Stack Exchange Network

Stack Exchange network consists of 175 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

Questions tagged [mortgage]

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

0
votes
2answers
106 views

Is it better to get a mortgage or continue renting in London?

Currently me and my partner are renting in London, which with bills included eats up around 50% of our takehome income. It seems that if we were able to get a mortgage on a flat, we would potentially ...
0
votes
1answer
412 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% ...
0
votes
3answers
138 views

Personal Loan for Home Down Payment at Auction?

My recent wife and I have our eye on a nice home that is being auctioned off by an elderly lady who's moving in with her daughter. In our home search, we already have pre-approval for up to 250k FHA ...
3
votes
4answers
203 views

What are some risk involved in buying an apartment with rent 2 buy?

Disclaimer: I am going to live in my city with a very low chance of moving somewhere else. I am currently looking for viable options for buying an apartment. The traditional way is to save up 15% and ...
0
votes
1answer
177 views

Improving credit: what should I do about very old debt; ignore, settle, or pay it in full?

I have about $6,000 of very old debt. It went into collections about 3 years ago when I was in college. Today I have a good job, and I am thinking about the future. I am now interested in improving ...
0
votes
1answer
52 views

Should I pay off my home mortgage due to TCJA cutting SALT deductions?

Definition Under prior law, in addition to being allowed to deduct 100% of state and local income (or sales) taxes, homeowners could deduct 100% of their state and local personal property taxes. ...
1
vote
3answers
187 views

Short term living (3 to 4 years).Am I better off renting, taking a 15yr mortgage or a 30yr mortgage?

I just moved to a new city and I'm currently renting and apartment for $575 a month. I got a full time job so now I can afford more so I was thinking of buying a property. I expect to live in the area ...
3
votes
2answers
1k views

Selling my house for what is owed to keep from foreclosure but it's worth more. Who gets the extra money?

I am selling my house to a friend (for what I owe on the mortgage) which is $107k because I am behind on my payments and don't want to go through foreclosure, but it's worth $155k who gets the extra ...
3
votes
1answer
126 views

1099-S Provided 4 Years Late, and Amount was Paid to the Mortgage Lender Instead of Home Owner

The State bought a portion of our land for highway widening, and paid the proceeds directly to our mortgage lender. Four years later, the State has sent us a 1099 for the amount paid to our mortgage ...
20
votes
2answers
4k views

What incentives do banks have to gather up loans into pools (backed by Ginnie Mae)and selling them?

This is a two part question: 1) I understand that there are certain mortgage loans that when originated by banks can be gathered up into pools and then "sold" to investors, and that these pools are ...
2
votes
2answers
233 views

Too much cash: pay off mortgage, invest in market, or all of the above?

My wife and I have the (pleasant) problem of having too much cash. Part of the reason is that we have been looking to upgrade to a nicer house for the last few years, but we never found the right ...
4
votes
3answers
811 views

How does selling my house affect my credit?

I bought a house 3 years ago. Since then I have made all my payments on time without ever missing a payment. From my understanding, this is good for my credit. I am now selling my house. How will ...
3
votes
2answers
293 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution (...
3
votes
2answers
174 views

Will I benefit from remortgaging at the end of a fixed term?

I've been offered a mortgage for 75,000 for a term of 12 yrs. The interest rate is fixed for 2 yrs at 1.89% and after the 2 yrs, the interest goes up to 3.6% for 10 yrs. But when I remortgage at the ...
54
votes
8answers
16k 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 ...
6
votes
4answers
5k views

How do I calculate the principal paid down on a mortgage?

I'm looking for an equation to find out the current principal on a mortgage. I have the following variables: n periods monthly payment amount interest rate of mortgage I'd like to know how much I'd ...
3
votes
1answer
114 views

Canada - how to proceed with deceased parent's mortgage

My father died without a will and so there's a lengthy legal process for obtaining ownership/title of the house. In the meantime we have the property rented out and I've been making mortgage payments ...
9
votes
1answer
399 views

My mortgage handler mishandled my flood insurance proceeds - course of action?

My home flooded in August 2016. I received an insurance payout very timely. My mortgage lender, Whitney bank placed the funds in an escrow account and informed me that I must use a contractor and ...
0
votes
3answers
288 views

Is it a good time to buy a house now? [closed]

I saw a few houses, and decided to buy one of them. A condo originally priced 210,000, and they accepted my 193,000 offer. I'm a first time buyer, with zero experience and my agent helps me with ...
0
votes
2answers
98 views

What is the Standard Variable Rate (SVR) exactly in the UK

Here is my understanding of rates in general: Bank Rate: The interest rate at which banks borrow from the central bank. This rate can be changed any time by the central bank. Variable Mortgage Rate: ...
0
votes
1answer
116 views

Can I take loan in my name for property in my son's name

Can I purchase land and building taking loan from bank in my name and got the registration of the properties in my son's name and mortgage the same in the bank.
2
votes
3answers
278 views

What happens to interest already paid if I re-finance a 30-year mortgage to 25 years? 15?

I assume the interest amount I'm currently paying for my 30-year mortgage is based on a 30-year amortization trajectory. If I refinance to 25 years, or even 15, what happens to the interest I've ...
1
vote
2answers
65 views

Death benefit into IRA or cash for mortgage

I am the beneficiary of what was left in my mom's state pension fund. I don't know how much it is, but the state estimates most people run through their pension funds (when they chose that option) in ...
0
votes
2answers
43 views

When I shop for a direct lender, will the credit checks that they may do be bad for my credit rating? [duplicate]

Is it bad for my credit rating each time a possible lender does a credit check on me? I need to shop for a direct lender in order to get the best rate for a first mortgage on a property I want to buy,...
10
votes
1answer
4k views

What is the definition of a “first time buyer” with relation to the UK “help to buy isa”?

