Questions tagged [mortgage]

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

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5answers
9k views

How hard is it to sell a home which is currently mortgaged?

I'm looking to buy a house for the first time. I've done some homework, and from what I can tell... Buying a house via mortgage in Kentucky is somewhat cheaper than renting an apartment. I need to ...
2
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0answers
49 views

Possible solution to removing party (name) from mortgage [UK]

Back in 2007 my wife and her partner (at that time she was in partnership with Mr. P) bought a house in UK. They bought this house together, so he is still shown on any correspondence from lender (...
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0answers
131 views

Is it easier to build an extension on my house or move to a bigger home?

I live in the UK. Recently bought my first property with my long-term partner. It's a 3 bedroom 1 bathroom. It has a garage at the side of the house which currently is just used for storage of old ...
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2answers
78 views

Would Getting (and Paying) an Installment Loan Benefit My Mortgage Rate

I am planning to buy a house (in the US) in about 9-12 months. I've read from different resources that an installment loan may boost my credit score if I make my loan repayments on time, as this is ...
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5answers
999 views

Is it possible to get a mortgage with a custom duration in the US?

I live in the US and it seems that mortgages rates here are always quoted for either 15 or 30 years. Is it possible to get a mortgage in the US that is for a different duration? Say I have 23 years ...
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2answers
170 views

Is there a financial product via which I can safely temporarily borrow against my home?

We live in the UK, and are seeking to move house and have seen a property which suits our requirements and has been discounted because the owners wish to sell quickly. The asking price is £400,000. ...
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1answer
63 views

how does taking mortage loan affect my credit score after closing

I am taking a loan on my first home purchase. I have 780+ credit score now. How is my credit score affected after closing on the loan.
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0answers
58 views

What was the purpose of Abacus prosecution given no TARP recipients were prosecuted? [closed]

I recently watched the documentary on the US government's prosecution of Abacus Federal Savings of Chinatown in New York. They were prosecuted after the TARP bailouts for mortgage fraud for writing 17 ...
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1answer
78 views

Does the amortizing payment on a loan depend on whether interest is calculated daily or monthly?

Assume two banks offer a $100,000 mortgage at 6% annual interest for 30 years with payments due monthly. One bank assumes each month has 30 days. The other bank uses the actual number of days in ...
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7answers
11k views

Why do mortgage affordability recommendations use gross income?

Whenever I see someone ask how to calculate how big a mortgage he can afford, the answer almost always comes back as a percentage of gross income. Why use gross income as the baseline? Why not net ...
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1answer
2k 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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5answers
6k views

Mortgage Due Date versus Late Payment Penalty - Can the loan company call me daily?

My mortgage is due on the 1st. I was told paying a week after the 1st to match my paychecks wouldn't be a problem. In fact each and every statement has a date where if I pay after that date, I owe a ...
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3answers
837 views

Is it a good idea to get a mortgage when buying a house, for credit reasons?

I'm thinking about buying my first house, and I'm wondering whether I should get a mortgage from a bank or not. This is mostly because I've heard that getting a mortgage is critical part of building ...
5
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2answers
11k views

How long do I have to live as first time buyer before renting out the property?

Couple of days I've asked a question - How long I should pay the mortgage to break even when selling? (is 2 years enough) - as you can tell I'm thinking about taking a mortgage. I'm trying to gather ...
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1answer
629 views

Borrowing from your parents on a mortgage, with money they borrow from a bank

Disclaimer: we know this is financially stupid, but this is my wife's health we are talking about. Yes we know we didn't make the most financially smart decisions Situation: We bought a house in ...
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2answers
814 views

Do jumbo loan limits apply to the amount borrowed or to the property price? Can I avoid a jumbo with a higher down payment?

I live in an area of the United States where it would be very difficult to get a home for less than the $417,000 conforming loan limit. Unfortunately, jumbo loans seem to have a hard 20% downpayment ...
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3answers
314 views

Should I list all assets on my mortgage application?

I was applying for mortgage, and I understand that I need to list all my liabilities/assets. But I do not want to list all my assets, only giving sufficient information to show down payment and ...
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0answers
126 views

New mortgage co reversing claim decision by old mortgage co

I had a claim in March of last year due to hail/storm damage. The claim was paid by insurance to me and mortgage co. Then the mortgage co sent all the payments due, out to me in my name and the ...
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5answers
2k views

As a contractor, should I overpay my mortgage or contribute to a pension?

My specific situation is:- Early 30s Software contractor via a ltd company Resident in Scotland Higher-rate taxpayer Mortgage at ~5% (variable 4.5% above BoE), LTV about 75%. I'm allowed to overpay ...
4
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1answer
306 views

How to rent a home that I own outright for maximum benefits?

Suppose, I have a home that I want to rent, and it is paid off and valued at about $350K. I am currently living in this home. Should I sell this home to a LLC ( This LLC to be formed and owned by me),...
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1answer
150 views

Should I rent out a home I own outright or one with a mortgage?

If I have two homes of equal value ($300K each) and one is paid off and other has a mortgage balance of $235K. I'd like to rent one of those out. Which one should give me the most advantages with ...
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3answers
3k views

Is it wise to pay off mortgage with 401k?

I've been considering paying off my mortgage with my 401k balance. Some particulars, I'm in WA state in the US, and I'll turn 60 in about a week. I have enough in my 401k with my current employer to ...
0
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1answer
159 views

Please Define this FHA Loan Requirement

While looking up FHA loan requirements, I found the following line interesting: Must have a steady employment history or worked for the same employer for the past two years. From: http://www....
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4answers
337 views

Is buying an apartment a worse choice than renting, currently (2019) in Australia?

