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.

Filter by
Sorted by
Tagged with
2
votes
3answers
229 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
votes
2answers
154 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?
1
vote
1answer
172 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 ...
5
votes
2answers
186 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. ...
4
votes
3answers
324 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 ...
3
votes
2answers
188 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 ...
-1
votes
2answers
136 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 ...
0
votes
2answers
233 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 ...
0
votes
3answers
306 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
votes
2answers
372 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 ...
6
votes
4answers
305 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 ...
1
vote
1answer
339 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. ...
3
votes
3answers
146 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 ...
2
votes
1answer
314 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 ...
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%...
6
votes
1answer
436 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 ...
1
vote
1answer
476 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 ...
2
votes
5answers
394 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
votes
1answer
105 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 ...
1
vote
1answer
225 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 ...
1
vote
1answer
204 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
votes
1answer
343 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 ...
1
vote
1answer
101 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> ...
1
vote
1answer
192 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 ...
1
vote
2answers
58 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: ...
26
votes
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 ...
1
vote
1answer
126 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
votes
1answer
104 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) ...
16
votes
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-...
31
votes
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 ...
1
vote
0answers
69 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 ...
9
votes
1answer
1k views

Type of loan needed when demo'ing old home on property we own ($0 debt) for new home construction

My husband and I own property with an existing low-value home on it that is too cost restrictive to remodel with no loans/liens against it. We need to demo the existing home for new construction. ...
15
votes
1answer
3k views

Preparing for a mortgage application in a year and a half

My wife and I are planning on buying a house in 1.5 years from now. We are going to be applying for a home loan in the month of May, 2019. We have a few things we know for a fact we need to take care ...
0
votes
1answer
84 views

Are points and fees included in the monthly payment when looking for mortgages?

When searching for a mortgage, (for example, on bankrate.com) you are usually given a list, with each mortgage offer including (details made up): APR = 3.6% RATE = 3.5% Term = 15 Years $/...
0
votes
3answers
393 views

Down payment of 15% vs. 20% - pros and cons

We are buying a home in CA and we would like to know if there is either any financial benefit or disadvantage to a 15% down payment compared to a 20% down payment in our situation. We are pre-...
2
votes
1answer
121 views

Maximum number of cosigners on a home loan?

Is there a "maximum" allowed number of cosigners on a home loan? I notice there are some areas with very nice homes large enough for even multiple families to comfortably live in, however as expected ...
21
votes
7answers
8k views

Can an unmarried couple buy a home together with only one person on the mortgage?

Suppose there is a couple, Clayton and Emma. Clayton is 26 and has a good job making over $75k a year, Emma is 20 and still in college (she doesn't have any student loans but she has no job and no ...
3
votes
1answer
123 views

Can I sell my home with owner financing when I still have an FHA loan? (and should I?)

We bought our house with an FHA loan, and we're still paying the mortgage. If we decide to move, could we sell it to someone and offer owner financing? Or would we have to pay off our loan first? The ...
22
votes
5answers
9k views

Could the loan officer deny me even if I have the money as a first time home buyer?

As of right now I am a senior in college in the United States. I have managed to secure a job once I graduate in May making around 78K. I started working at my year long internship in May of this year....
0
votes
1answer
267 views

What is serviceable income factor and how its use in calculation?

I want to borrow a loan.Loan for 25 years and 3.75% is interest rate.I have calculate a surplus amount but I can't understand Serviceable Income Factor and Interest Rate Buffer. salary=4000; // ...
1
vote
3answers
198 views

Is it reasonable to purchase a home as a college student?

I'm a student the University of Louisville and I'm debating trying to buy a house in the area. Essentially, instead of paying rent, I would be paying a mortgage. I currently only have about $5k saved ...
1
vote
1answer
184 views

Saved Interest & Saved Time is wrong while other calculation is right - Extra Repayement loan calculator

I have create a calculator for loan repayment its working properly.When I create for the extra repayment didn't give a result as I expect. Question : Saved Interest & Saved Time is wrong while ...
1
vote
5answers
265 views

Why is proof of income requested for certain loans but not others?

I have over 100K in credit available, and have NEVER been asked for proof of income. In fact, my income is far below 1/8th of my credit line. I can probably buy a Rolls Royce with credit, which is the ...
1
vote
1answer
298 views

How to buy a flat with a loan from NRI friend

I am intending to buy a flat worth 60 laks rupees in India, I am an Indian Citizen. I have 35 laks rupees in my bank (sale proceeds of a flat) and I want to fund the remaining 25 laks as; 15 laks ...
0
votes
1answer
118 views

Can't find Split or Combo loan calculation [closed]

I have to calculate a split loan calculator.As I know that,Split means combo we are get benefits of both interest type.I have calculated a many things are right but problem with Total Payable interest....
1
vote
1answer
187 views

Home loan repayment: Indian inflation rate vs Interest rate vs Investment in USA

I am getting a home loan in India for 8.65%, 30 year term. I work in USA in H1B visa for a US based product company. How should I go about the repayment: Accelerated - say 6 to 7 years Full term - ...
3
votes
2answers
188 views

Pay off taxes with new home loan

Bought our home for 230k in 2010. It will now sell for 390k. We are interested in buying our "dream home", which is 520k. At this time we have $6k in owed taxes. Is it possible during the sale of ...
1
vote
1answer
50 views

Can I get a loan on my home by mortgage I am a pensioner and son is in states

I am looking at a loan of Rs 15 lakhs on my home. I own a property in Kalyan. I am a pensioner. My son will repay he is in United States
0
votes
4answers
211 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 ...
1
vote
3answers
137 views

What options are available for a home loan with poor credit but a good rental history?

My business partner is trying to get financed for a home loan. He has a poor credit score from his younger years (less than 620) that is very slowly improving. Our business is 7 years old, but has ...