Questions tagged [mortgage]

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

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Can first time home buyer loan apply for second house if not utilized on first?

Somewhat self-explanatory. If you (for whatever reason) fail to utilize a first time home buyer loan (typically with more-favorable-than-normal conditions) on your first home, can you utilize it on ...
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Calculating cumulated interest of mortgage within a specific time span

I like to use google sheets because of its ease of access with just a link. I have a mortgage and I need to be able to calculate the interest within a year (but I'd like to be able to do it within any ...
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3 votes
0 answers
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Any tax disadvantage from paying out mortgage earlier in The Netherlands?

I am an expat in NL, and not from an EU country (not sure if that is important though). I got a mortgage to buy a house, and now I can pay some money extra. I understand that the interest I pay is tax ...
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The cost of living in a "High-Status Neighborhood"

I was reading this question about The Millionaire Next Door, after recently finishing the book myself. I remember that the book warned against living in a "High Status Neighborhood," in ...
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How to get a mortgage soon when self-employed in 1-person LLC that is <6 months old

In Jan 2022, I got hired to work (remotely, living in USA) as a senior software engineer for a non-US company that was unable to hire me as a W2 full-time employee; they required me to create an LLC (...
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6 votes
3 answers
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Scenarios in 10 years of fixed vs. adjustable rate mortgage (ARM) at the same rate?

I would like to get a list of possible scenarios when it comes to refinancing that I might not have known or considered at the end of the adjustment period. I am new to mortgages and ARMs I am ...
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0 votes
1 answer
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When using land as a down payment for a construction loan, how much money can I borrow?

I am looking to purchase some land in cash (in the USA) and build a house on the land. I intend to use the land as equity (as part of the down payment) for a construction loan. I'm looking to ...
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1 answer
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How much tax return can I expect from a mortgage compared to standard deductible

I am only looking for a rough ballpark estimate. For a single Californian with 190k/yr income: Scenario 1 - all else being equal, I go with standard deductible. Scenario 2 - all else being equal, I ...
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1 vote
0 answers
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Is there any compensation or financial aid for essential workers who died from COVID-19?

My mom was an essential worker (production plant) and contracted COVID-19 in July 2020 and died from it in August 2020. Her work required symptomatic people with no PTO to report to work or be ...
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1 answer
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Should my lender refund MPI payments

I just learned that MPI payments are supposed to be automatically cancelled when the loan principal reaches 78%. On my loan this happened in January 2020. I have the appraisal from the refinance and I ...
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2 answers
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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 ...
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1 answer
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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 (...
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5 votes
3 answers
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Do you have to take the exact loan amount your are pre approved for?

If you get preapproved for say, a 100k house loan, but then find a house for 110k, are you contractually bound to pay at most a 10k down payment? or are you able to still pay a 20% down payment of 20k ...
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1 answer
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Income Tax Return: Is the co-op's mortgage (not the lending institution mortgage) a secured or unsecured loan?

I have two 1098 forms: One from the lending institution and another from the Corporation. For the lending institution 1098 form, I deduct the mortgage interest and there are no real estate taxes. It's ...
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3 votes
1 answer
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Appraisal came in low, but appraiser was given incorrect price

I just received an appraisal report claiming that the house I'm buying is worth $7,000 under the price that I'm paying. However, the appraisal report shows that the appraiser was given a contract ...
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How much will the bank lend me?

I want to buy a property and let it out. To do so, I'll need a buy to let mortgage in the UK. Let's say the property has been officially valued at £100,000. The bank says they will lend me 75% of the ...
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Mortgage payoff early

Jack gets a mortgage for his new house on Apr 1, 2022. His mortgage amount is $100,000 for 30 years and the interest rate is 4%. His mortgage payment is due the 1st of every month. Parts of the ...
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11 votes
2 answers
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Long-term financial implications of selling stocks to get a higher house down payment

I have been searching for a house and am potentially going to make my first offer. I have cash on hand to make a 15% down payment on the place in question and enough money in stocks to comfortably get ...
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3 votes
1 answer
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Title company doesn't know how to amortize a loan?

