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

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Difference between a mortgage and buy-to-let in UK

In terms of rights, whats the difference between getting a regular mortgage and a buy-to-let mortgage for a property in the UK? For example, if I wanted to invest in a property, and got a regular ...
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1answer
91 views

European vs. American mortgage underwriting with regards to the health of the borrower

Whenever I hear about a European mortgage application process, there are always health records involved. They want to know that the borrower is likely to outlive the mortgage (or most of it, I guess). ...
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As a contractor, should I overpay my mortgage or contribute to a pension?

My specific situation is:- Early 30s Software contractor via a ltd company Resident in Scotland Higher-rate taxpayer Mortgage at ~5% (variable 4.5% above BoE), LTV about 75%. I'm allowed to overpay ...
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Why is paying mortgage interest considered by some to be beneficial?

When discussing buying a home I often hear people say they like having a mortgage because they get the benefit of writing off the interest. Am I misunderstanding something? My simple thought is if ...
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1answer
124 views

What does it mean that: “Home loan must be secured within 90% of the value of the property”

I am applying for a home loan and I am unsure about some of the text received from the bank. What does it mean that a home loan must be secured within 90% of the value of the property? Does it mean ...
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What should I be doing with my money as I save for a down payment on a house? [duplicate]

A bit of background: My wife and I have a combined income of over $100k (before taxes, retirement, etc). We both put 15% of our paycheck into a 401(k), and we have no debts of any kind. We pay off ...
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2answers
77 views

Taxes on someone else paying my mortgage

I have to repay my house loan. Can I take money from my son for repaying the loan? The bank is saying that my son cannot pay directly from his account; it means I have to receive money in my account ...
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0answers
23 views

As a non-canadian resident can I get a mortgage loan in Canada?

I am willing to buy an apartment in Canada, where I'll be living for 5 years with a student visa (I am swiss). Can I get a mortgage loan in Canada although I am not Canadian neither permanent ...
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0answers
99 views

Paid off 2nd mortage early, balloon due 2022

I just paid off my second mortgage with a balloon payment due in 2022. In paying off the 2nd mortgage, balloon payment goes away correct? I am done, done done paying this rip off lender? thanks in ...
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3answers
107 views

Formula for variable rate Canadian mortgage

What is the formula for calculating payments on a variable rate mortgage in Canada? (This source says variable rate mortgages are compounded differently than fixed rate mortgages) Concrete example: ...
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1answer
40 views

Determining CMHC insurance premium

Is the calculation based on purchase price with HST or without HST? For example, the property is being purchased from the builder and the stated purchase price includes HST. If the posted price is ...
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3answers
94 views

How do you calculate whether a 4 year mortgage term is cheaper than a 5 year term?

For example, assuming a balance of $200k 5 year fixed at 3% 4 year fixed at 2.8% How much would the interest rate have to rise before you lose out if you take the 4 year term?
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1answer
44 views

Applying for a mortgage with multiple lendors in a 2 week period

I've just submitted an online application with a lender for a new home mortgage. I know that this lender pulls all of the 3 reports (EQ, EX, TU) and not FICO. Wondering if I shop around and also ...
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1answer
70 views

What's the catch with accidental death/disability mortgage insurance?

I just bought a house. Now I'm getting ads in the mail every day or two trying to sell me accidental death insurance for my mortgage. (AKA critical illness mortgage insurance, mortgage protection ...
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7answers
5k views

What's the catch with biweekly mortgage payments?

I just bought a house. Now I'm getting ads in the mail every day or two trying to get me to sign up to pay my mortgage bi-weekly (every two weeks) or weekly instead of monthly. In their words I could ...
4
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2answers
283 views

Should I pay off my house note before selling it? How does this affect my tax liability on the sale?

When selling a house, what would be better as far as getting the money back that was originally put down? A) Pay the house off completely from the mortgage company (95K remaining), then sell B) Sell ...
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1answer
56 views

When does the FHA premium drop off? Refinance to drop MIP

I have an existing FHA insured loan taken out in June 2002, I refinanced a year later in 2003 at 6% which is what I'm in now, I currently have 18 years remaining but my lender has told me that I will ...
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3answers
285 views

What to do if my aging father is sustaining a hobby that is losing several thousand dollars every month?

