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Questions tagged [mortgage]

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

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Do I need to remortgage to get rid of PMI with a new appraisal? [duplicate]

I asked this question about whether I need to re-apply for my mortgage in order to not have to pay private mortgage insurance anymore. All answers mentioned that this is not necessary. However, I'm ...
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103 views

Saving extra cash - for earlier mortage repayment or creating passive income

My girlfriend and I are thinking about buying a flat. Paying mortgage rate close to what we pay for renting would take us 15 years to pay 250,000. Right now we're paying 1600 a month for renting a ...
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1answer
117 views

To Cash-Out Refi or Not?

I have a 3 option scenario and I really can't decide what's the best move here. Here's a little background on my husband and I's current situation. We are focusing on rapidly paying off our debt. We ...
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5answers
2k views

Possibilities of Mortgage with incalculable Credit Score

I am 23, and I'm following Dave Ramsey's TMM plan. I am concerned, however, about completely closing credit accounts etc. due to the fact that I am not yet a homeowner. I do not want to dig myself ...
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2answers
137 views

Pros and cons of these 2 methods of property financing

Suppose a person wants to buy a property. There are 2 methods of financing that come to mind; 1) Get a mortgage and borrow up to 80% of property value to buy the property. This is so that not too ...
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1answer
203 views

Do I need to remortgage to get rid of PMI?

I called my lender last week. I am close to owning 20% of my home and want to get rid of PMI. They said I can only do it by remortgaging my house. Is that true? With the mortgage rates increasing, I ...
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2answers
137 views

Multiple Investment Properties under One Mortgage

I have been leveraging for a few years now and have managed to get a few mortgages on investment properties. All the properties perform very well, are income producing and have at least a 60-80 ...
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3answers
678 views

Should I get a 15 year mortgage or 30 year mortgage on a house we’ll stay in 3-5 yrs?

Sorry this is a bit long. Novice homebuyer here...We just put an offer in on a house at below estimated value. It was accepted today. We qualified for an FHA loan. We have closing costs covered and ...
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2answers
135 views

Missing Quarter in Form No 16

My previous employer has mistakenly no mentioned the Q3 in my Form 16, but it has the details of Q2 and Q4. I have applied for a home loan and the bank wants it clear. But the problem is that the ...
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2answers
853 views

What is the formula for calculating the mortgage constant when payments are made at the beginning of the period?

In this case, the mortgage constant (or loan constant or debt constant) is the (in my case, annual) ratio of constant payments to the original amount, like here: http://www.double-entry-bookkeeping....
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6answers
3k views

Should I max or min my affordability on a new home?

Situation: Around 1,000 month disposable between 2 of us. Current mortage outstanding balance is 95k on a 120k property, saving almost entirety of disposable income. Now the situation has arisen ...
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0answers
102 views

Freddie Mac purchased my mortgage, is this temporary?

I just received a letter from Freddie Mac stating that they had purchased my one month old Pulte mortgage loan. I'm expected to keep making my payments to Pulte, my servicer, but am wondering if ...
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2answers
288 views

Save up more money than necessary for house purchase or borrow more?

I live with my parents and thus have very little expenses and believe I am saving quite well, even have some money in shares. Have a stable job (albeit relatively low paying as I am a junior, just out ...
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5answers
6k views

Should I continue putting additional money towards principal of mortgage?

I have been putting extra money toward the principal of my mortgage since we purchased our home last summer. However, due to circumstances, I have reason to believe we will already be moving in the ...
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3answers
360 views

What mortgage term to go for (short term)? [duplicate]

I current have a mortgage with less than 14 years on the term with an outstanding balance of approx 100k. I will be moving house in the next few months, but the house I move to (purchase) will only ...
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1answer
97 views

What if we don't end up occupying a property on time, bought as a primary residence?

We have an offer on a property we intend to live in as a primary residence. It's normal for these loans to want occupancy within 60 days. In this case the seller wants to rent back for roughly 50 ...
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1answer
122 views

How do equity, amortization, and market value factor into net profit on a sold house?

