Questions tagged [mortgage]

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

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6
votes
1answer
1k views

How much mortgage is too much?

I am in the process to buy a house. I 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 sqm apartment in the middle of ...
1
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1answer
72 views

Inflation vs Mortgage - Updated for Inflation

I don't see an exact match to this question although I previously asked when things were calmer. The press is quoting a real YoY inflation rate of 7%. Let's assume there is a mortgage at 4% and a ...
0
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1answer
85 views

Is a larger down payment worth it? [duplicate]

I currently own a home and am looking to buy another. I will be buying the second home before I sell my current home and the seller of the second home refuses to do contingent offers so I will be ...
0
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2answers
108 views

Self Directed IRA take over current mortgage?

My family and I currently live in a townhome. We are interested in buying a single family home which will be our primary residence. We would like to keep this home and rent it out as an investment ...
10
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5answers
3k views

Do bank use the same math formula to calculate the mortgage amortization table?

I've started making a spreadsheet to evaluate mortgages and how they would fit other financial plans. The most complicated part seems to be the mortgage calculation formula. That's the formula the ...
0
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1answer
124 views

Cosigner is deceased, is spouse automatically put on mortgage [closed]

My father passed away in 2014. My original bank sold my mortgage to another bank. The new bank put my mother's name on my mortgage statement. What does that mean for both of us? I did fill out a quit ...
1
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1answer
163 views

Housing Price Index - How to determine if Housing Marketing is high or low

What is the best source/website for seeing if the housing prices are high or low? I am looking to buy a home but don't know where to look confirm if the housing prices in aggregate or by city/state ...
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3answers
131 views

Are biweekly mortgage payments done every 2 weeks or paying 1/12th extra with each month's payment?

I may have confused myself. I am trying to create a spreadsheet to figure out the different payments for different loan terms and payment methods (biweekly and monthly) since the calculators I see on ...
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2answers
93 views

How does the legal "deposit insurance" work if you have large debts, but also liquid funds?

Assuming you have a mortgage of 700K CHF (i.e. minus, debts) But you have 300K CHF in liquid assets on your savings account. If the bank goes bankrupt, you have 100K guaranteed back in Switzerland (...
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2answers
59 views

Down payment of owner-occupied multi-family after buying owner-occupied single family

This question is about US mortgages. I was talking to a realtor who told me that buying a single-family home now as owner-occupied would prevent me from applying for an owner-occupied mortgage for a ...
2
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1answer
217 views

Refinancing a mortgage: Can you buy points with cash out?

Looking over different mortgage refinance rates, I have found some that are favorable in the 0.5-1.5 point range, but the upfront cost exceeds what I'm comfortable paying out of pocket. Is possible to ...
0
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2answers
46 views

Refinancing a mortgage: Can I use an appraisal ordered by a previous lender with a new one?

My wife and I are currently in the process of refinancing our home. However, due to factors outside of our control, our rate lock with the lender we are currently working with has expired and the new ...
2
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1answer
37 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 ...
1
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2answers
196 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 ...
3
votes
1answer
145 views

In Islamic mortgage, is rent going towards paying for the house?

If I get an Islamic mortgage for 200k, the bank might charge 210k, with the 10k being the profit they would take instead of interest. The monthly repayments for this mortgage will be split in two - ...
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2answers
126 views

Is it possible to assume a mortgage from my sibling?

My sibling owns a house 1800 miles away, he moved back to the east coast for health reasons, he's behind on the mortgage payments, and he wants to get rid of the house, but doesn't have the time or ...
91
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11answers
70k views

15 year mortgage vs 30 year paid off in 15

I've found similar questions, but they all seem to focus on a preexisting 30 year mortgage and whether or not it makes sense to refinance to a 15. My question is a bit different. I have not yet ...
2
votes
1answer
118 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 ...
2
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1answer
127 views

Is it normal that buyer's mortgage company is requesting to be added as payee on master insurance policy?

In selling a condo which is a typical unit in a four unit building, the buyer's mortgage company is asking for them to be added as a payee on the condo association's master insurance policy. Is this a ...
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3answers
220 views

How to track the yield of my partner's investment in my house

My partner is moving in with me, and will start paying a percentage of the mortgage (based on our incomes). I already bought the house before we met each other so both the house and the mortgage are ...
0
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2answers
112 views

How does getting a mortgage help with taxes? [closed]

If one opts to buy a home with a mortgage, how does it reduce taxes and which taxes? I.e. income tax, capital gains? Is it always a good idea to purchase a home with a mortgage vs. paying in cash with ...
0
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1answer
45 views

Can we get guidance/rules how to decide between 3 options of renting/buying/mortgaging a residence to live in

I hope my title of this question won't get me into trouble on this list. My landlord sold the apartment we live in. Due to our circumstance, we can Rent somewhere else and invest the cash in an index ...
4
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8answers
1k views

Do monthly payments decrease on a mortgage later in the loan? [duplicate]

I am planning to purchase a home and all calculations and the banks say principal, interest, property tax, plus mortgage insurance will be close to $1000 per month. The calculator show that if I ...
15
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4answers
6k views

Is it a good idea to make one additional monthly payment to a mortgage?