My grandfather owned a large and successful bookstore company. My father became was the manager of this company. Due to political reasons, my father was kicked out this family business. (He was ...
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2answers
161 views

Why is a home loan (mortgage) cheaper than gold loan?

I am not sure if this is a India specific issue. I understand that gold is a basically non-value add asset and real estate business generates jobs and people do need houses to live in. My doubt is ...
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3answers
511 views

Settling house with husband during divorce. Which of these two options makes the most sense?

This is the scenario: Our house is worth about $250,000 (we think). We owe about $200,000, so we have $50,000 equity. We are divorcing amicably and both want a solution that is fair and makes sense. ...
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1answer
145 views

Is this the right house and time or do I need more time to save for downpayment?

I saw this $699K worth of 2 bedroom condominium in La Jolla, Ca. For a downpayment I have access to: $55K that I can get from the company stocks that I bought $15K emergency funds but this will come ...
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3answers
1k views

Is there a way to live with and contribute to someone else's mortgage payments without the money being considered taxable rent income?

If my business partner purchases a home and I move in with him, presumably the money I'd give him to help out with his mortgage would be considered rent, and so he'd have to pay taxes on rent income. ...
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1answer
262 views

Mortgage Overpayments Two Accounts

I have a capital & interest repayment mortgage that's split into two. The outstanding balance on the original is approximately £100k on a 2.5% variable interest rate, monthly repayment approx ...
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1answer
58 views

Should I make additional payments on a FHA loan, or save up for a refinance?

I am about to buy a house, but my only real option is to get a FHA loan for the mortgage. I plan on staying in this house for a long time, so paying the MMI / PMI for most of the term of the loan ...
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549 views

What equity would I have when selling early on in mortgage?

I'm trying to wrap my head around the idea of mortgages, and I hope someone can help me. Say I buy a house for $100,000. I put down $20,000, and get an $80,000 mortgage. I've heard that for the ...
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1answer
55 views

Tax rebate on home loan

I am govt. employee & got a home loan from SBI to construct new building on my mother's property and map also passed in name of my mother . I am borrower and she is co-borrower on the the loan. ...
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86 views

Getting new credit card during home loan application

I'll start by saying I know I made a really bone headed move. In excitement for our new home, I bought a new lawn mower and signed up for the store credit card to save 10%. We are still in ...
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1answer
85 views

Solving for mortgage payment amount and its deduction on the total principal?

This question is stumping me. "Jane has taken out a 20-year, $150,000 mortgage with monthly payments (made at the end of each month) at a stated mortgage rate of 6.8% per year compounded ...
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1answer
145 views

How to use credit card (Barclaycard UK) merely to build the credit history? [duplicate]

My aim is to buy house in three years time So I started searching for the ways I can get mortgage for the house. I found out that I need good credit score to get mortgage along with other things such ...
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3answers
163 views

Should I avoid credit card use to improve our debt-to-income ratio?

We put all our expenses on a credit card and pay it off every month in order to get maximize our cash back. We never charge more than we have in the checking account, so we always pay it off. Should ...
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2answers
73 views

What to do with old company's 401k? [duplicate]

I have a 401k from a company I no longer work at. It's worth about 70k. What should I do with it? Is there any way I can roll it into something that I can use as part of a down payment for a house ...
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4answers
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Pros and Cons of Interest Only Loans

I currently have a home with an FHA loan which require me to make mortgage insurance payments for the next 4 years. I am considering a refinance and have came across the idea of interest only ...
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1answer
101 views

How can I cash on equity in my home

Besides reverse mortage, what options are available if I am without heir and want to get cash in retirement backed by my equity? Edit: I live in Canada, 40 years old and I am building savings by ...
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2answers
292 views

Double-entry accounting: how to keep track of mortgage installments as expenses?

