Questions tagged [mortgage]

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

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1answer
90 views

Refinance jumbo mortgage to conforming mortgage worth it?

My home mortgage was originally $602,400 when I initiated it in 4/2015, with a fixed 30y rate of 3.75%. No mortgage insurance. The principal balance is now $539,315. I'm being offered a rate of 2.875% ...
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1answer
311 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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15answers
11k views

Is there any reason to not buy if mortgage is comparable to rent?

I'm curious: Say if you could buy a property or choose to rent and the mortgage per month on the property is similar to the rent in your area, is there any reason to not buy? Assuming you are not ...
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2answers
185 views

Can collections agency actually remove debt from credit report or are they just lying?

I recently ran my credit score and discovered that unbeknownst to me there was evidently a $60 medical co-pay from last year that I never paid (they sent the bill to an old address and due to it being ...
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2answers
69 views

How to evaluate mortgage lenders when looking to refi an existing morgage? Security etc

When looking to refi an existing mortgage there are a number of sites that let you get a list of lenders. You can filter by interest rates, points etc. If one picks a company to to go with, how can ...
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1answer
72 views

Why do the points on a refinance depend on my current mortgage?

Looking at refinancing, a salesman is suggesting a double-refinance. The context is that we are looking at a cash-out (to repay a HELOC at a lower rate), and the points are higher for that. The ...
27
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7answers
11k views

Tax consequences of paying “rent” to romantic partner that owns the house

I moved in with my romantic partner nine months ago. My partner owns 100% of the property and pay about $1000 per month to the mortgage (minimum is something like $300). Partner had no intention of ...
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1answer
43 views

Is there a downside to doing a cash out refinance followed immediately by a rate and term refinance?

I want to do a cash out refinance on my primary residence to pay off a HELOC, and to put more money into an investment property. Cash out refinances have higher rates than rate and term refinances. Is ...
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4answers
8k views

Tips on making a best and final offer

Me and one other buyer have been asked to make our best and final offers on a house after us both making initial offers. I believe I am in a good position as stated here and I will reiterate this to ...
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1answer
93 views

UK Stamp Duty - corona virus changes

I am about to buy my first house in UK with my girlfriend (price is £250,000) I also own a house in Poland, that my dad gave me in his will (its value is over £40,000) Recently it was announced in UK, ...
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2answers
112 views

earnest money and security when buying a house in Vancouver

I am in Vancouver and planning to buy a townhouse. There is approximately a difference of 2 months from the day I make the deposit to the closing day (which I see as the funding day). I am starting my ...
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2answers
117 views

Is there precedent for mortgage rates being higher for a refinance than a purchase?

Right now, most if not all major banks have mortgage refinance rates about 1% higher than the rate for a mortgage used to purchase a property. Up until a few months ago, I don't recall ever seeing any ...
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2answers
1k views

Was I a victim of illegal bait and switch mortgage fraud?

My wife and I recently purchased a home and I think we were victims of bait and switch mortgage fraud and I wanted to find out of what happened to us was illegal, or just very strange. We were first ...
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2answers
401 views

15 or 30 year mortgage with this “invest the difference” approach?

Two scenarios- 15-year fixed-rate mortgage. After 15 years (the mortgage is paid off) the monthly mortgage amount is invested into an S&P 500 index fund for 15 years. 30-year fixed-rate mortgage....
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1answer
233 views

risk on selling home and never receiving funds from settlement company

I was about to sell a home where I have good equity, my question is what are the chances that settlement company never pays me the proceeds and runs away/abscond. I see there is FDIC insurance for ...
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1answer
68 views

Refinance a 15yr fixed to a 5/1 ARM?

I have about 6 years, 6 months left on a 15yr mortgage: Type: 15 year conventional mortgage (no PMI) Rate: 3.75% Balance: $64,780 Origination: 02/2012 Maturity: 01/2027 I am seeing 5/1 ARM refinance ...
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1answer
65 views

Is the principle payment in an amortization schedule the amount that goes towards how much of the house you own?

