Questions tagged [mortgage]

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

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1answer
63 views

When is a lump sum principal payment to remove PMI worth it?

I bought a house 2 years ago, but due to the current pandemic fears, I'm already refinancing my mortgage to get an interest rate that's a full percentage point lower than before (3.5% vs. 4.5%). I ...
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1answer
37 views

Does Mortgage Forbearance affect future refinances?

Assuming my credit score is unaffected, if I were to apply for the mortgage forbearance for people affected by the coronavirus, and then later (say 1 year after the forbearance period is over), if I ...
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11answers
9k views

Should I ask the seller of a house for a price reduction given a recession is almost certain?

I've gone sale agreed (note: "sale agreed" means the sale has been agreed in principle - no contracts have been signed, no non-refundable deposits have been made etc.) on a house. The market I'm ...
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2answers
214 views
+50

home buying and moving in coronavirus in USA

For UK, I see news that may help people there. Is there any guidelines of USA. I know a few people in Maryland, Virginia who have closing coming in First week of April, should they close, what about ...
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2answers
2k views

Deciding on a correct down payment for a house

I am in the process of making an offer for a house. Wife and I have about 135K saved, with steady jobs, both happen to be an 'essential business' as required for this period during the corona virus. ...
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2answers
268 views

UK First time buyer- offer accepted on house: Should I reduce offer due to coronavirus?

I live & work in the UK. A few weeks ago, I had a verbal offer accepted on a house (I am a first time buyer). I had initially offered a bit lower than the asking price, that offer was rejected, ...
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1answer
95 views

Can I really save money by refinancing mortgage without a broker?

I live in the US and I am considering refinancing my mortgage. From what I have read, a large part of the cost of refinancing comes down to broker fees (which tend to be a percentage of the principle (...
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0answers
27 views

Credit score based on mortgage loan

My credit score reflects the ratio of balance to my credit limit too high on my one active credit card and proportion of loan balance to loan amount too high on my mortgage. As stated I only have one ...
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1answer
92 views

Will fixed term mortgage rates follow the cut in Bank of England base rate?

As I am currently looking into buying my first house, I am wondering what the implications of the recent Bank of England base rate cut will have on the rates for mortgages available? I have been ...
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0answers
87 views

Saving for a house, is holding money in the bank account currently wise?

I was currently saving to buy a new house with as lowest mortgage as possible (have currently money in the normal bank account without any interest rates) and planning to make a buy around the middle ...
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0answers
17 views

Will lender title insurance need to be bought again if refinance with same issuer? [duplicate]

If I refinance my mortgage with same lender, will I need to pay for new lender title insurance ? I understand, I can ask the lender, but before I do I want to know how is the experience of other ...
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2answers
55 views

Refinance Mortgage to conventional loan to drop PMI

I refinanced my mortgage last year out of pure necessity. I had decided to build a 1 bedroom apartment out of my un-used garage space and the construction costs went way over budget. To add insult ...
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1answer
905 views

Implications of buying a house during/ after a stock market crash?

I am currently in the process of buying my first house (I live in the UK). Having had an offer accepted, I am now waiting on the sellers to complete on buying the house they're moving to. With the ...
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1answer
106 views

Will old owner's title insurance be valid on refinance?

I was wondering: if I refinance my home, will I need a new owner's title insurance, or will the previous title insurance still be valid? I suppose the new lender will require new lender's title ...
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2answers
95 views

Why is Residential mortgage not traded in a money market?

