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A mortgage is a loan that is secured by real property (land, buildings).

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Should we pay extra into our Home Mortgage or HELOC?

Home Mortgage has 18 years left and is at $184,000 principal with a monthly payment of $1135 and an APR of 3.15% HELOC has $24,000 principal left with a monthly payment of $400 and an APR of 5.5% I ...
21
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4answers
10k views

HELOC debt is 2x my mortgage, help [duplicate]

My home equity line of credit (HELOC) amount owed has now grown to where it is approximately double the amount remaining on my mortgage and the interest payments are killing me. I have no other debt. ...
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2answers
69 views

Future value vs total amortized cost of a loan

My goal is to determine the total cost of a mortgage loan (principle + interest for 30 years) I assumed that the future value(FV) of a loan is the total amortized cost of the loan. Is that assumption ...
1
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1answer
77 views

What is payment period, and why is it equal 100 in this mortgage table?

Here’s the table: I think the payment period is a month, but I don’t understand why it’s 100. The image is taken from this Excel exercise: http://web.utk.edu/~dhouston/excel/exer3.pdf
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4answers
296 views

European banks, low interest rates and “free money” for home owners?

Where I live in Scandinavia and across Europe, interest rates are very low. More and more people are using the rising value of their home to draw out money. I would almost call it "free" money when ...
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2answers
133 views

How to calculate someone's true net worth?

Is there a way I can look up or calculate another person's net worth through math? Is a person who is making credit card, car, house, etc payments owe more that what they have equal they are worth ...
3
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1answer
89 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
139 views

Working remotely in U.K for a Japanese company - want to get mortgage

I have been living in Japan with my husband for the past 3 years. We are both British. I work for an IT consulting firm with only a handful of staff where I am the only foreigner. I'll be turning 30 ...
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2answers
104 views

I have an apartment bldg in Chicago, I only have an equity loan of 48K, can I tear it down and build new?

My husband and I own an apartment building in Chicago near White Sox Park. It has foundation issues and a water line issue. It has 3 apartments. One apartment is gutted and we have not done any ...
5
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2answers
175 views

Loan for mortgage from father to son

My brother got an amazing loan to buy his house from dad for $200,000 but he only pays $150 a month ($100 capital + $50 interest). My question is, is this legal? Doesn't the IRS see this as more of a ...
4
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5answers
270 views

Buying a vacation home

My wife and I are thinking to buy a house in upstate NY. We live in Brooklyn, NY (US) and rent AirB&B houses for weekends year round for a few days there. Our thought is that we would like to buy ...
4
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3answers
365 views

Monthly terms on mortage are significantly lower than rent, but I already have debt. Does it make sense to buy a house?

Short version. We are currently saving around 1.5k a month. We have 3k in savings. We have around 80k in debt. We earn 55k a year. The monthly payments on a mortgage for a 180k house are ...
3
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2answers
41 views

How to Calculate a BiWeekly Repayment Loan?

I want to calculate the biweekly repayment loan. I have gotten the monthly using this formula (D) = {[(1 + i) ^n] - 1} / [i(1 + i)^n] Monthly Payment = Loan_Amount / D How can I convert this to ...
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2answers
48 views

How to Calculate Interest Only Payment - Formula

I am trying to make a calculation for a monthly and biweekly - INTEREST ONLY. My Values: Loan: 30,000 Annual Rate: 2.99% Term 2 Years, 4 Months Calculation: 2 Years 4 Months = 2.33 Years Monthly ...
0
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1answer
115 views

Should I squirrel money and wait until the next recession to invest in TD E-Series? [closed]

After prolonged research on finance and investing I'm about ready to start putting money into actual investment products for a retirement fund down the line. And for a number of reasons I've decided ...
1
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1answer
272 views

Extra money - pay mortage or invest?

Our situation: Both 28 years old Both working full time with stable jobs No debts (no student loans, cars are paid, etc.) except a 80$/month 0% interest 2 years loan for home furnitures. Family ...
28
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4answers
6k views

Would switching jobs cause a mortgage to be turned down?

