Questions tagged [mortgage]

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

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75 views

Rights as joint tenant paying mortgage

In California, my husband and I bought a home in which we are still paying the mortgage. His family (mom, dad and sister) are not paying anything on the mortgage but all 5 names are on the deed. If ...
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2answers
385 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 ...
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6k views

What does PMI mean?

I've seen the term PMI used a couple of times on this site and don't know what it is. What is it?
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1answer
160 views

How to buy a house in the United States using money from a foreign loan?

I am a US resident. This scenario involves 3 entities. I want to know what would be the situation (legal and cost) if I can borrow money (complete value of the house Eg: 500 K) from a person or a ...
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6answers
10k views

Can lose everything even when house is almost paid off?

I have a dumb question I've been wondering about. It doesn't apply to me; it's just theoretical. Suppose there's an older couple who bought a house 27 years ago. They have faithfully made the ...
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2answers
257 views

Any other options for cash-out/construction loans?

This is a new question, but somewhat related to my question: How do I apply for a mortgage after a cash closing on a property? My situation: we paid cash for a house with the intent of adding onto it ...
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1answer
109 views

How many days into the process of a home equity loan application can I cancel the loan?

We are considering taking out a home equity loan for construction before our permit application is approved. It's almost guaranteed at this point but there is always chance it may not be approved. ...
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2answers
116 views

What is the best option for a loan to do a construction project at home without refinancing

I'm looking into advice and options to get a loan to pay for a construction project at home in the United States. Here is the situation: My family and I are living at one residential family home, ...
7
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2answers
319 views

Is the seller of a property in the UK in a position to dictate what the buyer does with it?

I know very little about the housing market or mortgages (it's just not taught in school in the UK, whereas oxbow lakes and pathetic fallacy are), but within a year I should be able to get my foot on ...
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8answers
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Mortgage adviser recommends a longer term than necessary combined with overpayments

My wife and I are currently househunting and have, as part of this process, had a preliminary meeting with a mortgage adviser. They asked all the expected questions about finances to see what our ...
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1answer
212 views

Can loan for mortgage be declined after receiving both approval letter & commitment letter

What is the difference between mortgage approval letter (not pre-approval) & commitment letter? commitment letter according to this source: A loan commitment letter is an indication that the ...
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2answers
772 views

Should I overpay to end a fixed-rate mortgage early? [duplicate]

About six years ago, UK interest rates hit the historic low of 0.5%. In keeping with all the finiancial advice at the time that this was a once in a lifetime circumstance I rushed out and got a fixed ...
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2answers
84 views

UK mortgage, owned house abroad as a 'deposit'

does anyone know if there is a possibility to get a house mortgage in UK, but as a 'deposit' use a property located in other European country with value much higher than what would be required for ...
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3answers
225 views

Should I avoid reporting expenses on my tax return in order to have a higher income for getting a mortgage?

I'm new to this sort of thing. I want to buy my first house soon (within a year?). As I am filing my taxes right now, should I file with my income but not report expenses, so that my taxable income ...
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63 views

How do I solve this in excel? I think it's a cumulative rolling percentage problem

I have a spreadsheet that shows the following columns. Date, Loan Applications Received, Interest Rate Offered, Cumulative Applications Received, Loans Originated, Average Interest Rate on ...
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1answer
181 views

Relationship between down payment and mortgage interest

I just got a new job in a new city in Ohio (United States), and my partner and I want to buy a home roughly a year from now. We have a year to save up, and I am making a financial model to look at the ...
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3answers
528 views

Mortgage Pre-approval / Loan - Apply Alone or with Fiancée?

My fiancee and I are interested in buying our first house and are beginning to go through the process. We'd like to put 20% down to avoid PMI and are thinking ideally a 20-year mortgage. Between my ...
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0answers
149 views

Single late mortgage payment is hurting me a lot

I'm from the US and I've recently applied for HELOC refinancing at a much lower rate (-2.00%), but underwriter has decided to deny the application due to a single late mortgage payment made in Jan ...
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1answer
231 views

Why was my request to discontinue PMI denied?

