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Questions tagged [mortgage]

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

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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 ...
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3answers
2k views

Why are interest rates for home equity loans higher than for a mortgage?

The interest rates I see advertised for home equity loans are typically a little higher than the rates for mortgages used for a home purchase. Why is this? Is the reason because a home equity loan is ...
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0answers
54 views

Should I pay off my wife's student loan before saving for a new house? [duplicate]

My wife and I will be debt free (aside from current mortgage payment of about $3k/month) and my wife's student loan (about $30k left). Interest rate is 3% Combined HHI ~$250k (In the NYC area, not ...
6
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3answers
899 views

Mortgage renewals

I need advice on mortgage renewals. I have a mortgage with twenty year period. I have been paying it for almost five years now. I recently came to know that there is a mortgage renewal process every ...
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2answers
1k views

What is the formula for calculating the total cost of a loan with extra payments towards the principal?

If I have a 30 year mortgage of $200,000 with an APR of 4.446% I can calculate how much my monthly payment will be and how much the total cost of the loan will be. But what if I have an extra $200 to ...
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2answers
96 views

Mortgage loan payoff

The current principal balance on my loan is 13,293,63, however, in calculating the principal only portion from the bottom of my amortization schedule to my current payment the total is 3,476.27. Am I ...
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2answers
303 views

How will Brexit affect house mortgages?

I'm a software developer who recently moved from Eastern Europe to the UK and I'm considering applying for a mortgage. I have a good deposit to offer (30%), which should ensure that I will get the ...
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1answer
78 views

Line of credit for investment

My house value increased in the past 3 years, is it possible to use that to obtain a line of credit (currently i have 1 single mortgage) and convert this to cash/use it as a downpayment so i can ...
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1answer
98 views

personal heloc to pay off rental

I have 4 properties with reasonable cash flow. These are owned by my LLC. At current payment schedules, 1 rental pays off the property in 4 years, the next in 6 Years, the next in 9 years, the last ...
3
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2answers
980 views

Buying points on a mortgage

Several questions on this SE have asked whether one should pay points (or even what they are). All of these questions appear to only look at the nominal cost, not the inflation-adjusted costs. Is it ...
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3answers
8k views

If I can put together a loan that pays out like a 7.579%-a-year loan, but has a total term of 18.63 years … would you be interested?

I'm reading about Household International's fraudulent mortgage interest rate. According to Michael Lewis, Household disguised a 15 year, fixed-rate loan as a thirty-year loan. The sales would offer ...
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2answers
380 views

Paying off Mortgage with unsecured debt [duplicate]

Question Are there any downsides, or side-effects to paying off the remaining balance of a home mortgage with the help of an unsecured loan owed to a relative? Are there legal considerations that ...
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5answers
3k views

Should I lower my student loan payments to keep my account open (and credit score up)?

I am looking to buy a house within the next year or two. My issue is that I have a little under $2k in student loans. I could pay that off at any time and the interest is barely $2 per month. I ...
15
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5answers
6k views

Dad gifting me a house for 2 years, how to deal with taxes?

My dad is moving to Florida. He loves the house he has in New York. He wants it to stay in the family but I can't quite afford the mortgage yet. I have a wealthy cousin who said he'd hold the NY house ...
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1answer
573 views

Is it a wise investment to buy a second home and rent out the first?

I currently live in a house that I own with my parents. 2 years ago I got a job which lets me work remotely,and since then I wanted to move out of state because this house is in an state with killer ...
3
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1answer
142 views

Does new spouse have to go on the house title when it's refinanced?

The home was purchased when the mortgagee was single; they've subsequently married. They're attempting an FHA streamline refi, and the mortgage broker told them it was required for the new spouse to ...
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2answers
4k views

Is “odd days interest” really a thing in a mortgage refinance?

I've got a question on closing costs for a mortgage refinance. For whatever it may be worth, this is a FHA streamline refi. One of the closing costs is "odd days interest". This was explained as ...
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1answer
157 views

Do I have to replace the roof immediately after insurance payout?

