Questions tagged [mortgage]
A mortgage is a loan that is secured by real property (land, buildings).
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Which Debt shall I pay first?
I have 2 debts
the first is my mortgage ($600,000) on 3.3% interest rate
and the other is my study loan ($60,000) on 7.0% interest rate
I made savings of $30,000 I want to use to pay my debts
Which ...
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Is a buyout of an inherited house in a trust an option?
My sister passed away and she had put her home in a trust of which I am the trustee. She had specified that the proceeds of her estate be divided in 4 equal parts — three for individuals, including me,...
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Which mortgage should I pay off first? Same interest rate and mortgage length
tl;dr:
I have two amortized mortgages; one big and one small.
The conditions (interest rate and mortgage length) are exactly the same.
Which should I pay off first?
I have always heard that you ...
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Can buying mortgage points reduce a rate below the applicable federal rate?
And if that is possible how does this prevent the bank from avoiding paying imputed interest. Additionally could points be purchased to bring a rate to zero or a negative number?
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Quickbooks: how to keep track of mortgage installments as expenses?
I am new to Quickbooks. Anyone can help answer this quick question? I need some help figure out mortgage installments bookkeeping rules.
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How is the time saved calculated if you do an overpayment on a mortgage to reduce the term?
I would like to know the equation to work out how much money is saved if you make an overpayment on a mortgage to reduce the term.
There is a promotional rate for the interest, and a standard variable ...
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How much savings do home mortgage lenders expect borrowers to have after closing?
When applying for a mortgage as purchasing a home, there's lots said about expectations of down payment and monthly payment amounts, in terms of LTV, debt-to-income, and so forth. What's less broadly ...
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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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Should I pay off mortgage or invest in CD?
I am confused about the mortgage rates in APR vs CD rates that I could invest in [US].
I have a mortgage loan that I got with 2.875 APR. I could pay that off or invest that money in a CD with rate of ...
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UK Mortgage buy to let and terms
England; I have a mortgage coming up for renewal in a few months. I bought the property about 7 years ago to live in it but my family outgrew it and we started renting a bigger house. I started paying ...
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Are seller financing monthly fees cumulative?
The promissory note states:
“Any payment not made by the 15 day of each month shall be subject to a 4% late payment penalty”
I was wondering if the mortgage late fees apply to the total amount past ...
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How to cash out golden handcuff mortgage
Like lots of folks I locked in a low interest mortgage a couple of years ago. If I don’t move there’s no problem but if I want to move and sell the house I’m forgoing a large financial benefit.
Is ...
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Looking in three different states to retire to: Should I be shopping for pre-approved mortgages first? Or wait to find a house?
It's mid-2023. My husband and I are looking to move, possibly to MA, CT or VA. We haven't found property yet (Or even have ours up to sell yet because I'm nervous on listing and not having a place to ...
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How to calculate principal and future payments on a historically underpaid loan amortization?
My sister has a seller-financed personal mortgage loan. Unbeknownst to her (and with no word from the seller) she has been mistakenly underpaying that mortgage for some time (e.g. instead of payments ...
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Taxes, personal mortgage loans, and interest. IRS Form 1098?
My sister has a personal loan for the purchase of her manufactured home, issued by the owner. She'd like to be able to deduct the loan interest from her taxes.
As far as I can tell from IRS ...
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Optimizing between Mortgage and Bonds
Lets say I have $1 million owing in my mortgage, current variable rate of 6.1%, remaining amortization 38 years. I also have 1$ million in GIC (basically bonds where the coupon can get added to ...
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When can you make home improvements and have home mortgage interest deductible
AFAIK, the mortgage interest is only deductible when used to buy or substantially improve the house. But I did not see any mentions of when the improvements must take place.
Imagine, I take a $500,000 ...
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IRS publication 936 weirdness. Deductible home mortgage interest limits and zero-pay or cash-out refinance
There is a 750,000 home acquisition loan limit for deducting mortgage interest. This limit only applies to "home acquisition debt" (excludes the cash-out part). However this is used to ...
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Does it make sense to sell stocks to pay off part or all of my mortgage loan?
My mortgage went through the roof since the increase in interest. I am considering selling my stocks that I have had for decades. My question is, the total value of the stocks is just under the value ...
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Why does a 5% down payment get me a lower mortgage interest rate than 20% down?
I recently received a letter from my (US) bank, saying that I was prequalified for a mortgage. There were two options, both 30 year fixed rate, for the same home price total:
5% down, with a 6.093% ...
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Can applying for a new loan affect my existing mortgage? (US)
I live in the US and I am a somewhat mature full-time graduate student. I have gone back to grad school after having spent some years working and I have children and a mortgage. My school has a policy ...
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Can someone sue for house ownership if they gave money for it?
My parents received money from my grandmother to put a down payment for a house. After my parents purchased the home and put the house under their names, my grandmother moved in and eventually after 3 ...
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Why is the mortgage company refusing to sign a check that's already deposited in my account?
We received a insurance check from our insurance adjuster to get our roof done. It was damaged during an ice storm because a tree fell on our house. Our first time doing a insurance claim.
We asked ...
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Removal of ex partner from help to buy scheme and mortgage
Context
Mortgage and Help To Buy UK scheme is in two names. The house was purchased just over two years ago. So still some time before the equity loan repayments, for the Help To Buy kick in.
I have ...
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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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Do variable interest mortgage have penalties for unscheduled repayments?
