Stack Exchange Network

Stack Exchange network consists of 174 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).

11
votes
4answers
4k views

Refinancing immediately after closing on a house purchase

I recently purchased a new home as a primary residence with a 4.375% 30 year fixed mortgage. I discovered, a little too late in the process, that I could find rates significantly lower elsewhere -- ...
3
votes
2answers
255 views

Apartments are far more expensive in my area. Should I seek a house on limited income?

So, where I live: the cheapest apartments are within $150/mo of a two story house + basement. There are more modest lots available, and this more modest housing is my goal (maybe). Preliminary ...
0
votes
3answers
333 views

Down payment of 15% vs. 20% - pros and cons

We are buying a home in CA and we would like to know if there is either any financial benefit or disadvantage to a 15% down payment compared to a 20% down payment in our situation. We are pre-...
2
votes
4answers
4k views

Still have mortgage on old house to be torn down- want to build new house [duplicate]

Here is my situation: My husband and I have a house that is over 60 years and we still owe a mortgage on it. The house is in need of lots of repairs and we feel that it would be a money pit if we ...
0
votes
1answer
187 views

Sell house at a loss or wait for a buyer at a better price?

I've been trying to sell my house for a while and I'm actually renting elsewhere now, closer to my job, during the week. The house is priced where the real estate agent recommended and we have ...
10
votes
3answers
356 views

What's the normal course of events when someone who owes on a mortgage dies?

Alice owns a house she lives in and has a mortgage on it. She unfortunately dies, owing money on the mortgage. Her son Bob inherits the entire house. Assuming nothing too far out of the ordinary, ...
1
vote
2answers
258 views

Overpaying or look to pay off mortgage

I have a mortgage that 10years fixed at 2.75%. the remaining balance is about 70k and the monthly repayments are $1135. I got it it in 2015 and I'll pay it off by 2025. I have about $45k in savings ...
4
votes
1answer
274 views

I own the condo but not the (13 year old) mortgage. What should I do?

This was my mother's home in Florida. She died and left it to me via ladybird deed. It has about $40,000 equity. I have been paying the mortgage out of my bank account for years - since long before ...
3
votes
1answer
226 views

Mortgage Company Holding insurance premium payment til repairs made

I am 70 years old and not in good health and do not know what to do to get my problem solved. My home was damaged by Hurricane Irma Damage estimate: $7500 My deductible was high: $13,200 So I ...
3
votes
1answer
103 views

Maximum number of cosigners on a home loan?

Is there a "maximum" allowed number of cosigners on a home loan? I notice there are some areas with very nice homes large enough for even multiple families to comfortably live in, however as expected ...
21
votes
7answers
8k views

Can an unmarried couple buy a home together with only one person on the mortgage?

Suppose there is a couple, Clayton and Emma. Clayton is 26 and has a good job making over $75k a year, Emma is 20 and still in college (she doesn't have any student loans but she has no job and no ...
2
votes
2answers
135 views

Paying Off Mortgage Sooner

I have $400.00 extra each month to put toward my mortgage. Is it better to divide it up and make three separate additional principal payments during the month ($133.33 each time) or is better to pay ...
1
vote
1answer
123 views

How to calculate the payments going into interest and principal on a reverse amortization loan?

I'm trying to figure out the relative amount of the payments that are going towards interest and principal each period with a loan in which you pay more towards principal in the beginning and have it ...
4
votes
1answer
866 views

Impact on mortgage offer of changing interest rates in the UK

I live in the UK and my partner and I are about to buy a house. We have a mortgage in principle from a bank, which indicates the mortgage rate (fixed 5 years). We have just started doing all the ...
1
vote
2answers
351 views

Additional mortgage payments don't automatically go toward principal?

I have a 4.51% ARM (with a credit union) on some land I own. The monthly mortgage payment is $83.27. I increased my monthly payments to $250.00 but recently discovered the extra money ($166.73) was ...
3
votes
1answer
123 views

UK House buying deposit from sale of current property?

We've just started overpaying on our mortgage so it costs us less in the long run due to interest. However at some point in the semi-near future, we'd like to move house. With this in mind, should we ...
4
votes
3answers
294 views

Is there any reason not to buy points when re-financing with intent not to sell for a while?

