Questions tagged [mortgage]

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

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2answers
121 views

Mortgage payoff statement vs just making very large additional principal payment

Short and simple: if a mortgage lender (on a loan that's not allowed to have early payoff fees) imposes a "payoff statement fee" to obtain a statement for paying it off early, is there any ...
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2answers
161 views

UK: Can we apply for a new mortgage with the same lender if we already have an offer that we did not accept yet?

My wife and I want to buy a house and we have a mortgage offer from a lender since 4 month ago, that we didn't accept yet due to sellers taking longer than expected to sort things out. Since they gave ...
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3answers
209 views

How to split up income for loans and savings

My partner is about to start Veterinary School, and as a result is going to be taking on a potentially very large amount of debt. I have a job currently paying me $55,000 on salary (factoring in the ...
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1answer
203 views

At what point is it better to buy a home vs continue renting? What additional costs of owning a home should we consider? [duplicate]

I know this question has been asked lots of times before. I read this question which tells me at some point it is best to buy instead of continue renting forever. My situation is that I have a ...
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1answer
150 views

Mortgage Company did not discharge lien when loan was refinanced - New Jersey Mercer County

I am in desperate need of some help having exhausted my options I had refinanced my home loan in 2012 through Amerisave mortgage company and as part of the refinance Amerisave paid off CitiMortgage - ...
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3answers
395 views

Can a 20% down payment actually hurt you?

Goal: avoid overpaying for a house. Scenario: $200k house 800+ credit score Conventional 30 year loan at market rate Conventional loan requires 5% down minimum I can comfortably afford 20% down Loan ...
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1answer
177 views

How can banks make profit from mortgages with interest rate 1.29%?

At the current moment HSBC is proposing mortgages with interest rate 1.29% fixed for 5 years for 75% LTV: https://www.hsbc.co.uk/mortgages/our-rates/#tab-panel-tab_1539213631 I wonder what is the ...
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1answer
84 views

on refinance does previous company return ALL extra money [closed]

I am trying to do a refinance and the new company is keeping some buffer amount to pay to the previous company. The previous company also has some escrow balance. At same time the new company is ...
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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 ...
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1answer
60 views

Options for additional loan to add a second story to house

I would like to add a second story to my primary residence in the US. Estimated cost of project is $250k. I'm seven years in on a 30 year fixed rate mortgage at 3.75%. What are typical options people ...
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1answer
124 views

Pay seller from escrow before closing on property so mortgage can be finished?

Let's say seller does not want to grant extension to buyer so his lender could finish mortgage paper work. However, buyer has enough cash on hand and is completely capable to pay seller by original ...
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1answer
158 views

Is buying a mortgaged property profitable?

I am planning to buy a property and wondering if this property is worth buying. A. Price of property including everything: Rs 45 lacks B. Down payment: Rs 5 lacks C. Loan/Mortgage (C = A-B): Rs 40 ...
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3answers
105 views

Can future mortgage rates be predicted?

Searching the internet, one can find a variety of predictions by experts about which way mortgage rates will go. (Up, currently.) In the case of the stock market, conventional wisdom is that it's ...
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1answer
75 views

How could this mortgage loan program be structured?

I was doing a cash-out refinance comparison on Credit Karma, with a total loan amount of ~$335,000, and received this list of offers to consider: Google's mortgage calculator shows the standard ...
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0answers
53 views

What are the correct terms for a fixed payment with variable rate mortgage vs variable payment with variable rate mortgage?

What are the correct terms for a fixed payment with variable rate mortgage and variable payment with variable rate mortgage? I've read on some articles that a variable rate mortgage and adjustable ...
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1answer
278 views

In a fixed mortgage, is the term the same as the amortization period?

From what I understand, the term is the length of time the mortgage agreement and interest rate will be in effect and the amortization period is the length of time it’d take to fully pay off the loan. ...
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3answers
153 views

What is a land loan, is it different than a mortgage, and how?

From what I understand, a mortgage is a loan secured by real estate. Thus under this definition you should also be able to buy land (secured by the land). Is this true? If it is how come there are ...
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3answers
741 views

Home equity price

I bought a home that costs $100,000 and it’s worth $200,000 but I still owe $50,000 on it how much equity do I have on the home?
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2answers
193 views

brand new townhouse, confused about HOA insurance

We bought a brand new townhouse from a developer. It is a small complex with 2 townhouses (single bulding, sharing wall) and a detached single home. They are all in the same condominium which was ...
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2answers
230 views

Buying a condo for 3 years and renting afterwards

This has been asked a couple of times, but I'm still having trouble with the numbers. I'm a grad student and will be in my area for another 3 years. I'd like to buy instead of rent, but given the ...
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4answers
349 views

Hyperinflation effects on mortgages [closed]

Is it conceivable that some kind of monetary reform would be carried out in western countries (or Europe, or Switzerland if that matters), in which assets and debts (mortgages) would be converted ...
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1answer
75 views

Condominium Reviews [closed]

I am looking to buy a condo, but I am having trouble finding out information about the condominium complexes I am looking at, and knowing what information to trust. Several of the places I am looking ...
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1answer
106 views

Changing down payment

I am in the process of buying my second home and taking out a home equity loan to use as my down payment. I will take out 80% to pay off the remainder of my first houses mortgage and keep it as an ...
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1answer
439 views

Will my property taxes change if I get it appraised for PMI removal?

