Questions tagged [mortgage]

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

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3answers
234 views

Splitting home sale when not everyone paid mortgage

My friend and her husband bought a home with another friend. The friend contributed a small amount for the down payment and has been paying rent but is listed as an equal co-owner on the deed. The ...
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2answers
111 views

Is there a more collateralizable home?

Consider a situation where a loan officer examines the degree of collateralizability of a real estate. For example, one could compare: Sturdiness: wood v. brick. Flood/Tornado Plain: more vulnerable ...
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5answers
12k views

Can a US bank prevent you from making early payments to the principal on a home mortgage?

My friend was told by her bank she could not make early payments and apply them to the principal on her home mortgage. She wants to pay half her mortgage every two weeks and it seemed like a ...
4
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2answers
333 views

Mortgage as present value of resale worth

I would like to ask someone who is knowledgeable in home loan and mortgage financing. Consider a home with an appraisal value of $ 400k. Let the down payment on this mortgage be $80k (i.e. 20% of $...
4
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4answers
4k views

Why does FlagStar Bank harass you about payments within grace period?

I just bought my 4th rental property. I always set up everything for automatic payment after the 1st day and before the 2nd week of the month. The reason being, I get all of my rents by that time. Not ...
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1answer
151 views

Understanding pledge, mortgage, and collateral in home buying

I am trying to better understand the terms pledge and collateral, in home buying. My understanding is that a Pledge is usually a pawn or piece of property used to secure "financing". When I try to ...
1
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1answer
83 views

Property value, sold value and LTV (Scotland, United Kingdom)

I am about to buy my first property. I spoke to a financial advisor today and I didn't get what he was saying. He mentioned something like one the main errors of first time buyers is that they think ...
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0answers
46 views

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 ...
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1answer
165 views

Can you sue for half of the equity and mortgage payments? [closed]

EDIT: Name is both mortgage and deeds. Im trying to remove a name from a mortgage, the other party is requesting a payout of a large sum of money. They never paid a penny to the mortgage, upkeep. ...
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1answer
174 views

Can I apply for immigration if I have a house mortgage to pay?

I am planning to continue to pay the mortgage after immigration. But I don't know if the bank will allow me to pay house mortgage from another country.
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5answers
8k views

My father has passed away and I want to buy his home

My father has passed away and I want to buy his home. There is no mortgage left and I will be paying off my sister half of the house value. Do I need to get a new mortgage?
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4answers
204 views

Should I open a new checking account at another bank?

I don't know too much about banks and banking. But to start off, I have a Chase checking account my parents opened for me since 7-8 years ago. Now that I'm working, I'm helping my parents buy a house....
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1answer
70 views

Escrow for postponed work

I am a first time home owner. I have a traditional 30yr mortgage with an escrow agreement for postponed repairs due to weather. The seller was required to get 2 estimates for the work to be done. ...
2
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1answer
135 views

Buy 1 bed flat via private sell (Edinburgh, UK) - opportunity?

I am renting a flat (1 bed + box room) with my partner in 'central' Edinburgh. We pay £675 pcm. Our landlady wants to sell it urgently and she asks for £160,000. She is keen to sell it to us. A ...
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1answer
150 views

Virtual landline to achieve better credit score - is that a worthy investment? [closed]

https://www.moneysavingexpert.com/mortgages/why-remortgage/ https://www.express.co.uk/life-style/life/732040/credit-score-free-card-history-file-martin-lewis-this-morning Put a landline number not ...
6
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1answer
412 views

Should I pay down mortgage faster or Invest?

I've a appx 450K mortgage left at 2.49% (5 year term with a 25 year mortgage). I've a few options to pay my mortgage faster Increase principal payment amount once/year Change payment frequency from ...
11
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6answers
3k views

Do I end up richer paying down a mortgage or contributing to an IRA?