When re-financing a mortgage, typically you get better rate when you buy points. A typical advice regarding whether to buy points seems centered around "if you plan to sell soon or pre-pay, points ...
0
votes
2answers
146 views

Keep my second 401k or pay a chunk of mortgage? [duplicate]

I am 28, single (with no lady in sight), and I earn a high salary in a tech job. After moving to a new job, I have a 401k account from my previous employer (through Principal, employed for 2yrs) ...
3
votes
0answers
567 views

First time homebuyer, want to buy an old house tear down and rebuild

My spouse and I have never had a mortgage. We're pre-approved for about a $600k mortgage, which we want to use to buy an older house to tear down and completely rebuild. The initial price on these ...
3
votes
2answers
229 views

How should you compare mortgages?

There are many mortgage options available in the market, differing in Whether they are tracker or fixed Spread above the base rate (for trackers) Rate (for fixed rate) Length of "teaser period" and ...
0
votes
1answer
162 views

What is serviceable income factor and how its use in calculation?

I want to borrow a loan.Loan for 25 years and 3.75% is interest rate.I have calculate a surplus amount but I can't understand Serviceable Income Factor and Interest Rate Buffer. salary=4000; // ...
2
votes
1answer
154 views

What are the consequences of not claiming a home you own as a “primary residence”?

I am single and live with my parents. We currently rent out. My parents want to buy a house that is about 150 miles from our current residence and my workplace. They do not have any income. Supposing ...
1
vote
1answer
232 views

Can a high down-payment on a house offset the need for proof of income?

Say someone has a small business and is self-employed -- therefore, they don't have any proof of income in any way (assume such an example). This person, however, has 75% of the down-payment on a ...
2
votes
2answers
248 views

Can I partially repair what home insurance paid for?

My home has water damage from a faulty gutter, that basically created a waterfall that splashed on one particular part of the stucco. The water eventually bubbled the exterior paint in that ...
-1
votes
3answers
1k views

Why do financial planners say to pay extra to your mortgage?

I read articles all the time by financial planners who you want you pay off your mortgage early. That's all well and good but then they make suggestions such as paying extra each month on your ...
8
votes
3answers
2k views

Is it possible to have 2 residential mortgages at the same time in the UK?

I have recently taken out a residential mortgage on a property that I live in with my family, the property belongs to my parents as they made the payments for the mortgage deposit and they also make ...
1
vote
1answer
97 views

Do mortgage offset accounts typically accrue interest at high balances?

Say someone has a 100% offset account on their mortgage. This means that if they have: Loan amount: $150k Offset balance: $100k ...then their interest is computed as if they only owe $50k on the ...
4
votes
2answers
177 views

Is a “primary residence” the place where you live most of the time?

Suppose Susan works in NYC and rents out a small apartment there. She wants to buy a large house out in Pennsylvania. In order to get the best mortgage and tax rate she needs to claim her Pennsylvania ...
2
votes
2answers
159 views

Using future income estimate to buy a house?

My wife and I recently sold our house, and are looking for a new one. One of the major reasons we chose to sell is that our monthly expenses typically exceeded our income, so we would just chip away ...
1
vote
0answers
91 views

Purchasing insurance to protect lender, in a personal family loan situation

I know that mortgage lenders generally require homeowners purchase home insurance, with a loss clause payable to the lender. But what if it's a family loan, and the borrower is not cooperative? The ...
1
vote
1answer
278 views

How do private reverse mortgages work?

In the next few years, my elderly mother will likely need access to the equity in her house in order to continue to keep up with expenses and property taxes. She owns her house outright. A reverse ...
2
votes
2answers
148 views

Is it possible to incur closing costs before closing on a home, by backing out of contract too late?

Someone I know is purchasing a home and has already gone through the inspection, commitment period and all. While waiting on the lender and lawyers to get everything ready for closing, this buyer ...
3
votes
2answers
217 views

How is price increase factored in when I sell my house?