Which of the following instruments is not traded in a money market? A) Residential mortgages. B) U.S. Treasury Bills. C) Negotiable bank certificates of deposit. D) Commercial paper. The answer ...
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2answers
93 views

Points paid on purchace of principal residence shows up twice

I received two 1098 tax forms this year because I got a mortgage from one lender and then after a few weeks they sold the debt to another lender. Both forms show that there are "points paid" on the ...
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0answers
35 views

Specific name for a refinancing mortgage loan

I have a translation issue and I'm not sure where else to turn for help. In our country, there is a type of refinancing of a mortgage loan, which works thusly: Someone decides to renovate their ...
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1answer
144 views

Is there any disadvantages of paying off mortgage? [duplicate]

Usually when we think about paying off mortgage it always seems a good idea as this is one of the biggest debt for most people. I was curious if there are any disadvantages of paying off mortgage ...
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1answer
135 views

Is it a good time for refinance, why rates are different in WellsFargo website

I am 26, a first-time homeowner and I bought a house last summer for $265k and as of today I got an exactly $180k principle remaining as of today I have a 30-year mortgage (my lender is WellsFargo) ...
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1answer
71 views

Is it normal to delay initial payment on home insurance by escrow/mortgage company?

A few years ago, I bought a home. The mortgage company had( have) the escrow. One thing that bothered me, is that the mortgage company is supposed to pay the Home Insurance and the amount was deduced ...
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2answers
234 views

Putting away 20% down payment money next 3 years to purchase home

We are considering buying a house in next 3 to 4 years. I am putting away my wife's salary into the savings for next 3 years until we come up with 30% money in the bank to take care of down payment, ...
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1answer
48 views

Can I start a new application to re-finance my mortgage while another is pending?

I began the process to refinance the mortgage on my home at the beginning of last December to get a better interest rate. It is now March and the process still isn't done. I've expressed my irritation ...
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2answers
48 views

How to evaluate mortgage lenders when looking to refi an existing morgage? Security etc

When looking to refi an existing mortgage there are a number of sites that let you get a list of lenders. You can filter by interest rates, points etc. If one picks a company to to go with, how can ...
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3answers
95 views

Do most mortgage lenders refinance on the amount owed or the house value?

Similar to previous mortgage question, but related to the amount that is financed. If one owes 200K on a home worth 400K, what value does the lender use for the amount you have to borrow? In other ...
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2answers
384 views

Mortgage refinance - what happens to equity?

If one wants to refinance a mortgage, does one usually cash out the the equity or can all of it be applied to the new mortgage?
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0answers
44 views

Simultaneous mortgage refinance applications on the same property for different property usage types

I'm refinancing a property. I use it a secondary home, but I'm not sure if lenders will consider it a secondary home because it's just under the usual 50 mile minimum distance to my primary. Rates are ...
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1answer
5k views

I've got a mortgage illustration but haven't signed anything and have never been asked for ID, is this normal?

My partner and I are in the process of buying our first home. We had been to the bank to get the Agreement in Principle, found a house and got an offer accepted and now have been back to the bank and ...
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1answer
190 views

Is it suspicious that I need to pay a good faith fund on a mortgage?

I applied to get a home loan over the phone with a major US bank for a house I am buying. The agent has been in communication with me over E-mail, but I also have an on-line account they credit for me ...
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4answers
201 views

Downsides to mortgage refinancing?

We have been in our current house for about 2.5 years and have a 30 year mortgage at 3.875%. We could refinance to a 30 year at 3.375%. Our mortgage amount is about 500k. Refinancing adds about 12k ...
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2answers
567 views

Will a mortgage lender ever lower a locked rate?

I'm in the process of looking into refinancing my home. Let's say I talk to lender A and lock a rate of 3%. Two days later, rates fall. If I hadn't locked, then lender A would currently offer me 2....
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3answers
364 views

Should I buy a house or wait for the housing bubble to burst?

I am a 23 year old living in Romania, currently renting an apartament. I am earning enough that I am now looking to buy an apartment of my own in the near future with a mortgage loan, but, right now, ...
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5answers
1k views

Early payoff of mortgages: does the interest get recalculated?

I understand that a monthly payment of a mortgage consists of principal and interest. At the beginning of a mortgage, most of the monthly payment goes towards the interest and only a small part ...
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1answer
961 views

Mortgage brokers - should I expect to get a better deal than I can find myself?