I have $10,000 extra cash that I can either use to pay down my 5% mortgage, or contribute to my IRA. I'm 30 years old. I hope to pay off the mortgage in about 5 years. I'm stymied, because: Paying ...
3
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0answers
184 views

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 ...
13
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9answers
5k views

Should I increase my 401(k) contributions, or increase my mortgage payments

I have about $150k remaining to pay on my mortgage. There are 7 years left at a 3% interest rate, then after that the rate goes variable and increases to about 10%+. There's no penalty for paying the ...
3
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2answers
343 views

Should I pay off my 401(k) loan ASAP?

I recently saw a question on the forum about "Should I pay off my Home LOAN from my 401(k) or continue to pay Interest to myself". Most responses seemed to think that paying it off ASAP was the best ...
2
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3answers
260 views

Mortgage vs cash for a first-time home buyer

I need advice: I'm in a condo contract, priced at $175K. I have been looking around for mortgage, and got a quote for a 3.125% 15-year mortgage with 20% down payment (so loan would be 140K). I was ...
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1answer
49 views

Shared Ownership [closed]

I have a shared ownership with another person. they have 25% of the proceeds of sale and I have 75% of the proceeds of sale. as I paid down a deposit of £30.000 their share of the mortgage is 29 %. I ...
32
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7answers
15k views

How hard is it to sell a home which is currently mortgaged?

I'm looking to buy a house for the first time. I've done some homework, and from what I can tell... Buying a house via mortgage in Kentucky is somewhat cheaper than renting an apartment. I need to ...
2
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4answers
187 views

Mortgage broker vs bank mortgage for home buying

I'm a new home buyer, buying a condo. Now that we have already signed a contract, a question raised for me. Is it recommended to get a mortgage directly from a bank or through a mortgage broker? ...
2
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0answers
189 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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3answers
371 views

Is it easier to pay off my mortgage before I sell my home or still owe the bank a little bit of money so they would do the legwork?

I'm still about 5-6 years away from paying off my mortgage and I want to cash out and move to another country to retire early. Just for curiosity sake, is it better for me to pay off my mortgage and ...
21
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3answers
9k views

Put my student loan in parents’ second mortgage - help?

I fear I did something stupid. I graduated in 2017 with a bunch of student debt that my parents held on my behalf (~$130k). One misunderstanding led to another and somehow we ended up refinancing ...
3
votes
1answer
154 views

Possible solution to removing party (name) from mortgage [UK]

Back in 2007 my wife and her partner (at that time she was in partnership with Mr. P) bought a house in UK. They bought this house together, so he is still shown on any correspondence from lender (...
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2answers
96 views

Would Getting (and Paying) an Installment Loan Benefit My Mortgage Rate

I am planning to buy a house (in the US) in about 9-12 months. I've read from different resources that an installment loan may boost my credit score if I make my loan repayments on time, as this is ...
10
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5answers
1k views

Is it possible to get a mortgage with a custom duration in the US?

I live in the US and it seems that mortgages rates here are always quoted for either 15 or 30 years. Is it possible to get a mortgage in the US that is for a different duration? Say I have 23 years ...
5
votes
2answers
195 views

Is there a financial product via which I can safely temporarily borrow against my home?

We live in the UK, and are seeking to move house and have seen a property which suits our requirements and has been discounted because the owners wish to sell quickly. The asking price is £400,000. ...
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1answer
77 views

how does taking mortage loan affect my credit score after closing

I am taking a loan on my first home purchase. I have 780+ credit score now. How is my credit score affected after closing on the loan.
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1answer
84 views

Does the amortizing payment on a loan depend on whether interest is calculated daily or monthly?

Assume two banks offer a $100,000 mortgage at 6% annual interest for 30 years with payments due monthly. One bank assumes each month has 30 days. The other bank uses the actual number of days in ...
11
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7answers
12k views

Why do mortgage affordability recommendations use gross income?

Whenever I see someone ask how to calculate how big a mortgage he can afford, the answer almost always comes back as a percentage of gross income. Why use gross income as the baseline? Why not net ...
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1answer
2k views

What is the different between Auto Loan and Car Mortgage?

