Questions tagged [mortgage]

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

Filter by
Sorted by
Tagged with
0 votes
0 answers
22 views

Mortgage loans distributed by industry sector [closed]

I would like to understand where I can get access to data on mortgage loans distributed by industry sector. This need not be restricted to a certain time period or country. I just need some sample ...
3 votes
1 answer
138 views

Any tax disadvantage from paying out mortgage earlier in The Netherlands?

I am an expat in NL, and not from an EU country (not sure if that is important though). I got a mortgage to buy a house, and now I can pay some money extra. I understand that the interest I pay is tax ...
1 vote
2 answers
81 views

Alternative to lack of biweekly mortgage payments

It is my understanding that biweekly payments that are applied to your loan reduce your principal 2 weeks before your monthly payment could lead to a shorter duration for the money owed. Please ...
1 vote
1 answer
121 views

What to do when the seller of a property does not honor a memorandum of sale?

I put an offer on a property which got accepted, and the memorandum of sales (MOS) has been created, but the seller still chose to go with another buyer. What is possible in this situation? Does the ...
4 votes
1 answer
333 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 ...
0 votes
1 answer
86 views

Mortgage ETFs going down while inflation is going up?

So I'm looking at these popular mortgage ETFs, MORT and BKLN, and they have been going down over the past year, while inflation has been going up. Any idea as to why? Real estate is often regarded as ...
3 votes
2 answers
230 views

How to evaluate mortgage lenders when looking to refinance an existing mortgage?

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 go with, how can one ...
1 vote
2 answers
89 views

Calculating cumulated interest of mortgage within a specific time span

I like to use google sheets because of its ease of access with just a link. I have a mortgage and I need to be able to calculate the interest within a year (but I'd like to be able to do it within any ...
1 vote
1 answer
86 views

How to prove that the building meet fire-safety requirements to the lender if they don't accept EWS1?

My lender (bank) after free valuation of a flat which I'm purchasing requested the following 4 fire safety questions: Has a risk assessment of the materials that make up the external walls of the ...
52 votes
12 answers
18k views

Invest $50,000 in cash or borrow $100,000 and get a mortgage?

I have $50,000 saved and I'm paying $760 on rent right now. All my relatives are telling me to get a mortgage so I don't "throw money away on rent", but I just don't like the idea of getting in debt ...
5 votes
6 answers
2k views

Formula for Cost of Potential Home from Monthly Mortgage

I'm trying to find a way to calculate the price of a home I can afford based on my potential downpayment, the monthly rent I can afford, and the interest of a potential loan. I've seen questions like ...
0 votes
1 answer
102 views

When using land as a down payment for a construction loan, how much money can I borrow?

I am looking to purchase some land in cash (in the USA) and build a house on the land. I intend to use the land as equity (as part of the down payment) for a construction loan. I'm looking to ...
1 vote
2 answers
72 views

Can first time home buyer loan apply for second house if not utilized on first?

Somewhat self-explanatory. If you (for whatever reason) fail to utilize a first time home buyer loan (typically with more-favorable-than-normal conditions) on your first home, can you utilize it on ...
2 votes
1 answer
63 views

Refinance Mobile and add a land purchase to make one loan

I have not bought the land. I have a mobile home that I have a mortgage loan. I would like to create a new loan with both the Mobile home and Land. The plan is to put it on a slab on the land we ...
2 votes
2 answers
461 views

The cost of living in a "High-Status Neighborhood"

I was reading this question about The Millionaire Next Door, after recently finishing the book myself. I remember that the book warned against living in a "High Status Neighborhood," in ...
0 votes
0 answers
84 views

How to get a mortgage soon when self-employed in 1-person LLC that is <6 months old

In Jan 2022, I got hired to work (remotely, living in USA) as a senior software engineer for a non-US company that was unable to hire me as a W2 full-time employee; they required me to create an LLC (...
6 votes
3 answers
2k views

Scenarios in 10 years of fixed vs. adjustable rate mortgage (ARM) at the same rate?

