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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2 votes
6 answers
267 views

What type of mortgage loan makes sense when planning to pay it off early?

We are looking for a house, a reasonable one--not outside our means, and planning on paying off our mortgage early. We will have a decent down payment, but keeping some cash for emergencies, and will ...
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1 vote
1 answer
118 views

Should I stay in a declining (affordable) neighborhood or move into a more expensive one?

I bought a brand new home for my young family 4 years ago. I love my house and have done much to improve it. I can also easily afford my house while contributing to a 401k. When I moved in the ...
1 vote
2 answers
87 views

Does partial prepayment on interest only loans goes towards principal

I am applying for 30 year term, 7/1 ARM with 10 year interest only loan. This is what I received from my lender: My question: During interest only period, if I make partial prepayments, does it ...
  • 129
1 vote
1 answer
77 views

Interest only mortgage with extra payment towards principle

I am planning to take 30 year term 10 year interest only mortgage. I know following are pros can cons of this approach: Pros: possible free money, especially given low interest rates lower payments (...
  • 129
2 votes
1 answer
171 views

Can home equity be used to pay your mortgage?

Traditionally, home equity can be "extracted" in a number of ways: cash-out refinances, HELOCs, or Home Equity Loans. All of these allow you to either directly or indirectly utilize the ...
  • 2,035
0 votes
0 answers
26 views

Home Loan interest rate conversion - High spread

I have got a home loan from Axis bank (India) 5 years ago. Recently a friend of mine told me that they are reducing interest rates if you speak to the bank and pay a nominal amount of 5900 Rs by ...
  • 121
1 vote
1 answer
53 views

New Home Developer wants Pre-Qualification

Recently I've reserved a home at a new community that has just barely begun construction. The developer wants all new buyers to go through a pre-qualification process with their internal mortgage team....
0 votes
1 answer
95 views

Taking home loan and car loan separately with some down payment or taking one loan without any down payment. which one is good?

Am from India and planning to buy a house and a car. I have ~10L in my hand. House costs around 36L (Including Registration and other charges) and car cost around 11L (on-road price). So paying down ...
  • 101
1 vote
1 answer
96 views

Calculating mortgage schedule

I am trying to figure out formulas used in my friend's history of payments unfortunately I can't figure out how bank calculates some of them. All values in tables represent real payments history of ...
1 vote
3 answers
139 views

Should I refinance (again) if I am looking to sell within 5 years?

I've been bombarded from different organizations trying to get me to refinance and wanted to see if there would be any advancement to doing so since interest rates have dropped so much. My situation ...
0 votes
1 answer
30 views

Request for switch from existing spread over RPLR to higher spread loan

I am currently paying monthly EMI's towards my home loan. The current rate of interest being charged from me is 8.5% whereas the prevailing market rate is 6.75%. Upon request to the bank to consider a ...
  • 101
0 votes
3 answers
407 views

How does hyperinflation impact home prices? [closed]

I found on investopedia how inflation will affect companies profits and standard of living: high inflation can also impact corporate profits [...] reducing the standard of living of individuals, ...
0 votes
3 answers
204 views

Home sale payment

My questions refer to real estate in the US. When the buyer pays cash (i.e. without taking a loan), would it usually mean that the buyer will have to pay the whole amount in a single payment? Or is ...
  • 465
1 vote
1 answer
103 views

Calculate interest rate of mortgage loan that has deferred (suspended) payments

Simple example to illustrate the question: Suppose I have a 30-year $100,000 mortgage loan at a fixed-rate of 5% interest that I took out exactly 10 years ago. I have been making timely payments each ...
  • 11
39 votes
2 answers
11k views

How does paying off the mortgage work if I demolish a home and rebuild another home on the property?

I own a single family home in NYC, Queens. I have a mortgage on that property. My Zone permits 3 Family house. I would like to demolish the single family home and build a 3 unit property. How does it ...
0 votes
2 answers
48 views

APR vs. Investment performance: is it that simple?

I have a home loan, with an APR of 1.71%, and a savings account, with a state-regulated performance of 2.5% tax-free. Is choosing where to put my money (ie. pay back the loan, or put the money in ...
  • 185
0 votes
2 answers
237 views

Help needed to deal with personal financial condition [closed]

Would like to discuss my financial condition here so that you guys can share your thoughts. TLDR :). There are some details related to family as well, which I think is important while taking financial ...
  • 109
20 votes
5 answers
4k views

Where to keep savings for home loan deposit?

I'm a US resident and I've saved > $100k cash for a home deposit. I expect to finance a home in the next 12 months. Currently the cash is split between Bank savings account and a couple of money ...
  • 301
15 votes
3 answers
4k views

Do I need my own attorney during mortgage refinancing?