I have a $8500 bid to replace the roof after hail damage. Obviously, insurance isn't going to pay out all of it. After the deductible and depreciation, I'm looking at $3700 payout. Are they going ...
2
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2answers
111 views

Should I accept an interest rate lock agreement that is not guaranteed?

This question is specific to US. Washington state if it makes any difference. we applied for a home loan with first choice. they provided us an interest rate lock agreement which reads like this: ...
4
votes
3answers
691 views

Should we buy a house, or wait?

I am a 22 year old currently renting accommodation with my partner in the UK, and we are wondering if now is a good time to buy a property, and whether or not we can afford it. As background, my ...
3
votes
1answer
188 views

Parents bought my house

My parents bought my house with cash when I was going through a divorce, and now I owe them 1/3 of the money back. What is the best loan option for me to get so I can make one payment back to them? ...
0
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1answer
68 views

Rent home temporarily with new owner occupied loan

We are buying a new home with owner occupied financing, but cannot move into it for about 9 months and would like to rent it temporarily before we move in to offset costs. Once we move in we will ...
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2answers
225 views

How to buy a second home while keeping the first and not paying for two mortgages?

I currently live in my parents' house for which I am making the mortgage payments (as a kind of rent). But I would like to buy my own house and move out, and my parents don't want to sell their house. ...
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2answers
206 views

First home buyer, financing questions

My and my wife are planning to buy a home or apartment in Florida. We dont know what kind of property would be the best choice so we wont regret it in the future. Our monthly income is around $4000, ...
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3answers
284 views

Selling a Home For Its Value vs Selling a Home For Its Mortage

Say I buy a home at the listing price of 100K. Let's assume that the loan amount is 150K. Later, when selling the home, let's assume that the market has not changed and that I sell the house for ...
3
votes
1answer
325 views

Can I co-own property in UK as a house wife?

Asking on someone's behalf but I will act as them. My husband owns a house in UK with his brother, both of them are on mortgage as well. Even though my husband pays all the mortgages his brother now ...
1
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1answer
123 views

Mortgage documents vs Credit report: am I mortgage-less now?

I live in Chicago IL area, and had some issues with paying my mortgage over the past 2 & 1/2 years. The original mortgage company ended up selling to another company after I filed chapter 7 ...
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0answers
88 views

Should I refinance my 15 year mortgage to include my HELOC balance?

I have a HELOC with my local bank. The draw period is 10 years and the term is 15 years. I still have balance that equals 95% of the line of credit. I only have about 3 years left on the draw period ...
9
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5answers
5k views

Borrowing money to buy shares for cashflow?

I currently have lots of equity in my house in Sydney. I am holding 2 investment properties that are negative and really draining my cash flow as we have young kids and wife only works part time. I ...
4
votes
1answer
172 views

Mortgage for retirement home when retired

Planning to retire in about 1 yr. Currently own our home outright with a current value of $450,000. Other assets total about $1,900,00. No debt. Are there any issues in obtaining a mortgage for a ...
5
votes
5answers
307 views

Could you get approved for a mortgage with no credit history?

There are questions on this site that ask whether or not bad credit is worse than no credit. There are questions regarding how to stay out of credit card debt (or debt in general). There are also ...
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2answers
189 views

Shared ownership/Fair payout

In a house with 3 shared ownership, one moves out and the other assumes payment. How do we determine a fair payment amount to the person that moved out? The 2 were a married couple who put down 50% of ...
3
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1answer
173 views

Removed late payment, score went down

I'm in the process of securing a mortgage. My mortgage lender pulled my credit score approximately a month ago and it came back at 695 which was lower than it has been in the past. We assumed it was ...
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2answers
269 views

Why is the mortgage interest rate for a 15 year loan lower than a 30 year loan?