We have an accepted offer on our house. We are currently looking to buy a different house. We went through the pre approval process for a new mortgage and were approved to a certain dollar amount. ...
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8answers
6k views

Is it better to take highest mortgage you can afford?

My partner and I are looking to buy at the moment. I won't get into all the details but we live in Germany, have a budget in mind and have talked with a few brokers and providers. Our idea for the ...
5
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2answers
1k views

If I sell my house without buying another property, do I need to pay stamp duty when I'm ready to buy again?

If I sell my current flat (bought in 2014) to move abroad; if/when I return to the UK, would I need to pay stamp duty on a new house purchase? Assuming no properties here are worth more than £300k ...
1
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2answers
62 views

Standard Tax increase starting 2018 and itemized deductions

I am trying to purchase a house in the next few months. The 2018 Standard Deduction for married couples filing jointly will be $24k. I think that to reach this limit with itemized deductions, I would ...
0
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0answers
35 views

What are the steps in a co owner buy out? [duplicate]

I closed on a home with a co-owner in June 2018. We did not sign any pre-closing agreement determining what will happen if we split up. We currently divide everything 50/50 including the maintenance, ...
1
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1answer
196 views

I recently bought a house with a co-owner, is buy out the best option?

I closed on a home with a co-owner in June 2018. We did not sign any pre-closing agreement determining what will happen if we split up. We currently divide everything 50/50 including the maintenance,...
0
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1answer
195 views

What is the different between Auto Loan and Car Mortgage?

I'm trying to get loan from the bank and I'm going for a special interest rate category called Professional loan scheme. Since my qualification time period is low and got the degree recently they're ...
65
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9answers
19k views

How is early-and-often home buying as “get rich” advice feasible?

I am being told by this guy that the following is a guaranteed-to-work way to become rich and retire early. He says to start early. 20 years, or near that age. Buy 1 house a year. Rent it out. Start ...
0
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1answer
149 views

Cost/benefit of maxing out 401k using mega backdoor

Forgive me if I get the details wrong and if this needs to be split up into multiple posts, but I'm very new to all of this. I'm 22, have ~60k non-emergency money saved up, and got a new job with ~...
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1answer
83 views

Why would a shrewd lender lend for a condominium whose lease is shorter than the length of the land lease?

101 Streetsmart Condo Buying Tips for Canadians (2006). Douglas Gray, B.A., LL.B.. p. 44. Leasehold Mortgage A leasehold mortgage is a mortgage on a house or condominium where the land is ...
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2answers
57 views

Why would a mortgagor need a postponement clause for a 2nd mortgage?

101 Streetsmart Condo Buying Tips for Canadians (2006). Douglas Gray, B.A., LL.B.. p. 40 Bottom. The author replicated the quote benaeth in his other book (unrighteously?). Secondary Financing ...
4
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3answers
313 views

First time buyer unsure on which mortgage to go for

My husband and I are first time buyers are are looking at mortgage options but I'm unsure which option is preferable. We only have a 5% deposit so are being hit with not great interest rates. Our ...
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6answers
1k views

Formula for Cost of Potential Home from Monthly Mortgage

I'm trying to find a way to calculate the price of a home I can afford based on my potential downpayment, the monthly rent I can afford, and the interest of a potential loan. I've seen questions like ...
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3answers
353 views

Comparison of Mortgage Rate vs 10 Year Treasury Rate

One of the typical reasons mentioned to not pre-pay a mortgage is that the interest is tax deductible and therefore the effective rate on the mortgage is much lower. However, this argument doesn't ...
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1answer
121 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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3answers
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If you have a home mortgage, why do you still have to pay all of the property tax?

If I have a home mortgage and have only paid off 20% of the principal, then the bank technically "owns" the remaining 80% of the home. So, why isn't the bank required to pay 80% of the property tax ...
5
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1answer
418 views

How should I calculate property value at remortgage?

Purchased a house (in the UK) with a 2 year fixed mortgage. When it comes to remortgaging, how is the property value calculated? Can I have any input into this, or is it done on "drive-by valuation"? ...
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5answers
230 views

Pay up mortgage upfront or keep paying installment with capital invested?