More likely I don't get it/am not used to this. Can anyone explain/formulate what I'm told is a "Daily amortized, 5.5%, fixed interest rate loan"? I've been buying and selling properties for ...
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1 vote
2 answers
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Can I use one rental house's mortgage interest to deduct another house's rental income?

I have a questions regarding mortgage interest deductions. I have two rental properties in California. For property A, the rental income is $5000 more than total expenses plus mortgage interest, and ...
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3 votes
2 answers
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Buy with mortgage, or buy then mortgage?

I am ready to buy a house. I have sufficient savings to cover the purchase price, i.e. pay cash. However, in order to ensure I have liquidity to cover renovations, I would like to take out a modest ...
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1 answer
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How to determine average mortgage balance for two part-year mortgages

In US federal income taxes, the mortgage interest itemized deduction is reduced if the mortgage debt exceeds $1,000,000 (for loans taken out after 1987) or $750,000 (for loans taken out after 2017). ...
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Put down only 10% or put 20% down and pay a family member back the other 10% at 2.99% interest rate?

I am buying a 350K condo with 10% down, 2.99 interest rate, 30 yr fixed mortgage (I hope to pay it off in 15 yrs). I cannot put down more without depleting my savings. Should I ask my dad for a $35K ...
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2 votes
1 answer
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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 ...
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3 votes
1 answer
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Mortgage overpayment advice

I've got a mortgage in the UK with a 5 year fixed rate of 1.69% that expires in Dec 2025 and started in May 2021. I've decided to pay it as soon as possible and I'm trying to figure out what's the ...
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6 votes
3 answers
2k views

2 mortgages, payoff one completely or pay some off bigger principal?

so I have two mortgages on two separate rental properties. A. 100k remaining, 1 year left on term, 1.85% variable, 428 monthly. B. 300k remaining, 4 year left on term, 2.54% fixed, 313. weekly. I have ...
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1 vote
1 answer
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What's the APR for this in combination with the Balloon Payment of 6525 USD?

I am trying to solve the following: Finance Amount: 24.951,82 USD Interest Rate: 2.29% Residual Value: 6.525 USD Number of Months: 60 Fee: 374.28 Years: 5 What's the APR for this in combination with ...
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1 vote
2 answers
114 views

Can I get my home reappraised to eliminate PMI payments earlier?

I recently bought a home and have paid off 7% of the original loan. Because I bought the house slightly under market value (due to some damage that I've since repaired) and a sharp increase in the ...
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0 votes
1 answer
69 views

Is lower interest rate worth it when refinancing if you pay more over lifetime of loan

I have owned a house for 2 years and have a 30 year fixed rate mortgage at 3.75% interest. I am considering refinancing into another 30 year fixed rate mortgage at 3.49% interest. Refinancing would ...
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3 answers
142 views

Pay off house mortgage with some 401k

I know the number one rule is to not use retirement money early to pay off a mortgage. But i truly hate the feeling of having this mortgage. And i really want to pay it off. I understand 401k money is ...
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Why not pay down payments on multiple houses and hand them to rental management companies?

As I understand it, rental management companies will handle finding and to some extent communicating with tenants, and will perform maintenance and repairs on the house. In the city and surrounding ...
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7 votes
1 answer
2k views

How much mortgage is too much?

I'm buying a house and decided against renting out a place because I feel like it's almost a waste of money, and, most importantly, the rent of a small 40 m^2 apartment in the middle of nowhere is the ...
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1 vote
1 answer
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Inflation vs Mortgage - Updated for Inflation

I don't see an exact match to this question although I previously asked when things were calmer. The press is quoting a real YoY inflation rate of 7%. Let's assume there is a mortgage at 4% and a ...
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1 answer
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Is a larger down payment worth it? [duplicate]

I currently own a home and am looking to buy another. I will be buying the second home before I sell my current home and the seller of the second home refuses to do contingent offers so I will be ...
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0 votes
2 answers
113 views

Self Directed IRA take over current mortgage?