This is an oversimplified scenario (the numbers, dates and interest rate may not be accurate as I am only asking about the strategy): I have a mortgage with a monthly payment of $1,000 and it is due ...
2
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0answers
133 views

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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2answers
134 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-...
3
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2answers
280 views

Time Value of Money — Interest Paid on Mortgage

You you bought a house worth $328,000. You paid 25% of the purchase price in cash and arranged a 25 year mortgage with a rate of 4.0% compounded semi-annually for the remaining balance. The mortgage ...
4
votes
1answer
329 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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2answers
377 views

Why doesn't just everyone mortgage a property from bank, rent it out and make monthly payment to the bank by that rent?

I don't have any background of loans and finance since I am an Engineer, but I have been planning to own a property lately. What I understood from my research is that there are two options to get a ...
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2answers
141 views

How to analyze the option of refinancing a home?

5 years ago when the market was up I bought I a home. This house was in my means so I had no issues paying it on time for all this time. Now the market is down and the interest rates are about 2.5% ...
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2answers
124 views

Getting a HELOC to buy an investment property with bad credit but fully paid off house

I've been doing a lot of research but can't seem to find a definitive solution to my somewhat unique situation. My wife and I own an investment property in PA (currently used as a short term rental / ...
21
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3answers
6k views

Is there any downside to paying off a mortage shortly before moving?

I recently purchased a house for $125k, currently the mortgage balance is $100k, but value increased during COVID to ~$210k. I am expecting to earn a lump sum of money, enough to pay off the mortgage ...
1
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1answer
139 views

Splitting equity among domestic partners when one partner pays the full downpayment

My partner and I are looking to buy a home together in California and set up a contract for splitting the equity. I would pay the 20% downpayment on my own, and thereafter my partner and I would split ...
3
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2answers
183 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 ...
0
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3answers
57 views

Finding optimal balance between unscheduled mortgage loan replayments and financial market investments

Imagine the following situation. You have a mortgage loan, it has a quite low fixed interest but runs over a couple of decades You have positive experiences over a couple of year with the financial ...
2
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0answers
133 views

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 ...
0
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0answers
45 views

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 ...
6
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5answers
1k views

Does it make sense to cash out most of the home equity (80% of value) when refinancing for other reason?

I'm currently refinancing my house from 4.25% to 2.375%. The loan-to-value ratio is ~67%. (The home value has grown.) My investments give me average returns well above the 2.375% rate. The rates are ...
1
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1answer
101 views

Asking for a reduction in price after memorandum of sale and mortgage application

I am buying a flat (in England) and my offer was accepted. I applied for a mortgage (that is yet to be approved). After some time my solicitor found out that some constructions are planned in the area ...
1
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6answers
231 views

Downsides to a mortgage recast?

Once I've made enough payments toward the principal, the bank allows me to recast my mortgage. Say originally, I have to pay $2000 per month and this will allow me to pay off my loan earlier, at Nov. ...
14
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7answers
6k views

Why would you let your mortgage default if you can afford to keep paying it?

I was reading this Wikipedia article about the subprime mortgage crisis, where it says the following (emphasis mine): By September 2008, average U.S. housing prices had declined by over 20% from ...
2
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0answers
94 views

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 ...
0
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1answer
102 views

Modeling wealth over time in a home [closed]

Suppose a person decides to buy a house and finance it by taking out a mortgage. I am attempting to model the wealth of this person over time. I need some help deciding whether this system of ...
3
votes
2answers
644 views

Including Stamp Duty in the mortgage

Can a person buying a property in the UK include the Stamp Duty in the mortgage? If this is possible, I wonder, how common is this and would it make harder to secure the mortage?
0
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2answers
212 views

Mortgage for a couple where one partner is not a first time buyer

There is a married couple in the UK where partner X owns a share of a property, while partner Y doesn't (i.e, Y is a first time buyer per se). Can partner Y apply for a mortgage alone (in order to ...
30
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4answers
21k 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 ...
2
votes
1answer
72 views

How do mortgage brokers get paid?

In the UK some mortgage brokers don't charge their clients. I wonder, how exactly do they pay their own living costs? Is it true that banks pay them? But then, if a bank pays a broker, can I be sure ...
0
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2answers
222 views

If pre-approved for a $300k home loan, needing $1k monthly payments on it for a $200k nearly new house, is it a no brainer to buy the house?

Assume the bank's loan has a 2.6% interest rate. (I know this is historically very low, but even lower is not impossible.) Assume one has $3000 per month, leftover, after all their expenses and ...
17
votes
7answers
14k views

Double-entry accounting: how to keep track of mortgage installments as expenses?

Context: I am new to double-entry accounting, I use GnuCash for my personal family bookkeeping. At the moment, the main goal for me is to keep track of incomes/expenses of our family over time. For ...
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2answers
134 views

I waived the mortgage contingency and loan closing is delayed. What is going to happen?

I just signed a final contract on a house (single family in Illinois) and I waived the mortgage contingency. The reason I waved the contingency is because I had absolutely no concerns about getting a ...

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