Questions tagged [home-loan]

This tag is to be used for any question related to Home Loan. Questions in this tag should also use the appropriate country tag as the answer may vary depending on the region.

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0answers
48 views

What are the easy financing options available for down payment on home loan or how can I take loan to pay for the home loan down payment? [closed]

Can I get a loan or is any other lending/financing option available to arrange funds in order to pay for the down payment amount for the home loan.
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1answer
106 views

Getting a loan for property abroad

My situation: We live in the UK, and have some money saved up for deposit to buy a house here. Getting a mortgage for this case would not be a problem. We're trying to get money for self-build ...
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7answers
16k views

Is it smarter financially to buy a starter home or go for the long-term goal?

My wife and I are first-time home buyers. We both have fairly stable jobs and have no trouble getting a mortgage on any price house in our town. We are trying to decide which is smarter financially: ...
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2answers
199 views

Should I invest in house? [duplicate]

I'm a 26 year old guy living in Croatia (Europe) in a coastal town known for tourism. Average salary in Croatia is around 700€, while I have a steady job and earn 1700€ (after tax) as a software ...
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2answers
108 views

To opt for interest only home loan and save for next property down payment or keep paying P&I to reduce debt AND borrow more for next property

I currently own an investment property which I bought to live in (lived in for couple of years) and now has rented out as I moved (renting) in a better area for kids school. I am comfortably managing ...
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1answer
87 views

Are Offset Accounts OR Paying of Mortage Going to Give Me a Better ROI

I've been looking into my finances lately (I am an armchair finance person). And it looks to me, that my return on investment isn't going to be the same, if for example, I put $12000 in an offset ...
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1answer
77 views

Getting an FHA with less than 1 year of self-employment income

My wife and I (in our 20's) are looking to purchase a home in September after our lease is up, but won't quite have enough for 20% down by then (most likely 10-15%. I've currently switched from W2 ...
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1answer
171 views

Financing a house

So I'm in an odd situation. My mom, who has cancer, was about to be foreclosed on by defaulting on her HELOC. Not wanting to lose my childhood home and seeing an opportunity to get into property ...
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2answers
223 views

Is it illegal for builders to only work with local lenders?

I'm a month from closing on a new construction home and I changed my lender from a local lender that was untrustworthy and not giving a deal. I got a notice that the the builder wont approve the new ...
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1answer
153 views

What scenarios to look for when bringing a large down payment for buying a house?

I have been looking to buy a house for about $120k. There are abundant properties for sale in this price. While house hunting, I suddenly came into an inheritance, so I can now afford a down payment ...
23
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6answers
12k views

Does paying a mortgage early mean you effectively paid a much higher interest rate?

Most mortgages use an amortization schedule that have you pay more interest than principal at the beginning and then less interest and more principal as time goes one. You can see this using this ...
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0answers
83 views

203k loans, hometyle loans, and 'habitability'

I am looking to buy a primary residence in Detroit. I am interested in doing renovations myself as much as possible, even if it takes several years while living in the home. I've been researching 203(...
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2answers
207 views

What are the disadvantages of home mortage being under only one spouse's name?

What disadvantages come from getting a home mortage on one person? I am looking to buy a first home on a short mortage of 5-10 years. I have good credit. My wife has no credit, but has sufficient ...
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3answers
103 views

What actual amount is considered by a bank for a home loan?

Which amount is considered by bank for provide a home loan? Is it considered what is mentioned in the sale agreement? Or is it considered the actual market value of property?
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0answers
72 views

Money from close relative to close a home loan

I have 15 lakh home loan, which I am planning to close by asking my relative to transfer directly to the home loan account. Is there any problem of taxation due to transfer of bulk amount to the ...
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1answer
171 views

What is effective interest rate?

