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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
350 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
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1answer
279 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 ...
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1answer
130 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....
4
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0answers
60 views

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 ...
3
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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 ...
2
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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 ...
2
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0answers
339 views

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 ...
2
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0answers
58 views

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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0answers
178 views

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 ...
1
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0answers
72 views

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 ...
1
vote
0answers
911 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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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
52 views

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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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 ...
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0answers
87 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 ...
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0answers
230 views

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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0answers
93 views

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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0answers
122 views

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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0answers
51 views

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 ...
1
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0answers
473 views

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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0answers
101 views

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 ...
1
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0answers
500 views

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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0answers
247 views

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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0answers
438 views

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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0answers
4 views

What 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 ...
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0answers
36 views

In Spain, is income from mortgage interest considered income or capital gains?

I'm advising someone who is a tax resident of Spain interest in providing a mortgage to someone in the U.S., and trying to get an idea of how the interest from this mortgage would be taxed there. ...
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0answers
66 views

How is interest rate calculated for a floating mortgage

I am trying to calculate the amount of interest I need to pay for a mortgage that just turned from fixed to floating. Current balance is: -550,000 Interest rate: 5.95% Original term: 30 years The ...
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0answers
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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0answers
40 views

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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0answers
262 views

Getting a construction loan to pay off mortgage with land & existing low value structure

I'm looking for information on or to see if it's even possible to get a construction loan for the following situation. I own land with home on it, it's a mobile home on a full basement (sealed, dry), ...
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0answers
108 views

Condo Hazard Insurance Question

My condo building has hazard insurance - My mortgage company has the current ins. cert. I sent them one last year too (a few times actually because they kept claiming not to have received it) NOW ...
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0answers
668 views

Calculating interest accrued for 30/360

my typical interest calculation is Actual/Actual or Actual/365. I'm curious to how 30/360 should be calculated if the duration is not from beginning of the month to the end of the month. For example ...
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0answers
158 views

First time buyers in the UK

Are there currently any grants or interest free loans available to first time buyers in the north of England on a home worth around £145,000? My partner and I are looking to purchase a house in the ...
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0answers
67 views

Pros and cons accepting partial ownership of company as opposed to inheriting

My father owns property (buy to rent) and manages this through a small business in the UK. He probably has assets worth in the region of 750,000 GBP but is also still paying down the mortgages on each ...
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0answers
58 views

Mortgage Refinance: What is Yield Spread Premium?

I have a GFE from a broker that contains a hefty (>$8000) Origination Charge that includes a 2% Yield Spread Premium, and a credit for the whole of that amount. The rate is good and the broker insists ...
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0answers
64 views

When mortgage in dollars should be replace with mortgage in rubles?

I've found the picture below, which demonstrates at which RUB/USD exchange rate mortgage in rubles is less expensive, then mortgage in dollars (i.e. when refinancing of dollar mortgage to ruble ...
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0answers
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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 ...