my mortgage APR rate. However, I'm worried that the credit ...
0
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3answers
93 views

How to shop for mortgage rates ?

I have already been prequalified with 3.8% (but I am sure I can do better :)). Now, I am about to make an offer on a house. So, once the seller accepts my offer, how do I rate shop ? Do I need to ...
17
votes
5answers
3k views

Oversimplify it for me: the correct order of investing

I have been reading the top posts here, and the recommendations for what to invest in are often similar. What I'd like to know, in as simply of terms as possible, is what the consensus is on priority ...
8
votes
5answers
2k views

Pros/cons of borrowing money using a mortgage loan and investing it in a low-fee index fund?

I'm wondering if this investment strategy would work: I get a mortgage loan for $300K at a 3% rate (realistic for current 5-year fixed mortgage rates here in Canada). I invest the proceeds in a ...
1
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0answers
90 views

Selling a home in the UK to buy a home in the US

I US citizen currently live in the UK, but will be moving back to the US in the near future. I own a home in the UK, with a sizeable mortgage and a LTV ratio of about 70%. I would like to sell my home ...
1
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1answer
124 views

Use of free and clear houses as Collateral

I'm currently exploring the possibility to buy another property and use the leverage of my paid off properties as collateral for a loan for the down payment. What would be my best options to pursue ...
1
vote
1answer
105 views

Unable to get a mortgage with partner, can we still share the house? (UK)

My long term girlfriend are trying to buy a house together. She is an EU national but has not lived in the UK in the past 3 years. We each have half the money we need and my income is good enough to ...
13
votes
7answers
5k views

Am I considered in debt if I pay a mortgage?

75% of Americans are in debt. I'd like to know if I'm also considered in debt if I am paying my mortgage on a house. I didn't think I was in debt if I own the house. I guess I pay 'rent' to a bank ...
1
vote
1answer
185 views

Basic bookkeeping account entries for a house purchase and mortgage?

I borrow 200,000 to purchase a house worth 250,000, putting down 50,000 of my own. The borrowing is at 5% over 30 years. What are the basic double-entry bookkeeping entries I must make to record this ...
1
vote
1answer
134 views

How long should a mortgage take to appear on my credit report?

I bought a house earlier this year (closed on 30 Jan 2015), and while the two inquiries (prequalification from one bank, then the 'actual' lender we went with) about my mortgage appear on my report ...
6
votes
2answers
770 views

Can my mortgage company force me to buy condo hazard insurance?

I live in the United States and have a mortgage for my condominium. After 10 years under my current policy, I suddenly received a letter from the lender, saying "A review of our records indicates we ...
2
votes
2answers
137 views

Pitfalls of a Home Equity Loan

A person asked me a question, and quite frankly I am stumped! They have the opportunity to lower refi their home and lower their interest rate by about .75% with no closing costs. They would be ...
0
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1answer
145 views

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

Is my husband's ex-wife entitled to a portion of the home for which she is on title, even though she never made a payment?
0
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1answer
68 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 ...
12
votes
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 ...
6
votes
1answer
197 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 ...