When I first learned of amortization schedules I was confused by the division of payments into "interest" and "principle". I think I get it now: isn't it that the principle payment ...
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2answers
83 views

Do loan credits increase the amount of money I owe?

I am currently in the process of refinancing my home, but I'm not sure how long I want to keep it. Today the mortgage company sent me the terms, and asked how many points or credits I would like to ...
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2answers
323 views

What is the process to refinance a home?

A family member is thinking about refinancing their home. The idea is to take advantage of low rates to get a lower interest rate loan, ideally with a longer term (current mortgage is 15yr I believe),...
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0answers
51 views

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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8answers
13k views

Does paying a mortgage early mean you effectively paid a much higher interest rate?

Most mortgages use an amortization schedule that have you pay more interest than principal at the beginning and then less interest and more principal as time goes one. You can see this using this ...
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1answer
256 views

Forced closure of retirement fund: Best use of lump sum

I have been working in Australia for several years, with a temporary residence visa. I expect to soon be returning to my home country (UK). At this point, my superannuation account will be closed, ...
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2answers
266 views

Can you gain access to the equity in your house by selling it to yourself?

I am sure many people are in a situation like this: I've owned my house for a while and now there's a decent amount of equity in it which I would like to tap into. One option is to get a Loan or HELOC....
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1answer
285 views

Do I need to get a mortgage when using the Lifetime ISA?

I am using the Lifetime ISA and was wondering if it's possible to use the money to buy a first home without getting a mortgage at all. For example, if I have enough money in the LISA, perhaps together ...
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9answers
7k views

Should I buy a nicer house in a worse area for less than I budgeted?

I am a single male in my mid twenties, based in the UK and looking to buy my first home. I see this home as a 'stepping stone' home and intend to live in it for 5-15 years until I get a partner and ...
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1answer
70 views

What if we do not end up occupying the property till 6 months as it is a tenant occupied and has lease for 6 months, bought as a primary residence?

We have an offer on a property we intend to live as primary residence. The property is tenant occupied and the tenant has lease for another 6 months and I have to honor the lease as per seller. We ...
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5answers
3k views

Buying a house and appraisal comes below agreed price, can bank ask that I put down more than 20%?

I plan to put down 20% on the purchase price of a home, but the appraisal values the home 10% below the agreed price. Can the bank ask for additional down payment to get to 80/20 loan to value?
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1answer
453 views

How to obtain “Negative Equity Insurance” aka “Home Equity Protection” aka “Equity Protection Policy” in the UK?

I'm searching for an insurance policy to protect against negative equity on a residential real-estate. The risk I'm trying to protect against is that house prices will fall. I'm looking for ...
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1answer
71 views

What kind of construction mortgage would I need if there is an existing mortgage?

Last year my Father died and left the house to me (daughter). It is through probate and registered with the town as mine. It is a two family house that was occupied by my father on one floor and I on ...
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6answers
4k views

For a major expensive home renovation (e.g. addition, finished basement, or new kitchen) should one pay cash or finance with a loan? Would such a loan be “good” debt?

This other question is similar, but was referring to a specific renovation/repair (new flooring) that, while expensive ($1500), isn't very expensive – it's feasible to consider saving up for ...
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1answer
186 views

What determines the interest rate on an ARM mortgage?

I have a 5/1 ARM (2.8% interest rate) that started in May 2016. So I'm in my final year of the fixed rate period. What determines the rate the ARM will go to after the fixed period ends?
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9answers
9k views

What exactly happens to my mortgage debt when I sell my mortgaged home?

Let's say I am buying a house for 100k. I put 10% down (10k) and my bank gives me a loan of 90k. However I also become liable for paying interest on that 90k, e.g. with total of 30k that I need to pay ...
2
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1answer
62 views

Mortgage: Floating rate loan tenure extension on rate increase

I am trying to figure out how my bank has implemented re-pricing on my floating rate home loan. The original home loan was for an amount of ₹ 48 lakhs (₹ 4.8 Mn) at an annual rate of interest (RoI) ...
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1answer
77 views

Could we put less down-payment then what is on the offer we signed to the seller?