I'm trying to get loan from the bank and I'm going for a special interest rate category called Professional loan scheme. Since my qualification time period is low and got the degree recently they're ...
5
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5answers
6k views

Mortgage Due Date versus Late Payment Penalty - Can the loan company call me daily?

My mortgage is due on the 1st. I was told paying a week after the 1st to match my paychecks wouldn't be a problem. In fact each and every statement has a date where if I pay after that date, I owe a ...
6
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3answers
858 views

Is it a good idea to get a mortgage when buying a house, for credit reasons?

I'm thinking about buying my first house, and I'm wondering whether I should get a mortgage from a bank or not. This is mostly because I've heard that getting a mortgage is critical part of building ...
5
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2answers
14k views

How long do I have to live as first time buyer before renting out the property?

Couple of days I've asked a question - How long I should pay the mortgage to break even when selling? (is 2 years enough) - as you can tell I'm thinking about taking a mortgage. I'm trying to gather ...
1
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1answer
662 views

Borrowing from your parents on a mortgage, with money they borrow from a bank

Disclaimer: we know this is financially stupid, but this is my wife's health we are talking about. Yes we know we didn't make the most financially smart decisions Situation: We bought a house in ...
5
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2answers
825 views

Do jumbo loan limits apply to the amount borrowed or to the property price? Can I avoid a jumbo with a higher down payment?

I live in an area of the United States where it would be very difficult to get a home for less than the $417,000 conforming loan limit. Unfortunately, jumbo loans seem to have a hard 20% downpayment ...
4
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3answers
398 views

Should I list all assets on my mortgage application?

I was applying for mortgage, and I understand that I need to list all my liabilities/assets. But I do not want to list all my assets, only giving sufficient information to show down payment and ...
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0answers
150 views

New mortgage co reversing claim decision by old mortgage co

I had a claim in March of last year due to hail/storm damage. The claim was paid by insurance to me and mortgage co. Then the mortgage co sent all the payments due, out to me in my name and the ...
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5answers
2k views

As a contractor, should I overpay my mortgage or contribute to a pension?

My specific situation is:- Early 30s Software contractor via a ltd company Resident in Scotland Higher-rate taxpayer Mortgage at ~5% (variable 4.5% above BoE), LTV about 75%. I'm allowed to overpay ...
4
votes
1answer
320 views

How to rent a home that I own outright for maximum benefits?

Suppose, I have a home that I want to rent, and it is paid off and valued at about $350K. I am currently living in this home. Should I sell this home to a LLC ( This LLC to be formed and owned by me),...
3
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1answer
171 views

Should I rent out a home I own outright or one with a mortgage?

If I have two homes of equal value ($300K each) and one is paid off and other has a mortgage balance of $235K. I'd like to rent one of those out. Which one should give me the most advantages with ...
13
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3answers
3k views

Is it wise to pay off mortgage with 401k?

I've been considering paying off my mortgage with my 401k balance. Some particulars, I'm in WA state in the US, and I'll turn 60 in about a week. I have enough in my 401k with my current employer to ...
4
votes
4answers
377 views

Is buying an apartment a worse choice than renting, currently (2019) in Australia?

For one reason or another, an apartment is considered a bad investment in Australian cities. This is because the demand here isn't huge yet (people in general would rather live outer-city in houses/...
8
votes
2answers
27k views

What is the formula for the monthly payment on an adjustable rate mortgage?

Can people tell me how monthly payments are calculated when a mortgage has an initial rate? What is the formula? I have seen online calculators but not formulae. My guess is: We assume that the ...
1
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1answer
65 views

Mortgage Holders as Option Writers

Can someone explain to me how does it benefit the mortgage holder to be a writer of the option call on the long term debt and the put option on real estate prices? Other than the premium be gained I ...
2
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1answer
314 views

“Homeownership investment” company - what's the angle?

Today I received a mailing from Unison, which claims to be a "homeownership investment" company. Their sales pitch is that they grant a 0%-interest loan to homeowners in exchange for a partial equity ...