Current interest rates look like you can get a 15 yr mortgage at 3.25% and a 30 yr mortgage at 3.99%. This translates into paying $90,363.30 more for the 30 yr mortgage. Why do banks charge a ...
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2answers
105 views

Number of Repayments [duplicate]

Say for example I take a 30 year mortgage and I make repayments fortnightly. How many repayments will I be making, will it be exactly 780? If so, how does one account for the extra days?
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5answers
4k views

Paying extra on a mortgage. How much can I save? [duplicate]

Can I pay $12,000 extra once a year or $1000 every month - which option is better? The first option does sound better, but for a 30 year mortgage, is it that significant? The mortgage is for $527,...
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3answers
257 views

Student loan vs selling one property

Thank you in advance for taking the time to click on my post and for your input. I will try to get into my question in short sentences My income is just over 100k a year. My wife is in school and ...
3
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1answer
209 views

Legitimate ways to release an unpaid mortgage?

(State of Oklahoma, USA) Someone I know sold a house and held the mortgage personally. The buyers paid promptly for several years, but then developed several medical problems and are all on ...
6
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2answers
266 views

Sell home and buy a smaller one for cash?

Wondering what the unknown gotchas that would be involved in my selling my home and with the profits, buy a smaller one for cash to avoid mortgage payments. Some info: I live in California, U.S.A.; I ...
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2answers
184 views

I co-own a house with my Mom. Should I move it under my name 100%?

I purchased a house as a non-occupant buyer with Mom a year ago. It is her home. Good decision at the time for a few reasons and I put down the full down payment (20%). I am thinking that long term ...
1
vote
1answer
67 views

How do I choose a bank for a mortgage on property overseas?

I'm looking for a bank that can offer me a mortgage for a flat overseas, Hong Kong, that one of my relative is trying to sell. Issue is I have no ideas on how to do that. My questions are the ...
23
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6answers
8k views

Emotionally driven to buy a house. Does it make financial sense?

I am a US citizen living in Europe, so this question might be complicated by tax laws, but let's just ignore them for now. Basically, I am really emotionally driven to buy a house but am realizing ...
0
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2answers
286 views

How to calculate APR for a fixed rate loan due before amortization end date?

I need help with the following question for a homework assignment related to finding the APR for an investment class. Here's the question: Calculate the APR for a $500000 fixed rate loan amortized ...
2
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1answer
202 views

Significant personal loan to pay off mortgage

Hello me and my mom have purchased a home the past year and doing the math, the payments looked do able, but I started nursing school and my mom is disabled getting a pension and SSI. We have two ...
2
votes
1answer
117 views

Should I refinance my primary home, take cash out to pay off my investment property?

My primary home has an interest rate (15 years) 3.125% and 100k mortgage loan left. I have just bought a second home for investment with the rate 4.625% for 30 years. Should I refinance my primary ...
2
votes
2answers
725 views

Should I pay off my student loan in the UK before getting a mortgage?

I've had a search around and there is a similar question here and maybe here. However, I think this use-case is slightly different (not to mention those answers are US based), and also the answer to ...
3
votes
4answers
193 views

Should I fund a move by borrowing or selling other property assets?

I have a mortgaged property in the UK where my family live. I still owe the bank about 80k on this property, which I repay at the rate of about 8k per year. The interest rate on this loan is about 5%. ...
4
votes
2answers
108 views

Income testing for mortgage rate switch application (UK)

A mortgage broker is offering me a 2 year fixed deal. I raised the issue that, supposing I became unemployed 2 years from now, could I be stuck on the SVR when the fixed term expires, due to being ...
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2answers
121 views

Why doesn't my mortgage journal entries balance?

Beginning 221,967 Payments 28,250 Interest, taxes, insurance 16,212 out of balance -2,394 Ending Balance Actual 212,323 It is not escrow
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2answers
605 views

How come more interest than principal is paid at the start of repayment? [duplicate]

How come more interest than principal is paid at the start of home loan repayment? What's the rationale?