Questions tagged [mortgage]

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

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2answers
47 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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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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11answers
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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
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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
267 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
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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
91 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
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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
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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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1answer
894 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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4answers
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Why does FlagStar Bank harass you about payments within grace period?

I just bought my 4th rental property. I always set up everything for automatic payment after the 1st day and before the 2nd week of the month. The reason being, I get all of my rents by that time. Not ...
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2answers
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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
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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
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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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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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1answer
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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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1answer
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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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0answers
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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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2answers
232 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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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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1answer
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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
220 views

How is debt to income ratio calculated by mortgage lenders? (what is the source material)

I was thinking about this as I was writing a comment for this question. I wanted to make a point that is the OP paid his credit card in full before each month's statement was generated (so that the ...
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3answers
94 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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1answer
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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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0answers
43 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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2answers
566 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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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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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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3answers
433 views

How to figure out the life time saving of refinancing?

I'm looking at refinancing my $290,000 mortgage (present is 30 yr fix, and with 26 yrs left) from 5.0% to 3.875% with no fees. I'm trying to figure out the lifetime savings. I believe this change in ...
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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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7answers
18k views

How big of a mortgage can I realistically afford?

I'm 25, and I'm in the process of closing on a $260,000 mortgage for a very nice condo in downtown Salt Lake City. My salary is $80,000 right now, which I feel is pretty solid, but I'm starting to get ...
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5answers
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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 ...
27
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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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2answers
859 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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1answer
960 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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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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1answer
56 views

Mortgage: Floating rate loan tenure extension on rate increase

I am trying to figure out how my bank has implemented re-pricing on my floating rate home loan. The original home loan was for an amount of ₹ 48 lakhs (₹ 4.8 Mn) at an annual rate of interest (RoI) ...
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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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4answers
395 views

Mortgage as present value of resale worth

I would like to ask someone who is knowledgeable in home loan and mortgage financing. Consider a home with an appraisal value of $ 400k. Let the down payment on this mortgage be $80k (i.e. 20% of $...
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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 ...
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2answers
235 views

What exactly are the logistics of refinancing a mortgage?

When you get a mortgage for buying a home, the logistics (all the paper signing etc...) are usually handled by the lawyer responsible for the overall home purchase in conjunction with real estate ...
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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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1answer
175 views

How to invest in property in the UK - mortgage vs cash buy

I'm fairly new to investing and I've never learnt to invest in different asset classes. Since my career has kicked off really well in the recent 3-4 years, now I'm planning to invest in property. I'...
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7answers
9k views

Is there any reason a person would voluntarily choose to have PMI?

Private Mortgage Insurance (PMI) seems to be treated as a necessary evil. Inquiries about pmi on this site and elsewhere almost always revolve around avoiding it - how to avoid being required to ...
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1answer
302 views

How to obtain “Negative Equity Insurance” aka “Home Equity Protection” aka “Equity Protection Policy” in the UK?

I'm searching for an insurance policy to protect against negative equity on a residential real-estate. The risk I'm trying to protect against is that house prices will fall. I'm looking for ...
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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 ...
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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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