Since I am currently looking into potentially buying my first house, when asked by an estate agent (with whom I had just viewed a house) whether I would be interested in talking to their mortgage ...
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5answers
11k views

Buy house with down payment, no loan, sell instantly

I just read Rich Dad Poor Dad, and I have no idea about mortgages, loans or real estate. The author of the book describes a scenario in which a property is found for a cheap price (auction in this ...
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1answer
140 views

Do mortgage lenders in the UK consider stock grants or sign on bonuses?

I am employed as a software engineer in a company that grants shares and a sign on bonus. Do mortgage lenders in the UK take into consideration stock grants and annual sign on bonus (sign on bonus but ...
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1answer
2k views

What is the typical compounding/amortized period on US mortgage loans

In a different question it is stated that Mortgages are compounded .. 12 times a year in the USA Is this true or just applicable to that question? I am looking at a site where it explains how to ...
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2answers
120 views

How should loan amounts be calculated relative to house purchase price?

Let’s say you’re buying a new construction home with a mortgage. I want to understand how the loan amount should be calculated relative to the purchase price. Specifically, is the loan amount a ...
32
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7answers
9k views

First time buyer- How to decide how much to put toward a deposit?

I live and work in the UK, and am starting to look seriously into buying my first house. I have thought about looking to buy a few times over the last few years, but ended up deciding not to for ...
2
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1answer
130 views

Is it standard that a mortgage company won't pull your credit report while you're living abroad?

I'm going to be moving back to the states soon after living in Canada full a few years. I called wells Fargo to look into getting a mortgage today, and they told me that they will not pull my credit ...
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2answers
335 views

Should I be Wary of First-Time Home Ownership Programs?

Today I met with a realtor (A buyers rep, apparently). I was expecting to talk about saving up a proper down payment, and beginning the search for a home sometime next year. Instead, she was very ...
3
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1answer
257 views

How to answer “Are you permanent employee?” when applying for mortgage as an apprentice

I've been looking into getting a mortgage with my partner recently. We had a conversation with the bank yesterday asking all the standard questions (How much do you earn?, Monthly outgoing, etc..). ...
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1answer
148 views

Is money from a trust account considered a gift?

I have a BNY Mellon Investment Fund account designated to me and set up by my parents. On the statements the Client Name is in my parents name and the Designation is my name. My financial advisor ...
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3answers
264 views

What are the downsides to refinancing a mortgage, if any?

I'm about one year into a 30-year fixed-rate mortgage, and while visiting my bank's website, I noticed that their rates for an equivalent mortgage are about 0.5% lower now than what I am paying, which ...
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1answer
74 views

How is mortgage in Canada calculated?

I'm taking a finance course at a Canadian university. The teacher said this time-of-money is how the banks calculate their loans and mortgages. Out of the blue, I want to try how close the formula in ...
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0answers
24 views

How do I compare refinance offer with my current mortgage if I already paid more towards the principal [duplicate]

I received an offer for refinancing my mortgage, but I am very unclear whether it is beneficial to me. I googled for refinance calculators, but they all seem to assume that you just paid regular ...
3
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0answers
55 views

Cannot Find Mortgage Adviser on FCA Registry

My partner and I are currently on the market looking for our first home to buy. When contacting a estate agent for a potential house they referred me to a Mortgage adviser. When searching for details ...
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0answers
37 views

Recapture of portion of Federal subsidy

My state offers a mortgage program which stipulates: The Internal Revenue Code includes a restriction relating to such mortgage loans. The Federal government treats homebuyers who purchase a ...
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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 ...
29
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7answers
14k views

Should I provide my username and password for my brokerage account to my mortgage lender to verify my assets?

I’m applying for a mortgage, and found a potential lender from a referral from my real estate agent. The initial application process seemed normal and very similar to what I’ve experienced with other ...
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3answers
147 views

Using a personal loan to cover gap in down payment for potential mortgage

We are planning on buying an apartment or a house in the next year or two and we're trying to work out some calculations. Situation: we are living in West Germany and and this is where we'd like to ...

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