I would like to get a list of possible scenarios when it comes to refinancing that I might not have known or considered at the end of the adjustment period. I am new to mortgages and ARMs I am ...
1 vote
1 answer
78 views

How much tax return can I expect from a mortgage compared to standard deductible

I am only looking for a rough ballpark estimate. For a single Californian with 190k/yr income: Scenario 1 - all else being equal, I go with standard deductible. Scenario 2 - all else being equal, I ...
1 vote
0 answers
106 views

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 ...
1 vote
1 answer
116 views

Should my lender refund MPI payments

I just learned that MPI payments are supposed to be automatically cancelled when the loan principal reaches 78%. On my loan this happened in January 2020. I have the appraisal from the refinance and I ...
1 vote
2 answers
82 views

Does partial prepayment on interest only loans goes towards principal

I am applying for 30 year term, 7/1 ARM with 10 year interest only loan. This is what I received from my lender: My question: During interest only period, if I make partial prepayments, does it ...
1 vote
2 answers
223 views

Can a closed but undischarged mortgage be reopened easily?

Getting a new mortgage can involve a lot of paperwork and take considerable time. If one (for whatever reason) happens to have an existing mortgage that has been fully paid off but never officially ...
1 vote
1 answer
75 views

Interest only mortgage with extra payment towards principle

I am planning to take 30 year term 10 year interest only mortgage. I know following are pros can cons of this approach: Pros: possible free money, especially given low interest rates lower payments (...
2 votes
1 answer
132 views

What to expect differently in refinance v/s new mortgage in experience

I bought a home about 3 years ago and the mortgage process was tiring. The parties involved were appraiser, banker, underwriter and seller. Now I am thinking to refinance. Due to the number of ...
5 votes
3 answers
2k views

Do you have to take the exact loan amount your are pre approved for?

If you get preapproved for say, a 100k house loan, but then find a house for 110k, are you contractually bound to pay at most a 10k down payment? or are you able to still pay a 20% down payment of 20k ...
26 votes
7 answers
11k 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.
1 vote
1 answer
38 views

Income Tax Return: Is the co-op's mortgage (not the lending institution mortgage) a secured or unsecured loan?

I have two 1098 forms: One from the lending institution and another from the Corporation. For the lending institution 1098 form, I deduct the mortgage interest and there are no real estate taxes. It's ...
3 votes
1 answer
153 views

Appraisal came in low, but appraiser was given incorrect price

I just received an appraisal report claiming that the house I'm buying is worth $7,000 under the price that I'm paying. However, the appraisal report shows that the appraiser was given a contract ...
0 votes
1 answer
55 views

Home (re)Finance and Providing Additional Information

Since mortgage refinance rules require substantial information, and the goal is to evaluate whether the borrower has the discipline and ability to repay the loan, it would make sense to gather ...
0 votes
2 answers
134 views

How much will the bank lend me?

I want to buy a property and let it out. To do so, I'll need a buy to let mortgage in the UK. Let's say the property has been officially valued at £100,000. The bank says they will lend me 75% of the ...
0 votes
2 answers
161 views

Mortgage payoff early

Jack gets a mortgage for his new house on Apr 1, 2022. His mortgage amount is $100,000 for 30 years and the interest rate is 4%. His mortgage payment is due the 1st of every month. Parts of the ...
1 vote
2 answers
147 views

Can I use one rental house's mortgage interest to deduct another house's rental income?

I have a questions regarding mortgage interest deductions. I have two rental properties in California. For property A, the rental income is $5000 more than total expenses plus mortgage interest, and ...
11 votes
2 answers
1k views

Long-term financial implications of selling stocks to get a higher house down payment

I have been searching for a house and am potentially going to make my first offer. I have cash on hand to make a 15% down payment on the place in question and enough money in stocks to comfortably get ...
3 votes
1 answer
176 views

Title company doesn't know how to amortize a loan?

More likely I don't get it/am not used to this. Can anyone explain/formulate what I'm told is a "Daily amortized, 5.5%, fixed interest rate loan"? I've been buying and selling properties for ...
3 votes
2 answers
326 views

Buy with mortgage, or buy then mortgage?