I received the following letter after requesting that my PMI payment be discontinued: After reviewing your account, I have confirmed we can't cancel your mortgage insurance premium (MIP) at this ...
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0answers
99 views

Prepay mortgage

Let's say I want to prepay my entire mortgage and I have 22 years left in my 25 years mortgage. In this case the bank imposes a penalty which is the yearly interest for three months. My question is, ...
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3answers
17k views

Can a mortgage payment date be changed?

Can a mortgage payment date be changed? When we closed on our home over 2 years ago, our attorney told us we could call up the lender and they could change our due date to later in the month. Our due ...
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1answer
83 views

Mortgage company refuses to send an early payment from Escrow account for the Quarterly Property Tax payment

I'm in the middle of refinancing a Mortgage. The lender looked up the title and said that there's a property tax payment due in the next few weeks on the Title and they want to see a proof of payment. ...
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1answer
243 views

What happens to a second mortgage once a first mortgage is paid off?

According to this website... "There's no legal order in which either loan must be paid off" Once the first is paid off, is the second mortgage then upgraded to a "first mortgage" (i.e. no other ...
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2answers
14k views

Can I work with two or more mortgage brokers at the same time?

When searching for a home loan, can I get two or more mortgage brokers to search for the best rate for me and at the end just choose the one that found the best rate?
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3answers
230 views

Are bond index funds a safe way to save for a mortgage down payment?

I came across Betterment's "Smart Saver" account today, which is a savings-account alternative that invests in U.S. Treasury bonds and low-volatility corporate bonds. The APY is almost exactly the ...
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1answer
1k views

Should I pay off my mortgage, begin retirement savings, or build my emergency fund?

My Goal I am trying to calculate how best to apply my income to my various goals. For the sake of simplicity, I'm interested in the balance between three specific goals: Paying down my mortgage ...
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2answers
266 views

Is it better to get a mortgage or continue renting in London?

Currently me and my partner are renting in London, which with bills included eats up around 50% of our takehome income. It seems that if we were able to get a mortgage on a flat, we would potentially ...
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1answer
560 views

Algorithm to calculate the Interest on Loan with a Balloon Payment

I am trying to understand the algorithm used by My Calculators.com - Balloon Payment Calculator If I enter the following details: Loan amount: 4556.75 Number of months: 5 Interest rate: 5.75% ...
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3answers
167 views

Personal Loan for Home Down Payment at Auction?

My recent wife and I have our eye on a nice home that is being auctioned off by an elderly lady who's moving in with her daughter. In our home search, we already have pre-approval for up to 250k FHA ...
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4answers
235 views

What are some risk involved in buying an apartment with rent 2 buy?

Disclaimer: I am going to live in my city with a very low chance of moving somewhere else. I am currently looking for viable options for buying an apartment. The traditional way is to save up 15% and ...
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1answer
235 views

Improving credit: what should I do about very old debt; ignore, settle, or pay it in full?

I have about $6,000 of very old debt. It went into collections about 3 years ago when I was in college. Today I have a good job, and I am thinking about the future. I am now interested in improving ...
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1answer
77 views

Should I pay off my home mortgage due to TCJA cutting SALT deductions?

Definition Under prior law, in addition to being allowed to deduct 100% of state and local income (or sales) taxes, homeowners could deduct 100% of their state and local personal property taxes. ...
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3answers
200 views

Short term living (3 to 4 years).Am I better off renting, taking a 15yr mortgage or a 30yr mortgage?

I just moved to a new city and I'm currently renting and apartment for $575 a month. I got a full time job so now I can afford more so I was thinking of buying a property. I expect to live in the area ...
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2answers
1k views

Selling my house for what is owed to keep from foreclosure but it's worth more. Who gets the extra money?