I'm refinancing my mortgage with a well-known lender. I assume the lender's attorney will review the closing documents. I know the documents are pretty standard, but still wondering if I need to hire ...
4 votes
2 answers
151 views

Who is responsible for the yearly incorrect payment of my homeowners insurance?

The company that originated my home mortgage (in 2016) transferred the loan servicing to another company very shortly after we bought our house. The new servicer has been an incredible pain to deal ...
16 votes
3 answers
4k views

Rebuilding when current house has a mortgage

My wife and I own a home that is over 60 years old that we bought initially as a fixer-upper. After a few years of fixing it up enough to make it comfortable for us -- we realized that our appetite ...
  • 177
2 votes
3 answers
217 views

Is it beneficial to pay mortgage points if I have high income in the year I am starting a mortgage?

Let's say I typically make $120K salary every year. And the rest of the income is in long term stock growth (which are not included in taxable income). But let's say this year I have a income of $360K ...
1 vote
2 answers
98 views

Mortgage down payment via gift - is it taxable?

My parent, a sibling and I are buying a home together. My sibling and I will pay the mortgage loan, and my parent will provide the down payment. All three of us will be on the title, but since my ...
2 votes
1 answer
52 views

Can I include GST, parking costs and Society Charge in Indian mortgage?

I am looking to buy 2bhk in Mumbai, and have somewhat finalized one property. Now my concern is my salary is good so I can pay more EMI but don't have enough cash in hand to pay. When I checked with ...
2 votes
0 answers
140 views

Wonky credit score situation, when should I refinance?

Back Story I had 750+ credit in February when I decided to look for a home. Searched for a home w help from a friend and my brother Worked with the agent to set everything up The sellers were looking ...
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3 votes
1 answer
135 views

For buying a home, what kind of loans can I seek with a large cash collateral but no credit history?

Story: I'm just after going to my local bank and attempting to get 'prequalified' for a home loan, since the first realtor I called instructed me to do so before we got started. On trying, I was ...
5 votes
3 answers
322 views

Purchasing a house with parent-in-law's money, temporarily [duplicate]

Say I am about to purchase a £200,000 house (moving house, rather than first-time buyer), and can get a mortgage for the £120,000 difference I need. But, my parents-in-law have offered to loan us the £...
0 votes
2 answers
427 views

Can you gain access to the equity in your house by selling it to yourself?

I am sure many people are in a situation like this: I've owned my house for a while and now there's a decent amount of equity in it which I would like to tap into. One option is to get a Loan or HELOC....
  • 101
-2 votes
1 answer
79 views

Refinancing Home Loan [duplicate]

You have been living in the house you bought 7 years ago for $300,000. At that time, you took out a loan for 80% of the house at a fixed rate 15-year loan at an annual stated rate of 8.0%. You have ...
1 vote
4 answers
134 views

What are some rule of thumb criteria to choose loans?

When one wants to take on a loan, they can do so from multiple banks. There are also comparison websites that allow you to see various loan offers from each bank. Most of them use the annual ...
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3 votes
1 answer
193 views

Is it possible to make larger mortgage payments to make up for a lack of down payment?

I have a new job, and my wife and I are considering buying a condo near my new work place due to the lack of adequate rental properties in the area. Currently, we have a guaranteed $10,000 that we ...
  • 4,348
0 votes
3 answers
201 views

How does equity work if you use equity to for a down payment on a second house?

If home equity is used as a down payment on a second home, how much initial equity does the second home have? is it equal to the equity-down-payment as in a cash down payment for a home? Say you have ...
  • 165
0 votes
0 answers
65 views

Buying a New home for my Family [duplicate]

Recently we had a baby and planning to buy a home. Is now a good time to buy a home? In my area houses are around 650K. I have the following questions. Is it good time to buy a home? Interest rate ...
  • 129
1 vote
1 answer
144 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 ...
  • 111
36 votes
7 answers
17k 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: ...
  • 2,345
0 votes
2 answers
220 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 ...
  • 1
1 vote
2 answers
136 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 ...
  • 13
0 votes
1 answer
180 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 ...
1 vote
1 answer
84 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 ...
  • 113
1 vote
1 answer
183 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 ...
3 votes
2 answers
1k 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 ...
  • 41
0 votes
1 answer
189 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 ...
  • 2,345
23 votes
8 answers
13k 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 ...
  • 361
1 vote
2 answers
503 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 ...
  • 2,345
1 vote
3 answers
111 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?
  • 111
0 votes
0 answers
77 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 ...
  • 1
3 votes
1 answer
206 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 ...
2 votes
2 answers
156 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 votes
1 answer
349 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 ...
9 votes
1 answer
504 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 ...
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