For mortgages, in the choice between fixed- and variable interest rates, fixed interest rates might be more expensive on average, but variable interest rates carry a higher risk (for example, see ...
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Way for bank to entice someone to repay loan with an interest rate lower than current market rate
When interest rates were low lots of people refinanced their loans or took out new loans at the low rates. The banks are not happy about having to sit on 30 year mortgages with low rates, but there ...
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Quicken Best Practices for properly documenting my mortgage in Quicken when the lenders keep passing my mortage around?
My Mortgage keeps getting passed around between lenders and this was fine the first 3 times it happened in 4 years; but the fourth time, they shifted me to a lender that doesn't support Quicken, and ...
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Mortgage interest deduction limit: omit house?
We have an unusual situation with the mortgage interest deduction limit. We moved late in the year; as a result, we had two mortgages, #1 and #2. #1 was most of the year and had a typical amount of ...
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What can be done to mitigate rental income tax liability once depreciation is fully exhausted?
US standard fixed rate mortgage on a rental property. If rent is $X/month and all in mortgage is also $X/month, it would suck to need to pay income tax on $X x 12 for the year, when it all went ...
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Why does mortgage servicer refuse to correct prior statements?
I noticed a mistake in classification in a statement where additional principal was split into principal and interest. When I asked the servicer to correct that statement and all others, they refused ...
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What property type should I select for a coop apartment mortgage application?
When applying for a mortgage on some bank websites, you're asked the type of property you're looking to purchase. There are options such as "single-family," "multi-family," and &...
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Additional principal payment split between interest and principal [duplicate]
I made an additional payment with my first mortgage payment but I noticed that although I designated the additional payment, say $10, as principal the remaining principal balance didn't go down by the ...
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Will mortgage rates in the future be lower? [closed]
Currently we have mortgage rates in 6-7 percentage rage. This is relatively low when it comes to history. Yet everyone keeps telling that the rates will be lower so even if I buy a house today I can ...
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Is it wise to pay off some of my mortgage early in this case?
I live in the Netherlands. I bought a house a couple of years ago, So far I paid around 30% back, from which 70% are extra payment, as my bank allows me to pay some amount extra yearly fee-free.
I can ...
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Is 2 years of recent continuous employment required to get a mortgage?
I graduated from college and have been employed with a major company for half a year with a sufficiently high compensation (6-digit tech job). I am trying to buy a small apartment to live in.
I had ...
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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 ...
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Mortgage repayment strategy
This might be a dumb question, but I’m wondering if this is resembles a strategy that people take advantage of.
Suppose you currently have a mortgage with an interest rate that’s much lower than the ...
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The bank that owns my mortgage inexplicably increased my escrow payment by about $900. What can I do?
I bought my first home last summer, and since then my mortgage has changed hands several times. Most recently, the bank that owned it was acquired by another institution about four months ago.
Since ...
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Can I use a Mortgage Interest Statement Form 1098 to reduce my taxes?
I have only one house, which I live in. I received a Form 1098 Mortgage Interest Statement for 2022 from my bank. Since I'm early in the mortgage, the interest I pay is quite a large percent of the ...
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Prepay principal vs putting money in savings account
Should one prepay principal if the interest rate is higher than that offered in a savings account? For example, in the US savings rates have gone to 3% but what if one's mortgage is higher than that, ...
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Do paperless mortgage statements put one at risk?
A friend of mine told me that his mortgage was transferred to a different servicer and that the new servicer claimed that he was behind on payments. He was able to show that the new servicer was wrong ...
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What happens to prepaid HOA fees when HOA goes under?
I have been considering paying HOA fees in advance and lowering my my emergency fund.
Is this good or bad? My idea is that if I can make mortgage and HOA fees 6 months in advance, I would say that my ...
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Can I port my mortgage to a more expensive house with a partner?
In the UK, the act of 'porting' a mortgage is moving your existing mortgage deal onto a new property. I currently have 3 years left of a 5 years fixed mortgage on my property at 2.69% interest rate - ...
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Buy Flat And Use as Extra Collatoral for Mortage
Let me set some context:
There's a town near me where property is actually reasonably cheap.
I also have some pretty adverse credit history with about 3 years left before it'll clear from my credit ...
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Is there a function/formula for the principal and interest lines in a mortgage graph?
When you use a mortgage calculator sometimes the results coming with a graph as well showing interest and principal paid every month. Image below...
Is there a formula/function that defines those ...
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What is the formula for calculating the max value of a home purchase, including monthly property taxes
How can I adjust the present value formula (PV) to account for also having to pay monthly property taxes?
If I know how much monthly payment I can afford (PMT), I can use Excel's PV formula to ...
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Do banks waive early mortgage payment charges if interest rates change?
I moved house (in the UK) 6 months ago and took out a five year mortgage with rate fixed at 1.76% for the life time of the mortgage.
Currently the top paying 3 and 5 year fixed savings account are ...
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Should I repay my student loan to free up £800 in cash flow?
Some advice would be appreciated.
I am in a very fortunate scenario where I'm currently earning net £6k a month as a contractor inside IR35. My student loan balance remaining is £12k and I have enough ...
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Adjustable Rate Mortgage (ARM) in 2022?
I'm looking to purchase a home for my primary residence, and I've talked to several mortgage lenders. They all are strongly recommending a 10-year Adjustable Rate Mortgage (ARM), because they say that ...