TL;DR: If I buy my first house at $500k using an FHA loan, and I want to eventually buy a $1MM home (with a conventional 20%-down loan), how do I calculate the time at which the sale of my first ...
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1answer
65 views

What does the FHA insurance schema actually mean?

Because of my low savings, but high-income/high-credit-score scenario, I'm only able to get my first house by using an FHA loan (as far as I can tell.) I want to do a 3.5% down, 30-year loan for a ...
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2answers
150 views

Is there a standard way to calculate property joint ownership percentage when one party has put in zero deposit? [duplicate]

Is there a standard formula/convention to calculate the % of ownership on a property based on the following situation I am buying property together with my partner and her mother. Lets assume for now ...
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2answers
439 views

For someone who already has enough cash to buy a home, isn't it better to wait and take mortgage when interest rates are high?

Contrary to common wisdom in media the reasons why I think that taking mortgage at higher interest rates may make more sense are that: Almost all mortgages are callable by borrower. Hence, if you ...
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1answer
2k views

What should I be concerned with in buying a house for less than the market value? [duplicate]

I've grown up in my grandparents house my entire life. They lived two miles away my entire life. Sleep overs, dinners, barbecues, etc. It's been the plan since I was a kid to buy the house when I got ...
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1answer
73 views

In which state do I file a complaint (mortgage lender)?

Every State seems to have their own Mortgage / Finance Department. The mortgage in question is with "The Money Source Inc" which as far as I can tell is based in New York State (though their mortgage ...
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2answers
208 views

How to fairly divide a jointly owned house (not with a spouse)?

So I am looking at buying a house jointly with my cousin. I have a higher income and better career prospects, they have a larger proportion of the deposit. Neither of us would be able to break into ...
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8answers
6k views

Does having a credit card make it easier to get a mortgage?

I've never had a credit card and the only debt I have is my student loan. A number of my friends and family who have credit cards have said that having one makes it easier to get a mortgage as you'll ...
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1answer
100 views

Capital gains tax on my home sale where my dad was sole owner

3 years ago I paid to buy a house for $47,000 but was fresh out of college and therefore could not qualify for a mortgage, so my dad signed on the house. After fixing up the house, I closed a sale for ...
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0answers
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Discount point maximums and Taxes

I'm currently considering a jumbo loan mortgage (667k) and paying down as many discount points as possible to reduce the interest rate. I've asked several lenders for "most possible discount points" ...
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1answer
173 views

Does the official county appraisal count for PMI calculation?

I contacted my county's tax office today and I was told that my home is appraised $7,000 more than it was a year ago. Great news, especially as I'm fighting to stop paying private mortgage insurance (...
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1answer
190 views

Someone is buying me out of a mortgage, what kind of taxes should I expect?

About 9 years ago, I co-signed a loan for a mortgage with a family friend. I basically was just a co-signer, I didn't contribute to the down payment or any of the monthly mortgage payments. Since ...
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1answer
60 views

Will I be able to get an FHA home loan if I opt for a voluntary repossession on my current auto loan?

What i'm asking is will my credit go down that much and if I decide to voluntary repo? I'm currently at 650. If I can't get a FHA loan what are my options for buying a home with a repo on my credit ...
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3answers
173 views

Prepay a loan options: reduce monthly payment or shorten loan period?

I have a mortgage, fixed interest rate, 25 years. I saved some money and I want to prepay part of the loan. The bank asks me to choose between 2 options: Keep the monthly payment the same, and reduce ...
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1answer
160 views

What other questions should I ask my mortgage provider?

