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

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Mom passes away 2015, Sister living in her house rent free

My mom passed 2015. My nieces and nephew [from 2nd sister] lived there and then they moved out in 2016 My older sister started living in my mom's house 2016. She sold her house in 7 days and moved ...
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1answer
153 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 ...
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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 ...
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1answer
82 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
81 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
53 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 ...
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3answers
274 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
339 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
117 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 ...
65
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3answers
17k views

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 ...
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1answer
409 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
183 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 ...
55
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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 ...
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1answer
44 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
30 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
117 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 ...
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2answers
210 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
84 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 ...
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3answers
281 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
1k 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 ...
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1answer
135 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% ...
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2answers
383 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
123 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
197 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
105 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
34 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 ...
3
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1answer
210 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
134 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 ...
2
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1answer
77 views

My wife telecommutes. Mortgage on my name but she is on the title. Can we tax deduct?

My wife telecommutes for her employer. We both are joint owners of the property but the mortgage is only on my name. Can we tax deduct the mortgage interest and insurance even though she isn't ...
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1answer
234 views

Is it considered mortgage fraud if you work for your friend who can assign you higher income?

I posted this on another forum and want to get input here as well. Let's say there's a boyfriend and a girlfriend who have kids together. Boyfriend is self-employed but doesn't have 2 years of ...
3
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2answers
375 views

Make 100k, how much mortgage can I get in NYC?

I make a little over 100k a year in nyc as a programmer and have 200k saved up. I'm looking to get a mortgage to buy a condo in lower Manhattan sometime in 2019-2020. How much of a mortgage can I ...
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3answers
278 views

If my mortgage were to be foreclosed prior to completion of repayment, would I receive any cash value back for the payments I have made?

First: This is hypothetical, more of a curiosity than something I need actual help with. Lets say I had a 100k house, and over the past 10 years I'd paid down 50% of the value of the house -- That is ...
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6answers
418 views

How do owners of one home make money on the sell-and-buy process?

With school loans diminishing and job salaries rising, there is constant pressure among family and friends to start looking for a home and stop renting. "It's a great investment", they say, "and it ...
7
votes
3answers
260 views

What is the most financially appropriate approach to flipping and selling this home?

A few years ago, I purchased a home at $142,000 that has 12 bedrooms, 4 full bathrooms, a workroom, a basement with cement flooring, and an attic. In my divorce, it was awarded to me, as my ex was ...
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4answers
165 views

No credit history. How to improve rating?

My partner and I are hoping to get a mortgage and buy a house in the next few years. A potential problem is that I have essentially no credit history and thus I have a low credit rating. (My partner ...
2
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2answers
157 views

What is the math used to calculate the impact that overpaying a mortgage has an an amortization table?

I'm in the classic 'pay extra on the house vs invest' argument with my partner (not the subject of this question) and I'm trying to understand what exactly happens when I pay extra on a mortgage. I ...
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1answer
40 views

claiming property tax and getting property tax documents

I bought a home last year (Feb 2017), so doing taxes myself for the first time as a homeowner. I need to claim property taxes I paid. So, I have the 1098 from the lender, which has mortgage interest ...
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1answer
75 views

How to get the most mortgage from the bank?

I am looking to buy a second house which is about $800K (A 1600-sqft, 3b3b condo in the suburb). I intend to live in this house as well as renting out two bedrooms for roughly $1200 per month each. I ...
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0answers
43 views

Agent Comission rebate when not listed on HUD-1

Our mortgage consultant mentioned that the lender did not approve of multiple rebates we received (Seller's credit, rebate from the Mortgage Consultant). As a result, the commission rebate from the ...
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1answer
177 views

Mortgage company using principal payment to make advanced house payments [duplicate]

My mortgage payment is 1200.00. I send in the 1200.00 each month along with a additional PRINCIPAL payment of 2000.00 clearly noted on the payment book as intended as a principal payment. But each ...
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3answers
191 views

Saving for a New Home

My wife and I are saving for a new home in NYC. The only debt we have is a student loan (about $26k left at 3%). We have $47k in the bank and our Household Income (HHI) is about $300k. We owe just ...
5
votes
2answers
707 views

How to use £450,000

It's a good problem to have, but a problem nonetheless. I bought a house (London) last year, gave all my cash, except my 50 bitcoins. Fast forward end of the year I sold all my bitcoins, for £650,...
3
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1answer
178 views

New mortgage lender is requiring I buy condo owners insurance

I live in California, I have applied to refinance my condo, which I have owned for 30 years. The new lender is requiring that in addition to the HOA (Homeowners' Association) insurance policy on the ...
2
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2answers
162 views

Loan & building a house in Germany (Bavaria)

I would like to ask what are conditions when you want to build a house in Germany. Is it necessary to have your own savings before you ask the bank for a loan or you can ask for 100 % loan.
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4answers
99 views

Increasing downpayment v.s. Prepayment

I want to apply for a mortgage loan of $100,000 with $10,000 down-payment. The loan should be paid in 15 years, and the interest rate is 4%. Suppose I can have $20,000 more by selling some of my stuff....
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0answers
60 views

How is interest rate calculated for a floating mortgage

I am trying to calculate the amount of interest I need to pay for a mortgage that just turned from fixed to floating. Current balance is: -550,000 Interest rate: 5.95% Original term: 30 years The ...
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1answer
157 views

Best Practices for Buying a House? [closed]

Here's what I think I know about buying a house: Get a home inspector to check the place out first before you do anything, to avoid ending up in a money pit. I don't know how you get/find a good ...
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2answers
231 views

Compound Interest & Mortgages

Mortgages are compounded 2 times a year in Canada and 12 times a year in the USA. However, I read that mortgages are simple interest and not compound interest because you pay the interest for each ...
2
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1answer
122 views

Can the PMI be dropped without refinancing based on home value increase?

I reached out to my lender today and he told me that: If I have 78% LTV of the original home appraisal, PMI is dropped automatically; however, If I reappraise the home and the value increased, making ...