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Questions tagged [home]

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2
votes
4answers
1k views

minimum repayment on home loan

How to calculate home loan minimum repayments (before taking out the loan). For example, with a credit card, they clearly state, that you need to make X amount as minimum repayment (maybe 10%) with Y%...
2
votes
3answers
290 views

Can State come after our house for previous owner's back taxes?

More than 4 years ago, we bought a house that was previously used as a business by the previous owner. Recently, we received a letter addressed to our property that stated the day care owed a large ...
7
votes
4answers
2k views

Is it advised to sell current self occupied home and buy the other new one to book the profit?

I have a first (and only) and self occupied home. Mortgage is fully paid. Home is with four rooms. Considering expenses I done on home so far including my share in mortgage, taxes so far, total ...
1
vote
1answer
332 views

What happens if I demolish a mobile home with an outstanding loan?

I own a double wide manufactured home that is desperate need of repairs. Parts of the floor are falling through, the central air doesn't work, and I recently discovered black mold inside the walls. ...
1
vote
2answers
105 views

Am I Likely to Qualify for Home Loan?

I'd like to move to a new home and would like to finance it via a loan. My current home is worth ~$285,000 according to internet and my current home loan balance is ~$100K. My financial situation is ...
1
vote
3answers
195 views

Financial advice on the big 3

I recently graduated in December and have been working for the past 5 months. Since then I have saved 13,000. Now here is my conundrum, I am getting married in 6 months ($10,000), we are currently ...
3
votes
2answers
674 views

Can I withdraw from an RRSP for home renovation using the Home Buyer's Plan?

I have withdrawn $15,000 using Canada Home Buyer's Plan from my spouse's RRSP account in the year 2016. The withdrawal was only from spouse's RRSP account, not my account. Now we are planning to do a ...
2
votes
2answers
86 views

Help required on equity share setting up a cohabitation agreement (UK)

My partner and I are in the process of setting up a cohabitation agreement but struggling to come to an agreement of equity split. At the point I moved in with my partner he had equity in the ...
2
votes
0answers
70 views

How much would I save doing my own electrical rough-in?

I'm a capable and confident diy-er with some electrical experience. I'm trying to find parts of the home-building process I can do myself to save some cash when I build a house in the next couple ...
0
votes
1answer
43 views

Home equity split when one partner is not on the deed

2 people buy a home. Both are on the mortgage but only one is on the deed. 5 years later the house is refinanced and now both are on the deed and mortgage. One year later one walks away and for the ...
2
votes
1answer
193 views

When is the optimal time to replace a home appliance?

I have an old appliance (a drier) that needs a small repair and reached its average lifespan (10 years). It has no rest value. It has always been maintained very well and it's from a very reputable ...
6
votes
1answer
1k views

Does purchasing a mobile home allow you to lower your income tax?

I have heard that by owning a home that your federal income tax is reduced. Does this still apply to mobile homes? If so, how much reduction could I expect? I currently have a tax rate of 28%. Living ...
2
votes
2answers
248 views

Can I partially repair what home insurance paid for?

My home has water damage from a faulty gutter, that basically created a waterfall that splashed on one particular part of the stucco. The water eventually bubbled the exterior paint in that ...
0
votes
4answers
207 views

How can I raise finance to build a home for my family

I live in Pakistan. I am a software engineer with 3 years of experience, I am currently living in the house which can collapse any moment with my family in it. Recently I started looking for a home ...
5
votes
1answer
238 views

Home sale: No right to terminate?

I'm making an offer on a house. I was informed that the seller, a relocation company, is asking for the following: a right of the buyer to inspect but "no right to terminate." That is, I would have ...
2
votes
1answer
129 views

Money received for water damage in ceiling caused by leaky roof

My ceiling was very damaged by leak in roof caused by leaky solar panel. They instructed me to get mitigation estimate and repair estimates. Sent to insurance company and they paid. My husband ...
14
votes
4answers
3k views

What home improvements are tax deductible?

Specifically, do odor removal and air duct cleaning count as tax-deductible home improvements?
7
votes
4answers
352 views

I'm under contract for a house, but I'm moving away suddenly. Still purchase as an investment?

I'm under contract for my first house. But I just got an outstanding job offer across the country that is almost double what I currently make. I will be moving. Purchase price for the house is 290k, ...
2
votes
1answer
218 views

Sell home to buy another home for cash

I own a home I bought for cash; no mortgage. I want to sell it and use the cash to buy a different house of similar value. I have very little cash in my pocket and hence cannot use that to buy a house....
1
vote
0answers
129 views

Bank Loan for Father's property

Is it possible for me to acquire a bank loan for purchasing a house from my father if it is not ancestral property?
23
votes
8answers
9k views

Boyfriend is coowner of a house with his sister, he wants to sell but she doesn't

My boyfriend's parents passed away and he and his sister were left with his father's house and the land around it. He's been living there ever since, but in horrible conditions. He can afford the ...
5
votes
2answers
271 views

Pay off home loan early

I currently own a house in northern VA that's paid in full. I want to buy a new house in a development being built in MD. A friend recommended getting a loan for the new house and put mine on the ...
33
votes
6answers
24k views

The mortgage company is trying to force us to make repairs after an insurance claim

We had some hail damage to our roof and deck after a bad storm and made a claim with our insurance company. The damage was in the 5 figure range, but the estimate for the deck was only a couple of ...
6
votes
1answer
258 views

Does a home buyer have any protection against the seller breaking the contract?