I am ready to buy a house. I have sufficient savings to cover the purchase price, i.e. pay cash. However, in order to ensure I have liquidity to cover renovations, I would like to take out a modest ...
17 votes
10 answers
8k views

Pay off half mortgage vs invest in stocks

Some background: I have a mortgage ($212K/$247 remaining, 3.675% APR) on a house in my previous city. Selling it was my primary goal, but unfortunately that hasn't happened. And looks like the ...
0 votes
3 answers
165 views

Put down only 10% or put 20% down and pay a family member back the other 10% at 2.99% interest rate?

I am buying a 350K condo with 10% down, 2.99 interest rate, 30 yr fixed mortgage (I hope to pay it off in 15 yrs). I cannot put down more without depleting my savings. Should I ask my dad for a $35K ...
0 votes
1 answer
426 views

How to determine average mortgage balance for two part-year mortgages

In US federal income taxes, the mortgage interest itemized deduction is reduced if the mortgage debt exceeds $1,000,000 (for loans taken out after 1987) or $750,000 (for loans taken out after 2017). ...
3 votes
1 answer
203 views

Mortgage overpayment advice

I've got a mortgage in the UK with a 5 year fixed rate of 1.69% that expires in Dec 2025 and started in May 2021. I've decided to pay it as soon as possible and I'm trying to figure out what's the ...
2 votes
1 answer
169 views

Can home equity be used to pay your mortgage?

Traditionally, home equity can be "extracted" in a number of ways: cash-out refinances, HELOCs, or Home Equity Loans. All of these allow you to either directly or indirectly utilize the ...
6 votes
3 answers
2k views

2 mortgages, payoff one completely or pay some off bigger principal?

so I have two mortgages on two separate rental properties. A. 100k remaining, 1 year left on term, 1.85% variable, 428 monthly. B. 300k remaining, 4 year left on term, 2.54% fixed, 313. weekly. I have ...
1 vote
1 answer
69 views

What's the APR for this in combination with the Balloon Payment of 6525 USD?

I am trying to solve the following: Finance Amount: 24.951,82 USD Interest Rate: 2.29% Residual Value: 6.525 USD Number of Months: 60 Fee: 374.28 Years: 5 What's the APR for this in combination with ...
1 vote
2 answers
137 views

Can I get my home reappraised to eliminate PMI payments earlier?

I recently bought a home and have paid off 7% of the original loan. Because I bought the house slightly under market value (due to some damage that I've since repaired) and a sharp increase in the ...
0 votes
3 answers
142 views

Pay off house mortgage with some 401k

I know the number one rule is to not use retirement money early to pay off a mortgage. But i truly hate the feeling of having this mortgage. And i really want to pay it off. I understand 401k money is ...
0 votes
1 answer
69 views

Is lower interest rate worth it when refinancing if you pay more over lifetime of loan

I have owned a house for 2 years and have a 30 year fixed rate mortgage at 3.75% interest. I am considering refinancing into another 30 year fixed rate mortgage at 3.49% interest. Refinancing would ...
1 vote
3 answers
154 views

Figuring flood insurance into financing cost

I've been keeping the mortgage on my house, even though I have the savings to pay it off, because it's at 3.8% and my investments are expected to return at least twice that. However: I'm in a flood-...
0 votes
3 answers
209 views

Why not pay down payments on multiple houses and hand them to rental management companies?

As I understand it, rental management companies will handle finding and to some extent communicating with tenants, and will perform maintenance and repairs on the house. In the city and surrounding ...
6 votes
3 answers
8k views

How does a mortgage pay the seller?

When someone gets a mortgage to buy a house does the mortgage company give the seller a lump sum of the purchase price? Or does the seller get monthly payments from the mortgage company?
3 votes
3 answers
1k views

Make 100k, how much mortgage can I get in NYC?

I make a little over 100k a year in nyc as a programmer and have 200k saved up. I'm looking to get a mortgage to buy a condo in lower Manhattan sometime in 2019-2020. How much of a mortgage can I ...
7 votes
1 answer
2k views

How much mortgage is too much?

I'm buying a house and decided against renting out a place because I feel like it's almost a waste of money, and, most importantly, the rent of a small 40 m^2 apartment in the middle of nowhere is the ...

1
2 3 4 5
31