Questions tagged [mortgage]
A mortgage is a loan that is secured by real property (land, buildings).
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Do you have to pay taxes on a Unison "investment"?
I keep getting these Unison solicitations in the mail. Another question discusses whether or not this is a good deal in general, but one thing I don't see mentioned is taxes. I have searched quite a ...
user12515
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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 ...
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Mortgage interest deduction limit: omit house?
We have an unusual situation with the mortgage interest deduction limit. We moved late in the year; as a result, we had two mortgages, #1 and #2. #1 was most of the year and had a typical amount of ...
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How does “Velocity Banking” actually work?
I’ve seen this mentioned a few times now in various financial articles, but it smells like some kind of “system” a gambling addict would come up with to “beat the house”. Doing a web search on it, I ...
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Recapture of portion of Federal subsidy
My state offers a mortgage program which stipulates:
The Internal Revenue Code includes a restriction relating to such
mortgage loans. The Federal government treats homebuyers who purchase
a ...
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I want to be a landlord for a family member. How do I structure my mortgage?
My father-in-law is wanting to live the remainder of his life in a nice bungalow near our family. I've agreed, in principle, to be his landlord.
Let us work with the following numbers:
House price ...
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FHA Loan for legal alien
I'm trying to get approved for a FHA loan and I'm 95% there, was supposed to close in 2 days but we made an extension since we're experiencing some complications.
My family and I applied for ...
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Pay off my mortgage before getting another other?
I have a £70,000 mortgage on my house.
I am about to come into £170,000. With this money, I want to pay off my mortgage. Turn my house into a rental property and use the remaining £100,000 as a ...
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Mortgage fix ending - but buying new house soon
Our 5 year fix ends next week, but we've just had an offer accepted on another, more expensive, property.
As I understand it, we've got two broad options
Pay SVR until we complete on new property (a ...
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What are the correct terms for a fixed payment with variable rate mortgage vs variable payment with variable rate mortgage?
What are the correct terms for a fixed payment with variable rate mortgage and variable payment with variable rate mortgage? I've read on some articles that a variable rate mortgage and adjustable ...
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Stamp duty first time buyer renting after 6 months
I'm looking to buy my first house, but I'm only planning on living in it for 6 months or so before going cycle touring next summer (covide dependant..!). I'd like to rent it out for 6-12 months after ...
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Are there standard mathematical models for rent vs. buy?
The internet has a lot of "calculators" to decide on rent vs buy. However I think there can be simple mathematical models/formulae to make this decision. I see the following variables, some ...
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Wonky credit score situation, when should I refinance?
Back Story
I had 750+ credit in February when I decided to look for a home.
Searched for a home w help from a friend and my brother
Worked with the agent to set everything up
The sellers were looking ...
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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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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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How to read loan estimate, what to look for?
We are buying a newly constructed house and have been trying to compare loans from 2 different lenders (builder lender and our own lender). They both sent us the loan estimate sheet in similar format ...
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Downsides to refinancing with only one spouse?
My wife and I are talking with a lender about refinancing our home loan. Currently, our loan is in both of our names, as is the title. (This is a Lien Theory state, if relevant.) The house was ...
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I forgot to file my T4 tax form. Will this affect my mortgage?
I'm in Quebec, Canada. Tomorrow I am submitting an application for mortgage through a mortgage agent.
Because I started working at a new job in December 2014, I was asked for my T4 forms and notices ...
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Underwriters refusing to use TheWorkNumber
Earlier this year, an underwriting department informed me they are no longer allowed to accept TheWorkNumber for employment verification purposes on any Fannie Mae Freddie Mac loans because of ...
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Removal of ex partner from help to buy scheme and mortgage
Context
Mortgage and Help To Buy UK scheme is in two names. The house was purchased just over two years ago. So still some time before the equity loan repayments, for the Help To Buy kick in.
I have ...
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Is there any compensation or financial aid for essential workers who died from COVID-19?
My mom was an essential worker (production plant) and contracted COVID-19 in July 2020 and died from it in August 2020. Her work required symptomatic people with no PTO to report to work or be ...
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Is it possible to get a mortgage in the UK with a Tier2 ICT Visa
I currently live in the UK under a Tier 2 ICT visa and have been contemplating the idea of buying a house. Would I be able to get a mortgage with this kind of visa?
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What is my liability if I walk away from a refinance at the closing table?
Decided it was time to refinance my mortgage. Shopped rates and picked an offer, then jumped through all the hoops of getting the home appraised, providing all of the documentation the lender needed, ...
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How compute mortgage interest deduction for two mortgages that together exceed the max allowed indebtedness?
We have a mortgage for about $650k on our primary residence. It dates to 2012, i.e., to a period where $1M was the maximum allowable indebtedness. We also have a mortgage on a vacation home (which we ...
