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.
249 questions
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Seeking Advice on Mortgage Interest Tax Deduction
I’m looking for information and advice regarding the mortgage interest tax deduction. My spouse and I are married, filing jointly, but only I have an income. We’re first-time homebuyers considering ...
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1
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174
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Can we keep the loan after the house/apartment has been sold?
Assuming I buy a house with a loan, can I sell the house/apartment and keep the loan to buy something else in another country where a loan's interest is much higher?
Japan: loan on 35years are ~0.5%
...
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If I purchase a house through an installment sale, can I use it as collateral for a loan?
If I use a mortgage to purchase a house, I can use the equity (which I'm assuming is fair market value minus what I owe) as collateral for a bank loan (second mortage, home equity line of credit). ...
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Can I be sued and LOSE against the co-owner of my house for not selling/refinancing promptly?
My ex and I split up and he moved out of the house willingly and willingly was okay with me staying in the house. I have not missed a mortgage payment. He wants his name off of the house. ...
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3
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371
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Do lenders consider stocks and bonuses as part of your income?
Most tech companies give their employees a basic income plus a certain amount of stocks plus annual bonuses.
I am wondering if someone has a $120k salary + $50k stocks + $50k bonus in a year, would ...
- 145
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131
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How much does having an installment loan in your credit history matter vs simply having a good credit score?
Let's say you want to buy a starter home (at a reasonable budget for your income level) and have an excellent credit score of ~800, but you have zero history of taking an installment loan (student, ...
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101
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Comparing two home loans with and without an upfront fee
SMBC Trust Bank PRESTIA in Japan offers two types of floating rate loans:
higher upfront fee (lower interest rate)
lower upfront fee (higher interest rate)
Link: https://www.smbctb.co.jp/en/loan/...
- 103
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196
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How to prepare constant annuity amortization table for a simple interest loan?
My company (in which I work) offers a home loan of ₹60,00,000 with simple interest. It is written in terms and conditions of this loan that principal shall be repaid in not more than 225 monthly ...
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2
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66
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How to calculate PV of annuities for a home loan
I am trying to model investing in residential real estate vs investing fully in stock. I have a corpus of say 1M in S&P500. I also receive monthly income which will be used to either invest in ...
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1
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Should I put my mortgage in deferment?
Times have been rough! I lost my job and despite interviewing I have only been ghosted by recruiters and companies. I have started offering tech/software consulting services but given I am new to the ...
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140
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Can a French plan épargne logement (PEL) be used to purchase a property located outside France?
I wonder the following: can a French plan épargne logement (PEL) be used to purchase a property located outside France?
https://www.service-public.fr/particuliers/vosdroits/F16140 does not indicate ...
- 11.5k
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5k
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What is the best way to loan money to a family member until CD matures?
My family member has a $37,000 Certificate of Deposit that matures in December. She had planned to buy a house in January and use this money as part of her down payment.
Recently she has an ...
- 273
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2
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1k
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Should I pay off first auto loan or home loan?
In 2019 I moved to a new apartment I bought, which I had to get a loan for, since I could not pay the sum required. At the time interest was very low, so I decided to go for it, and took a 564k Euro ...
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How common is it for appraisals to come in at exactly the offer price?
I recently put in an offer at a house at 5% above asking price. When I got the assessment back, it appraised at exactly the offer price. I was surprised by this because expected it to assess below ...
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Does a loan for purchasing land provide a tax benefit?
I want to take a loan for land. In the future we want to build house on it, but now we can only afford the land. Would this be a personal loan or home loan?
If I take this land loan can I benefit in ...
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Which mortgage rates and how soon get affected by Fed's hikes/drops?
I know that Fed doesn't set mortgage rates directly, but they usually follow Fed's policy.
My question is: How soon do mortgage rates go up after Fed's rate hikes, and do Fed rate hikes affect all ...
- 421
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1
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190
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Bank loan related fraud in India
I am asking this question on behalf of an Indian friend of mine.
My friend (A) is planning to sell a house. The prospective buyer (B) will take a bank loan to buy the house.
Now B suggests that an ...
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3
answers
1k
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Would I be able to get a loan for a house given I have a loan for a property that I rent out?
Last year I took out a loan for a house that I wound up renting out. The loan is for $260k. My current income average over the past three years is over $100,000, and I just signed a contract at a new ...
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2k
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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 ...
- 131
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650
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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 ...
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2
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232
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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 ...
- 137
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1
answer
722
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Interest only mortgage with extra payment towards principal
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 (...
- 137
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353
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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 ...
- 2,064
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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
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1
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111
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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 ...
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154
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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 ...
- 111
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3
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437
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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 ...
- 111
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106
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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
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564
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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, ...
- 465
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3
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229
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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
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1
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222
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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 ...
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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 ...
- 493
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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
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2
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243
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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 ...
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5
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4k
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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
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3
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5k
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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
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2
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367
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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 ...
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3
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5k
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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
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3
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309
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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 ...
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2
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200
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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 ...
- 175
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130
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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 ...
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145
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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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1
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196
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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 ...
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3
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395
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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 £...
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2
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2k
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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....
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1
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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 ...
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4
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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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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 ...
- 4,384
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253
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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 ...
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70
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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 ...
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