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

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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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353 views

Can having a co-signer on a house loan reduce the down payment required?

I have worked as a freelance web designer for 3 years before taking a salary job at a company 6 months ago. I have enough money saved up and make enough at this job to own a house but I doubt I will ...
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34 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. ...
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84 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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mortgage/title and gift giving tax law question

my mother has offered to gift me the 20% needed for my new home purchase. It has been determined that adding her would be a hindrance to my mortgage loan, thus I am facing gift giving tax issues. ...
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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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70 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 ...
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79 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 ...
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Accepting a deposit into my mortgage from a third party and paying them interest

I'm a net borrower with a variable interest rate mortgage secured against my house. Let's say there is $200,000 owing and I'm paying 5% interest to the bank. It has a redraw at-will facility and I'm ...
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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 ...
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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 ...
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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 ...
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Buying a home-Make as large a downpayment as possible, or keep cash to invest

I'm trying to decide whether to put a full 20% down on a new home (primary residence), which would eat up most of my cash from sale of current home, or do something like 10% down, 80% conventional ...
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341 views

Can I buy my wife out of our house without affecting her benefits?

My wife and I separated and she moved out of our family home. She has not worked for the duration of our marriage as I had a good income and she looked after our young children. She has chosen a life ...
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71 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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120 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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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 ...
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41 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 ...
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44 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 ...
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51 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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240 views

If I give my daughter $57K for her mortgage down payment and closing costs, will I owe taxes on the gift?

My daughter lives in Florida. I would like to give her $57K of my savings to cover her mortgage down payment and closing costs. I live in Puerto Rico. Will I have to pay income tax on this transaction ...