For one reason or another, an apartment is considered a bad investment in Australian cities. This is because the demand here isn't huge yet (people in general would rather live outer-city in houses/...
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2answers
26k views

What is the formula for the monthly payment on an adjustable rate mortgage?

Can people tell me how monthly payments are calculated when a mortgage has an initial rate? What is the formula? I have seen online calculators but not formulae. My guess is: We assume that the ...
1
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1answer
61 views

Mortgage Holders as Option Writers

Can someone explain to me how does it benefit the mortgage holder to be a writer of the option call on the long term debt and the put option on real estate prices? Other than the premium be gained I ...
2
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1answer
270 views

“Homeownership investment” company - what's the angle?

Today I received a mailing from Unison, which claims to be a "homeownership investment" company. Their sales pitch is that they grant a 0%-interest loan to homeowners in exchange for a partial equity ...
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0answers
72 views

Rights as joint tenant paying mortgage

In California, my husband and I bought a home in which we are still paying the mortgage. His family (mom, dad and sister) are not paying anything on the mortgage but all 5 names are on the deed. If ...
4
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2answers
382 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 ...
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2answers
6k views

What does PMI mean?

I've seen the term PMI used a couple of times on this site and don't know what it is. What is it?
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3answers
3k views

Etiquette around loan refinance - decision is going to cost first broker a lot of commission

We are in the process of doing a refinance. However, we just took out the original mortgage loan recently. The new loan is 3/8 of a point better than the original loan and we are going to save a lot ...
3
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1answer
146 views

How to buy a house in the United States using money from a foreign loan?

I am a US resident. This scenario involves 3 entities. I want to know what would be the situation (legal and cost) if I can borrow money (complete value of the house Eg: 500 K) from a person or a ...
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1answer
61 views

Manual Underwritten Mortgage: Cash Reserve Requirements

How much should I expect to have in cash reserves if my mortgage is manually underwritten (non-traditional, no credit loan). I know Freddie Mac, Fannie Mae, and FHA loans all make allowances for non ...
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6answers
10k views

Can lose everything even when house is almost paid off?

I have a dumb question I've been wondering about. It doesn't apply to me; it's just theoretical. Suppose there's an older couple who bought a house 27 years ago. They have faithfully made the ...
6
votes
2answers
252 views

Any other options for cash-out/construction loans?

This is a new question, but somewhat related to my question: How do I apply for a mortgage after a cash closing on a property? My situation: we paid cash for a house with the intent of adding onto it ...
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1answer
108 views

How many days into the process of a home equity loan application can I cancel the loan?

We are considering taking out a home equity loan for construction before our permit application is approved. It's almost guaranteed at this point but there is always chance it may not be approved. ...
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2answers
107 views

What is the best option for a loan to do a construction project at home without refinancing

I'm looking into advice and options to get a loan to pay for a construction project at home in the United States. Here is the situation: My family and I are living at one residential family home, ...
7
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2answers
299 views

Is the seller of a property in the UK in a position to dictate what the buyer does with it?

I know very little about the housing market or mortgages (it's just not taught in school in the UK, whereas oxbow lakes and pathetic fallacy are), but within a year I should be able to get my foot on ...
3
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1answer
289 views

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 ...
33
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8answers
8k views

Mortgage adviser recommends a longer term than necessary combined with overpayments

My wife and I are currently househunting and have, as part of this process, had a preliminary meeting with a mortgage adviser. They asked all the expected questions about finances to see what our ...
1
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1answer
186 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 ...
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2answers
760 views

Should I overpay to end a fixed-rate mortgage early? [duplicate]

About six years ago, UK interest rates hit the historic low of 0.5%. In keeping with all the finiancial advice at the time that this was a once in a lifetime circumstance I rushed out and got a fixed ...
0
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2answers
78 views

UK mortgage, owned house abroad as a 'deposit'

does anyone know if there is a possibility to get a house mortgage in UK, but as a 'deposit' use a property located in other European country with value much higher than what would be required for ...
1
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3answers
215 views

Should I avoid reporting expenses on my tax return in order to have a higher income for getting a mortgage?

I'm new to this sort of thing. I want to buy my first house soon (within a year?). As I am filing my taxes right now, should I file with my income but not report expenses, so that my taxable income ...
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0answers
61 views

How do I solve this in excel? I think it's a cumulative rolling percentage problem

I have a spreadsheet that shows the following columns. Date, Loan Applications Received, Interest Rate Offered, Cumulative Applications Received, Loans Originated, Average Interest Rate on ...
2
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1answer
111 views

Relationship between down payment and mortgage interest

I just got a new job in a new city in Ohio (United States), and my partner and I want to buy a home roughly a year from now. We have a year to save up, and I am making a financial model to look at the ...
5
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3answers
510 views

Mortgage Pre-approval / Loan - Apply Alone or with Fiancée?

My fiancee and I are interested in buying our first house and are beginning to go through the process. We'd like to put 20% down to avoid PMI and are thinking ideally a 20-year mortgage. Between my ...
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0answers
143 views

Single late mortgage payment is hurting me a lot

I'm from the US and I've recently applied for HELOC refinancing at a much lower rate (-2.00%), but underwriter has decided to deny the application due to a single late mortgage payment made in Jan ...
1
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1answer
171 views

Why was my request to discontinue PMI denied?

I received the following letter after requesting that my PMI payment be discontinued: After reviewing your account, I have confirmed we can't cancel your mortgage insurance premium (MIP) at this ...
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0answers
96 views

Prepay mortgage

Let's say I want to prepay my entire mortgage and I have 22 years left in my 25 years mortgage. In this case the bank imposes a penalty which is the yearly interest for three months. My question is, ...