I am in the UK. In January 2007 I took out a 25 year repayment mortgage, which permits overpayments (which may be set up to either reduce the term or reduce the monthly payment) and also permits me to ...
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0answers
913 views

Adding land to an existing mortgage

I am in the process of trying to purchase a lot of land right side of my property for 15000 from same owner. What I need to know is if it is possible to add the land purchase into a home mortgage ...
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1answer
192 views

How to get a mortgage with low income but good assets

I have low income about $50,000 a year since divorce. But I am about to sell my house for $2 million, and possible gain about $1M profit. I can put a down payment of $300,000 to down size to a house ...
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19answers
28k views

Should I buy my house in cash, or with a mortgage and invest the rest of my money?

I can afford to buy a house (to live in myself) in cash. Most of my investor friends tell me this would be a dumb idea, because I could earn more in interest by buying the house with a mortgage and ...
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1answer
73 views

Discount points and mortgage prepayment

I currently have about $10,000 in seller credits which I plan to apply to discount points at closing (~600k loan). However, I'm also planning to prepay this 30 year mortgage, targeting 10-15 years for ...
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5answers
5k views

Preapproved for mortgage loan but won't tell me interest rates

First Time Home Buyer/Shopper Spent about 30 minutes on the phone with Quicken Loans (Rocket Mortgage). I provided all of the expected information when running a credit check and painting a financial ...
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3answers
7k views

Why would a lien appear on a mortgage after 17 years?

I have a 30 year, fixed rate mortgage from the year 2000. I have never missed a payment and don't have any other debt. A couple of months ago, I a got a letter sent by a company I never heard of (...
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1answer
228 views

Seasonal Principal payments on a term loan [duplicate]

I need a way to calculate the loan amortization on a 7 year term loan that only has 8 principal and interest payments per year and 4 interest only payments.
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0answers
130 views

750K mortgage and 10K property tax deduction limit - applies to LLC?

Does the 750K mortgage and 10K property tax deduction limits apply only to individuals, or LLC and other corporations as well? Follow-up question: if someone split up property ownership between an ...
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0answers
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Home equity loan against foreign property

I'm a United States citizen and own a house in Canada. I have a clean title and the entire house is paid off. Is it legal for any United States banks to give home equity loans against this foreign ...
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1answer
632 views

Type of loan needed when demo'ing old home on property we own ($0 debt) for new home construction

My husband and I own property with an existing low-value home on it that is too cost restrictive to remodel with no loans/liens against it. We need to demo the existing home for new construction. ...
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1answer
175 views

Investing savings in the Netherlands

We're a 2 job household, 33 years old, salary roughly 50-50% split, with one small child. We bought a house in the Netherlands in Nov 2015 with a 10 year fixed rate mortgage of 166k euro @ 2.3% ...
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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 ...
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1answer
148 views

Formula for Calculating Periodic Fixed Payments with Multiple Rate Changes

I'm trying to figure out how to extend the formula provided by Chris Degnen in this previous question What is the formula for the monthly payment on an adjustable rate mortgage? to add in a third ...
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3answers
372 views

Is it possible to get a mortgage with less than 20% down without private mortgage insurance?

(In the USA) Looking around the Internet, I see many places saying that private mortgage insurance (PMI) is almost certainly going to be required for any mortgage with a less than 20% down payment. ...
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1answer
3k views

Preparing for a mortgage application in a year and a half

My wife and I are planning on buying a house in 1.5 years from now. We are going to be applying for a home loan in the month of May, 2019. We have a few things we know for a fact we need to take care ...
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2answers
194 views

Finance or not new car when planning to buy a house?

I have 50k in savings and need to buy a new car to go to work. Car costs around 13-16k. I can pay it directly or finance it (6k paid directly and then about 80€/month). But I am planning to buy a ...
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8answers
7k views

How to split home equity fairly where contributions differed?

My partner and I purchased a house together in DC. We each put the same amount down, but because of our salary differences, I pay 2/3 of the mortgage, and he pays 1/3. We have made a great deal of ...
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1answer
136 views

Mortgage payment which starts after a year

Is there any kind of mortgage in which the first payment due starts after a year? If so, what is it called (I don't mean the one that you need to prove financial hardship).
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1answer
317 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 ...