We originally made an offer with 90k down, but they countered and we accepted and want to do less now, 68k down payment to build a bathroom. We're in escrow right now. Will there be a problem with ...
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3answers
26 views

Home insurance offers from Chicago Title's affiliations

After entering an escrow for a home purchase we have received an email (legit) from a company affiliated with Chicago Title with quotes. I hadn't yet come to this step mentally. We're still in the ...
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2answers
106 views

When does 7-1 (or 5-1) ARM make sense for mortgage?

I have seen previous questions from close to 6-8 years ago on this subject and so I am asking here for: relevance to 2020 (esp in the context of historic low rates and Covid-19) from an inverted ...
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1answer
109 views

If you want to buy a house but you also think value will drop… is there something you can do to alleviate the risk?

Disclaimer: yours won't be fiscal advice. People involved will consult a professional before doing anything. This is just to gather some preliminary information. Situation: you want to buy a house ...
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1answer
62 views

Home Mortgage w/ Very Low Interest Rates: More or Less Down?

I know this question has been asked in different formats previously, but I'm curious about the variables that should go into the decision making process. I have enough in savings, excluding ...
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2answers
99 views

When we retire and take out the 401(k) and IRA money to buy a house, are we subject to a big portion of tax?

Say, when we get to the age of 65 or 67, and retire, and we take out most of the 401(k) and IRA money, if luckily they can grow to $1,000,000 to buy a second house, all at once, will we be subject to ...
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1answer
3k views

Paying off home mortgage and lender wants a “Recording Fee”

So I whittled down my house note to the point where I have enough cash to just pay it off early and be done with it. Yay! I asked my lender for a "payoff" statement, which provides an accounting of ...
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0answers
43 views

Rent vs Buy / All-Cash vs Low Interest Rate [Covid-19]

My current landlord has indicated he wants to put the rental I live in on the market, which will likely have me looking for a new residence in the next 6-12 weeks (my lease goes for 12 weeks, but my ...
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0answers
22 views

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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5answers
591 views

As a first time home buyer looking for a mortgage, are there financial advisers to help me through the process?

I am thinking about purchasing a home instead of renting. The cost saving and benefit of doing so seem to outweigh the thought of long term renting. My problem is that I am fully overwhelmed with all ...
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1answer
102 views

Why would anyone use Heloc to pay down a house?

So I been thinking about buying my first home. I saw youtube and other resources saying that heloc is better and faster to pay down your mortgage. However, heloc just doesn't make sense to me. It has ...
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2answers
141 views

S/O out of collections, where to go from here?

My S/O and I have been together for ten years (not married). We started attacking all of our debts starting October 2018 in order to move into a house debt-free (except a mortgage) in 2021. My last ...
26
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7answers
9k views

Why do people use mortgages, when they could just pay for the house in full?

I would like your recommendation on whether you should buy a house with a mortgage, which you would pay as you go, or should you buy it in full.
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2answers
189 views

How much savings is worth refinancing a mortgage?

I got an e-mail from the company that brokered our mortgage loan offering me a great opportunity to refinance at a lower rate and save almost $200/month. Seeing as the rate drop was only 0.25% I was ...
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1answer
71 views

Legal constraints on real estate loans to family members

I'd like to "refinance" the remainder of my home loan with my parents, meaning, they would pay off the remainder of my loan, and I would pay them an agreed-upon interest rate for an agreed-upon time. ...
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2answers
88 views

Can you get a mortgage loan larger than the house amount and buy a car with the remaining loan amount?

Would it be possible to get a mortgage loan for 40-50,000+ the amount of the house and then use the remaking amount of the loan to buy a car? The house is 62,000 and I’m pre-Approved for 120,000 .. ...
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1answer
64 views

How to calculate a loan constant payment (like PMT) but extra double paying (without interest) twice a year

This is my first post in this community, already tried to find my answer, and didn't succeed :(. I'm working a way to understand the formula behind a loan that allows the client to extra pay the same ...

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