I am selling my house to a friend (for what I owe on the mortgage) which is $107k because I am behind on my payments and don't want to go through foreclosure, but it's worth $155k who gets the extra ...
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1answer
130 views

1099-S Provided 4 Years Late, and Amount was Paid to the Mortgage Lender Instead of Home Owner

The State bought a portion of our land for highway widening, and paid the proceeds directly to our mortgage lender. Four years later, the State has sent us a 1099 for the amount paid to our mortgage ...
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2answers
4k views

What incentives do banks have to gather up loans into pools (backed by Ginnie Mae)and selling them?

This is a two part question: 1) I understand that there are certain mortgage loans that when originated by banks can be gathered up into pools and then "sold" to investors, and that these pools are ...
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2answers
276 views

Too much cash: pay off mortgage, invest in market, or all of the above?

My wife and I have the (pleasant) problem of having too much cash. Part of the reason is that we have been looking to upgrade to a nicer house for the last few years, but we never found the right ...
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3answers
843 views

How does selling my house affect my credit?

I bought a house 3 years ago. Since then I have made all my payments on time without ever missing a payment. From my understanding, this is good for my credit. I am now selling my house. How will ...
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2answers
304 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution (...
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2answers
190 views

Will I benefit from remortgaging at the end of a fixed term?

I've been offered a mortgage for 75,000 for a term of 12 yrs. The interest rate is fixed for 2 yrs at 1.89% and after the 2 yrs, the interest goes up to 3.6% for 10 yrs. But when I remortgage at the ...
54
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7answers
17k views

How big of a mortgage can I realistically afford?

I'm 25, and I'm in the process of closing on a $260,000 mortgage for a very nice condo in downtown Salt Lake City. My salary is $80,000 right now, which I feel is pretty solid, but I'm starting to get ...
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4answers
6k views

How do I calculate the principal paid down on a mortgage?

I'm looking for an equation to find out the current principal on a mortgage. I have the following variables: n periods monthly payment amount interest rate of mortgage I'd like to know how much I'd ...
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1answer
128 views

Canada - how to proceed with deceased parent's mortgage

My father died without a will and so there's a lengthy legal process for obtaining ownership/title of the house. In the meantime we have the property rented out and I've been making mortgage payments ...
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1answer
434 views

My mortgage handler mishandled my flood insurance proceeds - course of action?

My home flooded in August 2016. I received an insurance payout very timely. My mortgage lender, Whitney bank placed the funds in an escrow account and informed me that I must use a contractor and ...
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3answers
318 views

Is it a good time to buy a house now? [closed]

I saw a few houses, and decided to buy one of them. A condo originally priced 210,000, and they accepted my 193,000 offer. I'm a first time buyer, with zero experience and my agent helps me with ...
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2answers
131 views

What is the Standard Variable Rate (SVR) exactly in the UK

Here is my understanding of rates in general: Bank Rate: The interest rate at which banks borrow from the central bank. This rate can be changed any time by the central bank. Variable Mortgage Rate: ...
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1answer
150 views

Can I take loan in my name for property in my son's name

Can I purchase land and building taking loan from bank in my name and got the registration of the properties in my son's name and mortgage the same in the bank.
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3answers
294 views

What happens to interest already paid if I re-finance a 30-year mortgage to 25 years? 15?

I assume the interest amount I'm currently paying for my 30-year mortgage is based on a 30-year amortization trajectory. If I refinance to 25 years, or even 15, what happens to the interest I've ...
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2answers
67 views

Death benefit into IRA or cash for mortgage

I am the beneficiary of what was left in my mom's state pension fund. I don't know how much it is, but the state estimates most people run through their pension funds (when they chose that option) in ...
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2answers
46 views

When I shop for a direct lender, will the credit checks that they may do be bad for my credit rating? [duplicate]

Is it bad for my credit rating each time a possible lender does a credit check on me? I need to shop for a direct lender in order to get the best rate for a first mortgage on a property I want to buy,...