I'm reading the book The Big Short. In the first chapter, it says that around 2002, Household Finance Corporation was offering home equity loans that were lying to the consumers. They were actually ...
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1answer
56 views

Mortgage: Floating rate loan tenure extension on rate increase

I am trying to figure out how my bank has implemented re-pricing on my floating rate home loan. The original home loan was for an amount of ₹ 48 lakhs (₹ 4.8 Mn) at an annual rate of interest (RoI) ...
2
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1answer
275 views

How to strike balance between home loan, savings, investment, tax savings, marriage, retirement plan, startup & living life?

Small intro: I am 30 years old, living with my parents in Mumbai, India. I am the only child. During the past 8 years of working, I have managed to change my family's financial condition to a great ...
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1answer
363 views

Mortgage broker insisting I sign out of date disclosures

I'm working with a mortgage broker who so far has been very helpful and transparent. I had asked for a preliminary mortgage estimate and we locked in a rate at that time. We changed up the terms of ...
2
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3answers
283 views

Mortgage vs cash for a first-time home buyer

I need advice: I'm in a condo contract, priced at $175K. I have been looking around for mortgage, and got a quote for a 3.125% 15-year mortgage with 20% down payment (so loan would be 140K). I was ...
2
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2answers
186 views

Can I get a housing loan for my father's property

I want to apply for a home loan, but the property is registered in my father's name and he is no more. Is it possible? Can anybody help clarify my understanding of home loans?
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1answer
207 views

Is it better for a couple to buy a house together?

Is it better for a couple to buy a house together; forfeiting (I believe) one of their First home buyer's grant. This way both put into the loan and it gets paid off much sooner resulting in less ...
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2answers
201 views

Is there a financial product via which I can safely temporarily borrow against my home?

We live in the UK, and are seeking to move house and have seen a property which suits our requirements and has been discounted because the owners wish to sell quickly. The asking price is £400,000. ...
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3answers
684 views

Should I list all assets on my mortgage application?

I was applying for mortgage, and I understand that I need to list all my liabilities/assets. But I do not want to list all my assets, only giving sufficient information to show down payment and ...
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2answers
244 views

Borrowing against 401k for first home - things to watch

There is a general advice that borrowing against 401k is to be avoided. When I was looking at related questions here in SE I found a few discussions where some experts challenged the generality. For ...
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2answers
140 views

Part payment on loan principal

I have 2 loans, loan A and loan B, for the exact same amount , same tenure and same interest rate. I am planning to do a part payment. I am trying to figure out whether to put all of the part payment ...
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2answers
252 views

Buying and selling a house

Let say I am going to buy a home today for 100K and going to sell this house after 30 years for 300K. I have few questions regarding this one. I might have paid 100K in mortgage, so after 30 years I ...
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3answers
335 views

Is it a good time to buy a house now? [closed]

I saw a few houses, and decided to buy one of them. A condo originally priced 210,000, and they accepted my 193,000 offer. I'm a first time buyer, with zero experience and my agent helps me with ...
2
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2answers
425 views

Strategies on buying a house for a first-timer

I'm 29, and I live in Chicago NW suburbs. I pay a lot for rent, so I am planning to buy my first house. I have no prior experience on this. What are some tips and strategies to buy a home? More ...
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4answers
320 views

Products for withdrawing from a home's equity?

I am a current homeowner with a property that has no mortgage (everything has been paid off). A family member is in need of some cash to consolidate some credit card debt and I would like to help them ...
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1answer
999 views

How to show in income tax filing a loan taken from friends to repay home loan?

I took home loan from PNBHFL of 20 lakhs. Due to various personal reasons (to clear my debts) I sold my house. I purchased it in August 2016 and sold it in January 2019. I sold it for 40 lakhs. ...
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3answers
194 views

How much variation between lenders is there in the cost of financing a home mortgage loan (in the United States)?

Short Version I recently spoke with a mortgage loan officer who told me that shopping around for the least expensive home mortgage loan is essentially a waste of time, because (due to regulation) the ...
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1answer
353 views

If I build a new house on my plot then demolish the old house, can I transfer the mortgage from the old to the new house?