Context: I am new to double-entry accounting, I use GnuCash for my personal family bookkeeping. At the moment, the main goal for me is to keep track of incomes/expenses of our family over time. For ...
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1answer
70 views

Buying a House and Taking Part of 20% to move initial payment date forward

From what I have come to understand 20% is the amount you ideally pay down on a house primarily because personal mortgage insurance isn't required. One risk I would like to hedge if I buy a house is ...
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0answers
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Applying for mortgage without credit history

In a few months I will be moving to the United Kingdom, having never lived there before I will have no credit history - though I do have personal savings which will be transferred over. I have already ...
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3answers
365 views

Do lenders usually do multiple credit inquiries only a month apart?

I am in the process of applying for a home mortgage for the first time and something happened that I found a bit odd. Here's the sequence of events: Before talking to any lenders, I get my credit ...
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1answer
70 views

Should I pay extra towards my mortgage or HELOC?

My first mortgage has a balance of $147k with 4.75% fixed interest rate. My home equity line of credit (HELOC) has a balance of $87k with prime minus 1.1%. I've been making about $50 extra payment ...
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2answers
181 views

Deposit to help out my Sister to buy her first flat with fiance

I will be made redundant by the end of the year, getting £9,000. I would like to invest this to help out my sister to buy her first property. She and her fiancé have £20,000 of their own deposit and ...
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1answer
75 views

Renting with the Help to Buy: mortgage guarantee scheme

With the Help to Buy: mortgage guarantee scheme, I have heard that you cannot rent out the property under the scheme. Is this true? Also I have heard that it is possible that if you get a mortgage ...
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1answer
79 views

APR without principal repayment?

I've been trying to find out about this own my own but can't seem to work it out via search engines, loan/mortgage websites and excel. When I try to work out how much a loan costs, rates like APR ...
2
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2answers
281 views

Can I afford this condo?

I just found a condo I really like and I am debating with myself whether it would be a good idea to pursue it from a financial perspective. I'd like to get some educated, objective opinions on my ...
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1answer
109 views

Buying property in India: paying loan/mortgage

I am on a H1B visa in USA and thinking about buying property in India. What is the best way to make payments from USA bank ac to pay loan/mortgage in India? Can I get tax relief for loan/mortgage ...
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2answers
667 views

Should I remodel or buy a bigger house?

My husband and I have two children under 2 years old and have outgrown our current 1400 square foot home. My husband and I both work from home, and we have a day nanny who comes and helps with the ...
5
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2answers
84 views

HELOC with no first mortgage (for liquidity--no plans to spend it)

For a home-owner with no debts, a good salary, credit score, etc.: What terms would be optimal for future liquidity when obtaining a home equity line of credit (HELOC)? The point is to obtain ...
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1answer
50 views

Who originates loans guaranteed by the USDA Farm Service Agency?

The official Guaranteed Farm Loans page says: FSA guaranteed loans provide lenders (e.g., banks, Farm Credit System institutions, credit unions) with a guarantee of up to 95 percent of the loss of ...
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5answers
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Rent or own, given these circumstances

Option A: $3600 (RENT) for a 3/2.5 condo. Option B: $629,000 (BUY) for a 3/1.75 house. This is in the Los Angeles area. Looking to live in this area for at least a year, maybe more. The house ...
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2answers
223 views

Is it a good idea to get a mortgage when buying a house, for credit reasons?

I'm thinking about buying my first house, and I'm wondering whether I should get a mortgage from a bank or not. This is mostly because I've heard that getting a mortgage is critical part of building ...
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2answers
62 views

Where can I find information on Loans in foreign currency for the purchase of property in Australia? [closed]

I am looking for information on what banks, or other financial institutions, allow borrowing of money in their home currencies for the purposes of purchasing property? The type of information I am ...
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2answers
139 views

Is it possible to put less than 10% down for a mortgage without resorting to an FHA loan?

My wife and I are considering buying our first house. We are pre-approved for a mortgage and, after months of seeing nothing but fixer-uppers or homes in questionable areas, we found a home we really ...