I do not own a home but I am just wondering how capital gains work on a house which is not completely owned by me? For example if I bought a house for 100k and I did put 20%(20k) down to buy that ...
6
votes
3answers
722 views

Pay off entire mortgage or put into investments

I am currently living in a house with my family, which I see 5 - 10 more years left, until we move onto to a new home. I have received a lump of sum of 600k that would be enough to pay off my entire ...
3
votes
4answers
733 views

Looking to buy a property that's 12-14x my income. How can it be done?

I currently have insignificant income due to the fluctuations of my line of work -- entrepreneurship. I do not have any steady income and can't guarantee minimums always -- but I have done some ...
9
votes
6answers
2k views

How is not paying off mortgage better in normal circumstances?

I have been in USA for 10 years and most people I know have 30 years mortgage which they do not prefer to pay-off even though they have cash hoping to make money in stock market. Now, say mortgage ...
0
votes
2answers
265 views

Math Behind Buying a House with Calculations

This is a follow-up question to Math Behind Buying a House As many answers pointed out, my calculations in the previous question were flawed. What do you think about the updated calculations below ...
1
vote
1answer
244 views

How to buy a flat with a loan from NRI friend

I am intending to buy a flat worth 60 laks rupees in India, I am an Indian Citizen. I have 35 laks rupees in my bank (sale proceeds of a flat) and I want to fund the remaining 25 laks as; 15 laks ...
33
votes
9answers
15k views

Math Behind Buying a House

Is following calculation correct? I spend $1500/month on average on rent. If I rent for the next 3 years, I would be spending $54,000. I can buy a house for $220,000 today and spend the same amount ...
16
votes
1answer
4k views

What does a mortgage percentage rate really mean?

I'm wondering if I could get a detailed explanation on exactly what a mortgage rate really means. For example, if you have a $250,000 mortgage, with a 25 year amortization, at 2.95%, with a 5 year ...
2
votes
1answer
95 views

Bank loan question, purchasing property with my partner

My partner and I are looking to purchase a flat together in the very near term and have a question we were hoping someone might be able to shed some light on before we approach the bank with our plans....
0
votes
1answer
641 views

Effective interest rate for mortgage loan

I'm currently deciding between taking loan with down payment and no down payment. To get behind the idea, I read a case study from a finance textbook. I get the basic math and understand concept of ...
1
vote
3answers
149 views

How are mortgage payments decided? [duplicate]

I always used to think that monthly mortgage payments had fixed proportion of interest payments and house payments (determined by rate and term). But, I recently heard that you start off with making ...
-1
votes
1answer
750 views

Is is possible to take a mortgage using Bitcoin as collateral? [closed]

A few days ago I've asked a "wrong" question: What are the pros and cons of buying in cash and remortgaging vs taking a mortgage right from the start? It wasn't the actual question I wanted to ask. ...
73
votes
6answers
25k views

Currently sole owner of a property. My girlfriend is looking to move in with me and is offering to pay 'rent'. Am I at risk here?

I currently own a flat (UK) and have a mortgage for said flat. My girlfriend is looking for a place to stay and it would seem mutually beneficial that she stays with me. She has offered to pay 'rent' ...
3
votes
2answers
176 views

How much is saved by changing the date of monthly mortage payments?

My mortgage is paid on the 25th of every month by a direct debit. I could change this payment to the 5th (as the money is waiting in my account). I assume (perhaps mistakenly) that I then wouldn't ...
0
votes
3answers
270 views

What are the pros and cons of buying in cash and remortgaging vs taking a mortgage right from the start?

I was wondering what are the best options. Of course if depends so I would like to know what are the pros and cons of each solution. One obvious that came to mind - buying in cash allows to act at a ...
2
votes
2answers
106 views

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 ...
92
votes
19answers
30k views

Are my parents ripping me off with this deal that doesn't allow me to build my equity in my home?

When I bought my condo with cash for $155k, I paid $40k of my own money and my parents lent me $115k. Our agreement was that when I eventually sold the condo, my parents would get 75% of the gross ...
3
votes
2answers
181 views

Pay off taxes with new home loan

Bought our home for 230k in 2010. It will now sell for 390k. We are interested in buying our "dream home", which is 520k. At this time we have $6k in owed taxes. Is it possible during the sale of ...