I'm somewhat familiar with the process of buying a house in the United States and I imagine the process is similar in other countries. Normally, the would-be buyer deposits some "earnest money" with a ...
1
vote
2answers
153 views

Renters Liability in Case of Liability Claims for Property Damage or Fire

I am subleasing a room in a house in San Francisco. The landlord does not turn on the central heater ever, so I am running my space heater occasionally. In case of the unlikely event of a fire being ...
2
votes
1answer
110 views

Equity share on first home

My girlfriend and I are buying our first home together. As it stands, I'll be putting quite a large chunk of the deposit (roughly 70%) and I'll be paying about 60% of the monthly mortgage repayments. ...
2
votes
2answers
287 views

Best return on investment for new home purchase

My fiancé and I are considering buying a house. We're in our late 20s and plan on moving from our low rent apartment in a relatively upscale area to the house we'll potentially buy. Now we have two ...
1
vote
1answer
592 views

Why does a bank deduct interest first and principal later

I want to buy a house but there is this one thing about the bank loan I am not able to understand. Lets say I am taking loan of 60L rs. and I start an EMI of X amount. The state bank of India (all ...
2
votes
2answers
78 views

Simple loan with a mortage as collateral

I have an employee asking for a small loan to pay his personal property taxes., he is 3 years behind on....I will loan him the money but I need collateral. How can I have him sign his house as ...
1
vote
1answer
100 views

Residence change of use

I bought a second house with the intention of fixing it up and then renting it. I have been working on it for almost three years and for the last two year I have been depreciating it on tax forms ...
3
votes
2answers
13k views

does interest payment on loan stay the same if I pay early

Hopefully, my question doesn't sound dumb, because I'm not a finance guy. Suppose I have a 100k loan, and the monthly payment is 1k. My loan payment goes 600 to interest and 400 to pay down ...
0
votes
1answer
190 views

Tax benefit on Home Loan

I own one flat (Staying in same flat) for which I am claiming tax benefit on home loan. Recently, I have purchased one more flat, can you please tell me how can I claim the tax benefit for the home ...
3
votes
2answers
116 views

How do I evaluate reasonability of home improvement projects?

Assuming that I could afford to make improvements to my home, how do I evaluate whether a project is worth undertaking and not too expensive for the value of my home? I'm not running my household as ...
4
votes
2answers
1k 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 ...
2
votes
1answer
250 views

Best mortgage options when you have less than 20% downpayment?

Whats the best way to buy a home (condo) when you have less than 20% downpayment? I'll have closer to 10%. Should I just pay PMI or take out a loan for the other 10% or something else? I live in ...
2
votes
1answer
9k views

Financial considerations in buying out siblings on inherited house

My wife and I have the option to buy out my late mother's house from my two siblings; we currently are in the process of inheriting it jointly. They would like to sell the house to someone as soon as ...
1
vote
1answer
110 views

A home loan refinance problem

I have owned my home for 19 years. I purchased the property on my own with no co signer. About 9 years ago I had some credit issues due to an ugly divorce. I refinanced my home and quit claimed the ...
2
votes
2answers
685 views

Selling my house for what is owed to keep from forclosure but it's worth more. Who gets the extra money?

I am selling my house to a friend (for what I owe on the mortgage) which is $107k because I am behind on my payments and don't want to go through foreclosure, but it's worth $155k who gets the extra ...
1
vote
1answer
83 views

taxes on home if quit claimed to son in entirety, but mom still lives there

Will my thirty-year-old son have to pay taxes on my home if I quitclaim him to the title? What if he just owns one-half of the home; how will that affect his taxes? We live in Boise, Idaho and he ...
0
votes
4answers
686 views

How can we force one of the joint owners of a shared property to sell it?

I live in CA. I co-own a house with my sisters. The older sister is living in the house in Texas and won't speak to us, so cooperation is not a solution. How do we get her out of the house so we can ...
1
vote
1answer
109 views

What sort of demands is it reasonable for a home loan lender to make on the borrower, if any?

What sort of demands is it reasonable for a home loan lender to make on the borrower? For example, if a first-time home buyer with a FICO score in the 600s relocates to another city and applies for a ...
0
votes
1answer
78 views

Home Ownership Entitlement [closed]

I need some advise please. Me and my girlfriend bought a house together. The cost of the property was R720 000.00. I gave R500 000 cash and she got a bond registred in her name for the remaining R220 ...
1
vote
1answer
854 views

Inspection Contigency - Form 35 (NWMLS)

After a residential home inspection has occurred, and both parties have signed/initialed an inspection response (NWMLS Form 35R); What are the buyers options for recourse when the seller does not ...
1
vote
2answers
218 views

Sell your home and invest in growth stock mutual fund

I purchased a home and I made an agreement with a guy who is living in that home and paying me monthly rent. Since I live with my brother I don't have to live in my purchased home. The rent I'm ...
1
vote
2answers
497 views

Who does the Title Company work for?

Whe buying a house or piece of property, does the Title Company work for the buyer, the seller, or are they neutral, just playing the part of administering the deal?
0
votes
1answer
127 views

Home loan for plot owned by my father

My father owns a plot, I want to build house on that land. Land is Corporation approved and all municipal corporation procedures have been followed and plan has been sanctioned for building the house. ...
0
votes
4answers
113 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. $...
1
vote
2answers
151 views

Is Quit Deed all I need?

I would like to get the title of my late grandparents house out of his trust, and into my name (Grandson) and my uncle's(Son) name. Should I get a lawyer or is this really all I need. Its Illinois ...
2
votes
1answer
560 views

Tax rebate on Home loan on mother's property

I have got a home loan from SBI on my mother's property. she is co-signee on the the loan. Can I use EMI paid for my tax saving.
3
votes
1answer
2k views

When to liquidate mutual funds for a home downpayment

I have about $18k in mutual fund assets that I am planning to use for a down payment on a home within the next 1-2 years. Combined cost basis for the assets in question is +$2,800. Right now the asset ...