My family and I currently live in a townhome. We are interested in buying a single family home which will be our primary residence. We would like to keep this home and rent it out as an investment ...
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10 votes
5 answers
3k views

Do bank use the same math formula to calculate the mortgage amortization table?

I've started making a spreadsheet to evaluate mortgages and how they would fit other financial plans. The most complicated part seems to be the mortgage calculation formula. That's the formula the ...
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0 votes
1 answer
127 views

Cosigner is deceased, is spouse automatically put on mortgage [closed]

My father passed away in 2014. My original bank sold my mortgage to another bank. The new bank put my mother's name on my mortgage statement. What does that mean for both of us? I did fill out a quit ...
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1 vote
2 answers
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How does the legal "deposit insurance" work if you have large debts, but also liquid funds?

Assuming you have a mortgage of 700K CHF (i.e. minus, debts) But you have 300K CHF in liquid assets on your savings account. If the bank goes bankrupt, you have 100K guaranteed back in Switzerland (...
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0 votes
2 answers
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Down payment of owner-occupied multi-family after buying owner-occupied single family

This question is about US mortgages. I was talking to a realtor who told me that buying a single-family home now as owner-occupied would prevent me from applying for an owner-occupied mortgage for a ...
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1 vote
3 answers
138 views

Are biweekly mortgage payments done every 2 weeks or paying 1/12th extra with each month's payment?

I may have confused myself. I am trying to create a spreadsheet to figure out the different payments for different loan terms and payment methods (biweekly and monthly) since the calculators I see on ...
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2 votes
1 answer
232 views

Refinancing a mortgage: Can you buy points with cash out?

Looking over different mortgage refinance rates, I have found some that are favorable in the 0.5-1.5 point range, but the upfront cost exceeds what I'm comfortable paying out of pocket. Is possible to ...
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0 votes
2 answers
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Refinancing a mortgage: Can I use an appraisal ordered by a previous lender with a new one?

My wife and I are currently in the process of refinancing our home. However, due to factors outside of our control, our rate lock with the lender we are currently working with has expired and the new ...
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2 votes
1 answer
62 views

Refinance Mobile and add a land purchase to make one loan

I have not bought the land. I have a mobile home that I have a mortgage loan. I would like to create a new loan with both the Mobile home and Land. The plan is to put it on a slab on the land we ...
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3 votes
1 answer
157 views

In Islamic mortgage, is rent going towards paying for the house?

If I get an Islamic mortgage for 200k, the bank might charge 210k, with the 10k being the profit they would take instead of interest. The monthly repayments for this mortgage will be split in two - ...
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1 vote
2 answers
134 views

Is it possible to assume a mortgage from my sibling?

My sibling owns a house 1800 miles away, he moved back to the east coast for health reasons, he's behind on the mortgage payments, and he wants to get rid of the house, but doesn't have the time or ...
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0 votes
2 answers
118 views

How does getting a mortgage help with taxes? [closed]

If one opts to buy a home with a mortgage, how does it reduce taxes and which taxes? I.e. income tax, capital gains? Is it always a good idea to purchase a home with a mortgage vs. paying in cash with ...
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0 votes
1 answer
51 views

Can we get guidance/rules how to decide between 3 options of renting/buying/mortgaging a residence to live in

I hope my title of this question won't get me into trouble on this list. My landlord sold the apartment we live in. Due to our circumstance, we can Rent somewhere else and invest the cash in an index ...
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2 votes
0 answers
145 views

How does “Velocity Banking” actually work?

I’ve seen this mentioned a few times now in various financial articles, but it smells like some kind of “system” a gambling addict would come up with to “beat the house”. Doing a web search on it, I ...
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15 votes
4 answers
6k views

Is it a good idea to make one additional monthly payment to a mortgage?

This is an oversimplified scenario (the numbers, dates and interest rate may not be accurate as I am only asking about the strategy): I have a mortgage with a monthly payment of $1,000 and it is due ...
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1 vote
3 answers
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How to track the yield of my partner's investment in my house

My partner is moving in with me, and will start paying a percentage of the mortgage (based on our incomes). I already bought the house before we met each other so both the house and the mortgage are ...
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