Questions tagged [mortgage]
A mortgage is a loan that is secured by real property (land, buildings).
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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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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 ...
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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 ...
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First Time Home Buyer Using VA Loan
I am considering my first home purchase. I will be using a VA Loan.
I understand that part of the VA Loan process involves a series of inspections.
Is this sufficient to avoid the most obvious ...
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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 ...
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Income Tax rebate on Housing Loan on rental property and HRA rebate?
I had purchased an under construction Flat with loan of 30 lacs in Indirapuram, Ghaziabad in Year 2011 for which I got possession in June,2015.
I am staying on rent in East Delhi and claiming HRA ...
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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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Is buying a mortgaged property profitable?
I am planning to buy a property and wondering if this property is worth buying.
A. Price of property including everything: Rs 45 lacks
B. Down payment: Rs 5 lacks
C. Loan/Mortgage (C = A-B): Rs 40 ...
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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 ...
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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 ...
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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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Selling a home in the UK to buy a home in the US
I US citizen currently live in the UK, but will be moving back to the US in the near future. I own a home in the UK, with a sizeable mortgage and a LTV ratio of about 70%. I would like to sell my home ...
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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?
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What are the advantages of paying off a mortgage quickly?
What are the advantages of paying off the mortgage quickly??
Sure, not paying interest and truly owning your house is great, but then the money is tied in a fixed asset, and if you want to get at ...
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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 ...
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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 ...
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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. ...
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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 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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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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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 it possible to find out how much of a mortgage I could be approved for without affecting credit report?
I'm casually exploring the option of selling my house and buying a condo. I bought my house 15 years ago, and it's been a money pit, so my credit score has gone down a bit. I'm not really ready to ...
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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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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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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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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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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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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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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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Do home loans ever have a limit on what can be paid toward the principal?
Do home loans ever have a limit on what can be paid toward the principal during each month (or billing cycle)?
In other words: Do some lenders prohibit taking out a home loan and paying it completely ...
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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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How does paying extra on my mortgage affect my amortization schedule?
I am a first time home buyer and have some spare cash after my home purchase to pay forward quite a bit of money (cash was not available during actual purchase, so, no, I could not have put it towards ...
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What is the difference between a home equity line of credit and a mortgage?
In the article About.com - Six Ways To Prepare Now For Rising Interest Rates
it states:
The average US household debt,
according to the Fed, is $20,000, not
including mortgages. Most of that ...
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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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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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Interest only mortgage with extra payment towards principal
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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Is it possible to pay the remaining monthly payments of a mortgage instead of cancelling the mortgage and paying the early repayment fee?
I would like to know generally about paying off a mortgage when selling a property.
If a mortgaged property is sold, is it possible to pay the remaining monthly payments of a mortgage instead of ...
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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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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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What Incentives are stopping banks from raising their prime rate?
In Canada, banks set their prime rate which affects the lending rates for many of their products including variable-rate loans. Many sources say that the Bank of Canada's (BoC) interest rate ...
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