We have purchased a bungalow with land for £800,000, we have a £500,000 mortgage. We have planning to build a much larger house next to our bungalow (so the bungalow will be part of the driveway once ...
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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%...
6
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1answer
445 views

Mortgage interest tax deduction

I am having some issues figuring out how the tax deduction for mortgage interest works. This is for California, USA I have a home that I bought for $807,000, with 2 loans: $645,600 at 4.5% $80,700 ...
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1answer
742 views

PMI removal with LTOV <78% and decreased home value

I made a big payment to my loan to build equity and remove my PMI. Reading guidelines on consumerfinance.gov and it states - "If the value of your home has decreased below the original value, you ...
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5answers
424 views

Why is “low interest rate” an argument for buying property?

I live in California since 2000 and the prices of houses have forever made me felt like it's just beyond my reach to wildly ridiculous. But everybody and their dog has always been adamant that buying ...
3
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1answer
117 views

Can previously low wages hurt my chances of an approved home loan?

Some quick stats about me. Received a pre-approval for $280,000 Credit Score: 808 Current Salary: $63,500 Job: Junior Software Engineer My main concern here is regarding the eventual income ...
2
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1answer
513 views

Building a new house to replace an existing mortgaged house

I know that others have posted similar questions but I don't think any I've seen so far relate to our exact situation. We bought a cottage in Nashville, TN about 15 years ago that was right for our ...
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1answer
220 views

Does it make sense to keep apartment when buying house

5 years ago, my wife and I bought a apartment for 220.000€, taking out a 15 years loan, at 1% Since then, kids happened, and we feel a bit crowded in this apartment. After discussing with a few ...
2
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1answer
1k views

How can I get a home equity loan on a manufactured home?

I am looking for a loan on a 3-bedroom 2-bath, 1200' 1995 Fleetwood Manufactured home. I have qualified for a $10k loan for a new roof & other improvements but the interest rate is 42%. In ...
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1answer
147 views

On which name should home loan disbursement should have been prepared

My home loan had been approved. But the seller has joint account with his wife. The cancelled cheque he provided had a name like <his-first-name> and <wife's first name> <surname> ...
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1answer
310 views

Can loan for mortgage be declined after receiving both approval letter & commitment letter

What is the difference between mortgage approval letter (not pre-approval) & commitment letter? commitment letter according to this source: A loan commitment letter is an indication that the ...
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2answers
62 views

Can calculation of the amount of tax I will need to pay if I take a home loan be done if I present actual figures?

This is related to the India. So an answer pursuant to the Indian IT rules would be much appreciated. Let's say my income details are: Gross Annual Income: Rs.10,50,000 HRA received from employer: ...
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8answers
7k views

Should I pay loan balance down early even if I can't pay the whole thing off?

I have a home mortgage with an outstanding principal balance of $150,000 and a fixed interest rate of 3%. My loan was a 15 year loan, of which I have 13 years left. However, I plan to pay my loan off ...
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1answer
128 views

Home Loan Saver Account

Which one will be better to clear off the home loan ASAP : Paying monthly extra pre-payment Putting pre-payment amount in an Home-loan-saver-account Putting pre-payment amount in SIP/Mutual Fund for ...
3
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1answer
162 views

Financing my parents renovation

What is the best way to help my parents pay to renovate a place, while minimizing the taxes? Parents: Cost of Renovation: ~$70000 Yearly combined income: ~$40000 House value: ~$350000 (Paid off) ...
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5answers
3k views

Credit advice in preparation for buying a house a year from now?

I plan on buying a home about a year from now. I'm 25, have never owned a home before, but I have a credit score that hovers around 780, so I've got that going for me. However, I do not plan on co-...
32
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5answers
6k views

Preapproved for mortgage loan but won't tell me interest rates

First Time Home Buyer/Shopper Spent about 30 minutes on the phone with Quicken Loans (Rocket Mortgage). I provided all of the expected information when running a credit check and painting a financial ...
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0answers
146 views

Home equity loan against foreign property

I'm a United States citizen and own a house in Canada. I have a clean title and the entire house is paid off. Is it legal for any United States banks to give home equity loans against this foreign ...

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