I am facing a dilemma. I have 82k in cash and I have an 82k remaining mortgage to pay off. I can either continue the mortgage and invest my 82k cash into an investment vehicle (FD/CD) @ 7%, or just ...
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5answers
13k views

Borrowing money in one country to pay off debt in another

I'm currently living in Germany and can borrow a substantial amount of money at almost no interest, effective 3.4%. In my home country I have several mortgages, basically at the moment funding ...
0
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1answer
55 views

To make a Gift Deed or Sale Deed

I live in a house that have a share of my brother. I want to pay my brother share in cash by taking a Home loan. The house is in name of my father. Now I am confused & blank about thinking that ...
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0answers
31 views

In Spain, is income from mortgage interest considered income or capital gains?

I'm advising someone who is a tax resident of Spain interest in providing a mortgage to someone in the U.S., and trying to get an idea of how the interest from this mortgage would be taxed there. ...
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1answer
197 views

Cancel PMI at 78% or at 75% if Fannie Mae

I just requested my bank to cancel PMI, since my balance reached 80%. Bank sent me note that I need appraisal and also my LTV should be 75% since my loan is less than 5 years old. Bank clarified that ...
4
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2answers
217 views

Mortgage Adviser Signed Me Up For Multiple Home and Life Insurances (UK)

So, back in 2016 we bought our home with the help of a mortgage adviser. During the process they signed us up for home insurance and life insurance. At the time I (perhaps stupidly) believed they ...
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1answer
85 views

Calculate mortgage rate with a different interest rate after certain years [closed]

I have a mortgage amount of 100K ($100 000) and an Interest rate of 1.69% the first 2 years, then after the 9 years the Interest rate goes up to 8.9%. Payment frequency is monthly and the Amortization ...
1
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3answers
284 views

Beating the “jumbo loan deposit”

I am really interested in the whole banking-mortgage system in the US. I learned that for mortgages under appox. $425,000 the deposit is about 5%. Whereas for mortgages over appox. $425,000 the ...
13
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1answer
2k views

Use equity to purchase second home in Canada

I tried searching, but did not see one specific to Canada. I have a home I'm living in worth approx. $180,000. I owe approximately $126,000 on the mortgage, which I have been paying extra towards ...
0
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1answer
252 views

Algorithm to calculate the Interest on Loan with a Balloon Payment

I am trying to understand the algorithm used by My Calculators.com - Balloon Payment Calculator If I enter the following details: Loan amount: 4556.75 Number of months: 5 Interest rate: 5.75% ...
2
votes
2answers
420 views

Should I pay off rental property mortgage before selling in order to save on interest?

My renters are moving out and I believe it will take at least 3 months to sell the house. The mortgage is $63k at 7% interest and the house will probably sell for $145k. The reason I'm thinking to ...
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3answers
128 views

Canada's new mortgage laws

I need help understanding Canada's new mortgage laws? I have tried looking at the information online, and it keeps saying it will need a bigger downpayment, but to my understanding it just increases ...
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3answers
233 views

Mortage gift loose repayment

My second cousin is asking for 14k as a gift for down-payment for his mortgage loan with the idea that he will pay me back when he can, but without us setting any formal/legal obligation to do so (so ...
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1answer
107 views

What happens when a foreclosed home sells for more than remaining debt [duplicate]

All questions I've read so far have focused on what happens when the home sells for less than the remaining debt. What happens if someone defaults on their mortgage while the home is worth more than ...
2
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1answer
35 views

Down Payment Requirement for a non-Permanent Resident of Canada

I am waiting for my PR under spousal sponsorship to come thru. My Canadian husband wants us to buy a condo in Port Alice and has pre qualified by adding my Social Security income in with his. Question ...
4
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2answers
279 views

Home loan discharged in bankruptcy - distribution of funds from sale

My ex-wife was the primary borrower on a home loan with me as co-borrower. After our divorce was finalized she filed for bankruptcy and the loan was discharged. However, I remained in the home and ...
2
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1answer
142 views

How long does a bank take to process a mortgage offer?

I'm currently at 50 days past making first contact with my bank for a mortgage - and I'm wondering if this is standard, or if it is reasonable to be making a complaint. I'm in the UK, with what I ...