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Saving for a house, is holding money in the bank account currently wise?
I was currently saving to buy a new house with as lowest mortgage as possible (have currently money in the normal bank account without any interest rates) and planning to make a buy around the middle ...
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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 ...
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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, ...
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Agent Comission rebate when not listed on HUD-1
Our mortgage consultant mentioned that the lender did not approve of multiple rebates we received (Seller's credit, rebate from the Mortgage Consultant). As a result, the commission rebate from the ...
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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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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 ...
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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 ...
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First time buyer with low deposit (UK)
I'm looking to get on the property ladder as soon as possible but due to being the sole earner in our household and having a family I can't put away as much as I would like. I'm hoping in the next 6 ...
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What is formula to calculate “In 5 years” amount on page 3 of the mortgage Loan Estimate form?
Loan Estimate form for mortgages in US have a "In 5 years" amount paid. What is the formula for calculating that based on other values in the form ?
On page 3 of the example form at http://www....
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Downsides to Property Tax Deferral?
Illinois has a property tax deferral program that allows seniors to borrow against the equity of their house (which includes a lien) up to $5K per year at 6% simple interest (!). I am considering ...
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Why my tax calculation (SA302) doesn't show my dividends through a service company?
I've submitted my tax return (Self Assessment) to HMRC for the recent year and I've enter my total of the dividends (from my Limited company as contractor) into Service companies box as below:
as per ...
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Preserving DTI ratio between mortgage pre-approval and closing
I am in the process of buying a house in the US. I have had an offer accepted and have pre-approval from a lender for a conventional/conforming loan at the maximum debt to income (DTI) that they are ...
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FHA loan just commenced : Any way to get any of the up-front mortgage insurance back?
Background : I ended up in a nasty situation where my FHA lender had over 7 weeks to prepare, and through indolence, was going to miss closing. Lender became very unresponsive - multiple multi-day ...
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Buying a home-Make as large a downpayment as possible, or keep cash to invest
I'm trying to decide whether to put a full 20% down on a new home (primary residence), which would eat up most of my cash from sale of current home, or do something like 10% down, 80% conventional (...
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If I give my daughter $57K for her mortgage down payment and closing costs, will I owe taxes on the gift?
My daughter lives in Florida. I would like to give her $57K of my savings to cover her mortgage down payment and closing costs. I live in Puerto Rico. Will I have to pay income tax on this transaction ...
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IRS publication 936 weirdness. Deductible home mortgage interest limits and zero-pay or cash-out refinance
There is a 750,000 home acquisition loan limit for deducting mortgage interest. This limit only applies to "home acquisition debt" (excludes the cash-out part). However this is used to ...
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T-accounts for shared rental property
I recently bought a vacation property with two friends that we intend to use part-time and rent part-time. All three of us are on the deed and mortgage. Equity, income and debt are all split equally ...
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How can I word a life estate for myself without saying Life Estate?
I'm disabled and considering structuring a mortgage assumption to buy a primary home in Texas. My strategy is to have the seller settle a living estate trust that will bi pass me and convey to my ...
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Focus on mortgage or keep investing
I'm 24 and recently purchased a property. I'm wondering whether or not I should keep my investment account open or focus solely on bringing down my mortgage.
I have been investing with Raiz (I think ...
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Occupancy and financial status affidavit
We refinanced our house a month ago and now my wife has found a different house she likes and wants to buy it and we were going to use my VA eligibility to buy the new house and once we move in sell ...
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Interest and principal line-item amounts for seasonal mortgage
I'm working with this question: Seasonal Loan Amortization. I wondered if someone could elaborate how to calculate the principal and interest portions of the payments when they are paid. The article ...
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UK first-time home buyer government programs - ISA
I am currently looking for my first house to buy.
I looked at https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/, The Help to Buy ISA had been closed to new accounts at midnight on 30 ...
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Specific name for a refinancing mortgage loan
I have a translation issue and I'm not sure where else to turn for help. In our country, there is a type of refinancing of a mortgage loan, which works thusly:
Someone decides to renovate their ...
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What happened to my "Pre-Paids" on mortgage closing?
In August I closed on a home purchase (not refi), it's now November.
My closing included both prepaids and escrow.
My "Section F" Prepaids included
1-year home owners insurance
Prepaid interest ...
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Total Claim Amount vs Claim Checks Amount
Some damage was done to my house. I received 2 checks from the insurance company:
Check payable to me AND the bank in the amoutn of $x to cover damage to the house
Check payable to me in the amount ...
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Situation: Balloon Note Removal Program
We recently applied to remove a balloon note and the process calls for a property evaluation.
What if the property is not worth the amount left on the mortgage balance?
Can the bank refuse to ...
