Questions tagged [mortgage]

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

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Mortgage forbearance a 2nd time after COVID forbearance

I recently entered into a streamlined modified loan agreement with my mortgage lender, following my use of the maximum allowed period of COVID forbearance. If in the near future, I was to become ...
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Mortgage interest rate deduction for foreign property?

I live and work in the USA. If I get a personal loan in the US or a mortgage in India to buy a home in India, can I get the home loan interest deduction on my taxes in the USA?
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DSI Conventional Mortgage

This is a DSI Conventional Mortgage of interest rate 8.8. The borrower is making payments but is making it past the due date of the 1st. Understanding of the DSI factor has cause interest to be ...
Abi Gordon's user avatar
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Automatic termination of PMI for adjustable rate mortgage (recast)

We made a substantial principal reduction (~80% of original loan) as part of a recast on an adjustable rate mortgage. I was unaware that I'd have to request PMI removal. That does seem to be pretty ...
Samuel Cox's user avatar
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How to handle an account that lost value after inheritance? (USA)

The exact amounts aren't important, so I'll just invent some for the example. My wife’s mother put $50,000 into a mortgage sharing fund¹ from which she received a proportional share of the interest.  ...
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Why would I ever buy a house vs. just renting and invest the rest?

I found myself in a weird realization right now where I put everything into an Excel sheet, I can’t find a good reason to ever purchase a house vs investing into an index fund. Ever since I graduated ...
PrinceHairy's user avatar
-2 votes
1 answer
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With 500k in Netherlands, Best path towards regular income, settle mortgage and rent or sell and invest?

Currently I live in Netherlands. I have come to a crossroad and I'm interested to hear other opinions and advice on investment for a regular stable long term income. My ultimate intention is to secure ...
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Lifetime ISA (LISA) eligibility with foreign spouse who owns property abroad

I want to open a Lifetime ISA in order to buy a house in the future. I'm a UK citizen and have never owned property. My wife is a foreign citizen with UK residency, and owns property abroad that was ...
Joseph's user avatar
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Are there significant tax benefits in Germany for renting out a newly bought apartment for 1 year before moving into it?

There seem to be big tax benefits of renting a newly bought apartment in Germany rather than staying in it in the first year. Say, you want to buy an apartment in Bavaria for 300.000€. You have to pay ...
gdrt's user avatar
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(UK) Should I look to buy a "better" (more expensive) flat or house now, or save/invest instead, to buy later?

I bought a flat in 2016 for £160,000. I recently (in 2024) had it valued at £210,000, so in nearly 8 years it has appreciated by about 3.5% annually. ((210000/160000)^1/8 -1) * 100. I could afford a ...
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Overpaying monthly or annually

I'm coming to the end of my fixed mortgage, and starting to think about remortgage deals. My remaining term is 30 years with outstanding amount of £122,000. I'm able to save between £900-1500 a month, ...
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40-yr mortgage loan with a 30-yr balloon payment

if I'm only 17 years into my 40-yr mortgage w/a balloon pmt at 30 yrs, when I refinance do I only need to pay for 17 yrs of amortized principal payments at that time?
user127773's user avatar
6 votes
4 answers
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How exactly does a biweekly payment schedule on your mortgage reduce the amount of overall interest paid over the life of the loan?

Here is how a normal fixed-rate monthly amortization schedule is calculated: First we determine the total monthly payment: Payment = [P*(r / n)(1 + r / n)^nt] / [(1 + r / n)^n*t - 1] where n = 12, P ...
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relationship between a mortgage bond and homeowner

This is a quote from Liars Poker, the famous book by Michael Lewis that details his time working as a bond salesman. Lewis Ranieri cast himself in an odd role for a Wall Street salesman. He ...
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is it risky to rely on tenants to pay for mortage?

Say I buy a duplex for $800k which has a monthly mortgage of around $4500. My take home say is only $4500 a month. I know I can rent out one side of the duplex for $2500 a month so I would be able ...
Bigbob23's user avatar
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Apportionment of buy-to-let mortgage interest

I live in the UK and am a higher rate taxpayer (40%). If I have a buy-to-let property, I understand I can claim mortgage interest relief at 20%. Effectively I can only use half the interest as an ...
James James's user avatar
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Cost of Buying Versus Renting Over Time: Did We Account for Everything?

My partner and I are looking into buying a house versus renting in our city (USA), and we would like make sure we've accounted for all the relevant variables and that our assumptions are reasonable. ...
Dusacks1570's user avatar
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Which job offer is better? [closed]

I have two jobs offers and I am struggling to assess which one is more advantageous financially. Offer (1): City: NYC; Salary: 170k salary base + 30k management bonus; Housing benefit: If I buy a ...
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6 answers
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How could someone refinance an existing mortgage?

I'm reading Value: The Four Cornerstones of Corporate Finance (p. 8), and in the first chapter it talks about the financial crisis in the housing market, quote: First, homeowners and speculators ...
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Is investing in S&P 500 a wise choice if you plan to purchase a house in 10-15 years?

My total compensation is $168k/year ($285k gross) and my goal is to purchase a house in the range of $1M to $2M. I plan to invest my savings in the S&P500 for about 10-15 years, hopefully, to make ...
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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 ...
asmgx's user avatar
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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,...
Jim Berndt's user avatar
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3 answers
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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 ...
genbatro's user avatar
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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?
CodeCamper's user avatar
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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.
Carson B's user avatar
2 votes
1 answer
162 views

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 ...
Iria's user avatar
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2 answers
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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 ...
Phil Miller's user avatar
1 vote
1 answer
248 views

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 ...
perennial_noob's user avatar
12 votes
5 answers
6k views

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 ...
zadane's user avatar
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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 ...
IrishPat's user avatar
2 votes
3 answers
439 views

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 ...
GranBurguesa's user avatar
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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 ...
TuckerDog's user avatar
1 vote
3 answers
151 views

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 ...
BobDoolittle's user avatar
2 votes
1 answer
483 views

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 ...
BobDoolittle's user avatar
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133 views

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 ...
Crunk_Cat's user avatar
1 vote
1 answer
98 views

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 ...
Ark-kun's user avatar
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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 ...
Ark-kun's user avatar
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2 votes
2 answers
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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 ...
Mr Monee's user avatar
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6 votes
2 answers
2k views

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% ...
Betterthan Kwora's user avatar
3 votes
1 answer
575 views

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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13 votes
4 answers
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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 ...
Kevin Gomez's user avatar
2 votes
1 answer
565 views

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 ...
Vam82's user avatar
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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 ...
Dawdre's user avatar
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1 answer
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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 ...
EJoshuaS - Stand with Ukraine's user avatar
4 votes
1 answer
272 views

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 ...
gerrit's user avatar
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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 ...
zelinka's user avatar
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1 answer
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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 ...
leeand00's user avatar
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3 votes
0 answers
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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 ...
sideband's user avatar
4 votes
2 answers
2k views

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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