I'm very interested in the soon to be released "help to buy isa". I'm unclear on the definition of a first time buyer. I have owned a house (with my ex wife) but I am no longer on this mortgage, ...
52
votes
13answers
16k views

Invest $50,000 in cash or borrow $100,000 and get a mortgage?

I have $50,000 saved and I'm paying $760 on rent right now. All my relatives are telling me to get a mortgage so I don't "throw money away on rent", but I just don't like the idea of getting in debt ...
4
votes
4answers
1k views

Financing mother-in-law suite to rent out

Context: My wife & I just bought a home for $175,000 with 10% down. We pay $1,020 per month on our mortgage, which includes property taxes and insurance. The home has a very large, finished ...
2
votes
1answer
167 views

What are the tax implications of renting out my condo if it's worth less than the mortgage?

I own a condo, and its market value is less than what I owe on the mortgage. On the upside, several interesting developments are going in nearby in the next couple of years. Because of some lifestyle ...
-3
votes
2answers
226 views

Why are mortgage rates the same for everyone?

Generally speaking, when it comes to a conventional mortgage, a given bank offers loans at the same interest rate for everyone. As long as your qualifications allow you to pass a certain threshold to ...
1
vote
3answers
185 views

Better to make extra principal payment in first year versus putting more into down payment?

For a mortgage I considered putting down X and then said, let me reduce my interest over the life of the load by paying an addition Y. However, when I compared the original total interest with down ...
44
votes
5answers
13k views

Going house hunting next week and my credit score just dropped by 100+ points

My wife and I (usually) have excellent credit. TransUninion had me at 790 and other agencies well into the 800s. Our lenders have already prequalified us for our home, and sent the ratings they got ...
0
votes
1answer
138 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....
5
votes
4answers
396 views

Is home equity worth taking out a mortgage when I have $67k student loans to pay?

Note: home equity isn't the only reason I'm thinking about buying. I'd like to have control over my own living environment, more space, not have to worry about annoying the apartment unit upstairs if ...
23
votes
8answers
8k views

Paying Off Mortgage

I have owned my home for two years with a loan of $177,000.00. My monthly payments are $706.00 and I have an interest rate of 3.5%. I have just won a large sum of money and would like to use some of ...
0
votes
2answers
214 views

Are you out of pocket if moving before paying mortgage interest?

Please could somebody clarify the following scenario for me (first time buyer)? Are there any tips? Any differences if moving from one lender to another? Supposing I take out a 25 year mortgage on a £...
4
votes
2answers
355 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 ...
3
votes
3answers
137 views

How much variation between lenders is there in the cost of financing a home mortgage loan (in the United States)?

Short Version I recently spoke with a mortgage loan officer who told me that shopping around for the least expensive home mortgage loan is essentially a waste of time, because (due to regulation) the ...
2
votes
2answers
188 views

What is the formula for calculating how many mortgage payments remain after variable extra payments?

I’m looking for a Wolfram Alpha equation to put in my rate, loan term, principal remaining, and monthly payment (and anything else) to solve how many payments I have left. All I seem to find are ...
3
votes
2answers
178 views

Mortage loans when switching houses

I bought my home (a townhouse) in early 2017. Now, I want to "switch houses" in the same area - buy another home and immediately sell my current one. I still have a sizable mortgage on my current ...
2
votes
1answer
171 views

Can I pay off mortgage in full to keep my insurance claim check?

I've received an insurance claim check due to water damage in our house and the check was made in my name as well as my mortgage company's name. We believe that we can do the necessary repairs for ...
5
votes
3answers
267 views

Is Rate Hike a good thing or a bad thing for homebuyer?

I am a bit confused with co-relation between rate hike being a good or a bad thing for home buyer. I have some notions and please correct me on each if I am wrong: Home Prices and Interest rates are ...
10
votes
2answers
1k views

Does IRS count paying mortgage principal as taxable income from family?

My parents offered me a generous gift, specifically they want to pay off $10,000 of my mortgage principal (the mortgage is under my name, not theirs). However, I am hesitant to let them do this, as ...
0
votes
1answer
54 views

Should I pay and refinance or continue LPMI?

Details: Origin loan: $152,000 Original downpayment: $8000 Remaining loan: $144,000 (= approximate current pay-off quote) Currently value of house: $160,000 (assume value hasn't changed since I ...
3
votes
1answer
285 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 ...
2
votes
2answers
127 views

Is it possible for me to put 50% down and my partner take out a mortgage?

I'm able to afford 50% of the house in cash, but my partner and I want joint ownership. We have considered taking out joint mortgage, but my partner's median credit score from the 3 bureaus is higher ...
2
votes
1answer
276 views

If I build a new house on my plot then demolish the old house, can I transfer the mortgage from the old to the new house?

We have purchased a bungalow with land for £800,000, we have a £500,000 mortgage. We have planning to build a much larger house next to our bungalow (so the bungalow will be part of the driveway once ...
5
votes
1answer
130 views

Loan-to-value (LTV) ratio of 65% to remove escrow?

I just got off the phone with Wells Fargo to try to close my escrow account on my mortgage (prefer to just manage taxes & insurance myself). I'm currently at an LTV of 75%, and after doing some ...
2
votes
2answers
127 views

What is the formula for loan payoff date?

My goal is to calculate loan payoff date. Actually I'm making a wordpress plugin to calculate that. I made a form from I can have following inputs from user. Current Loan Information Original ...
20
votes
4answers
9k 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 ...
7
votes
1answer
585 views

Was I a victim of illegal bait and switch mortgage fraud?

My wife and I recently purchased a home and I think we were victims of bait and switch mortgage fraud and I wanted to find out of what happened to us was illegal, or just very strange. We were first ...