I have studied questions around Mortgage Insurance removal and various experiences (mostly painful) with lenders in this process. I had budgeted and readied myself to make a principal payment to bring ...
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6answers
1k views

How to split monthly profits in a co-owned (mortgaged) home when we invested different downpayments, and only one of us lives there?

My brother and I are buying a home for 415k. The Downpayments are uneven; I pay $28,500 (68%) and he pays $16500 (32%). It seems fair to split profits when we sell the house proportionally to this ...
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3answers
158 views

Strategies For Generating 25-Year Revenue Stream (Instead of Mortgage Down payment)

I'm about to buy a house. Interest rates are low and I think it might make sense to invest the money I have, instead of buying cash/making a large down payment. I expect to live in this house for 25 ...
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1answer
53 views

Sell a property vs taking a mortgage

I have a property that is rented out, and generating monthly income. I would like to invest in another property, and I have 2 ways to finance it: sell property A take a mortgage on property A as ...
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3answers
142 views

Can I get a home equity loan on a fixer?

I purchased a home requiring major repairs. it has been done now but now the basement slab needs to be redone that was not anticipated . Along with two other huge unexpected costs I lack funds to ...
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2answers
262 views

Making large payment on Mortgage not lowering maturity date

I recently began a 30-year fixed rate mortgage on my new house on April of 2020. The maturity date for this mortgage was then 04/01/2050. In their website, they had an amortization schedule with ...
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4answers
519 views

How much of my mortgage do I need to pay off for the FICO "Proportion of loan balances to loan amounts is too high" reason code to disappear?

I have a FICO 8 score that is fluctuating from 810-830 and the only reason code given is: Proportion of loan balances to loan amounts is too high The only balance I have from month to month is my ...
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6answers
362 views

What is a fair way to split the profits for a co-owned property?

Seeking out some financial guidance... My partner and I recently purchased a home with my sister and brother-in-law. All spaces will be shared with the exception of bedrooms. We will be meeting with ...
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1answer
248 views

What Happens to Fixed Rate Mortgage Loans During Hyperinflation?

What happens to fixed rate loans like most mortgages in situations where the currencies experience hyperinflation like the German Marks or Zimbabwean Dollar? In this article it states that fixed rate ...
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1answer
71 views

Mortgage Interest and Payments: Random Principal + Random Interest

What should I expect from a mortgage institution? My thought is: steady monthly payments where my interest drops by some amount each payment. Things were fine, it appears, as one payment in their ...
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2answers
171 views

why would a mortgage lender be asking someone a year away from retirement about their pre-retirement income?

My 69yo mother is looking to buy a new house (and sell her current one). Based on what she's expecting to get for her current house, how much she still owes on her current house and how much a new ...
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3answers
170 views

Home sale payment

My questions refer to real estate in the US. When the buyer pays cash (i.e. without taking a loan), would it usually mean that the buyer will have to pay the whole amount in a single payment? Or is ...
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9answers
7k views

Bigger house, lower down, or smaller house larger down

I am in the process of buying a house. I am a first time buyer. Of course interest rates are ridiculously low so going to get a fixed mortgage. To offer some context, I am financially secure, no real ...
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1answer
85 views

Calculate interest rate of mortgage loan that has deferred (suspended) payments

Simple example to illustrate the question: Suppose I have a 30-year $100,000 mortgage loan at a fixed-rate of 5% interest that I took out exactly 10 years ago. I have been making timely payments each ...
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0answers
53 views

How can I word a life estate for myself without saying Life Estate?

I'm disabled and considering structuring a mortgage assumption to buy a primary home in Texas. My strategy is to have the seller settle a living estate trust that will bi pass me and convey to my ...
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6answers
7k views

Are there any downsides to having a bigger salary rather than a bonus?

My company has consistently given out bonuses for the past few years and the bonuses have been gradually rising each year. Currently the bonuses are around 15-20% of my annual salary. I spoke to my ...
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1answer
41 views

C2C Employment considered self employed for Fannie / Freddie?

I was recently offered a job after interviewing. They offered either w2 or corp 2 corp work. I chose corp to corp and created an LLC and signed a year long renewable contract as a single member LLC ...
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3answers
188 views

Refinancing Mortgage, same rate for 30yr vs 15yr (with closing credit)

I'm 49 years old, currently have a VA 30yr @ 3.75% mortgage with 26years left. (We moved across the country for a new job in 2017). Remaining balance 254K, No PMI, have approximately 100K in equity. ...
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1answer
55 views

Pay out lower interest mortgage now or wait and pay higher interest later?

I have a mortgage on my primary home, which consists of two sub-account: one is for the original loan with about £30K remaining on it; the other part is the extra borrowing to build an extension - ...
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2answers
60 views

Can adding a 1098 from another mortgage bank lower my deductible interest? How?

I'm a long-time homeowner. In 2020, I refinanced my home. Due to the refinance, and switching mortgage banks, I made mortgage payments to three different banks in 2020: Bank A (original mortgager): 8 ...
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0answers
61 views

Focus on mortgage or keep investing

I'm 24 and recently purchased a property. I'm wondering whether or not I should keep my investment account open or focus solely on bringing down my mortgage. I have been investing with Raiz (I think ...
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2answers
10k views

How does paying off the mortgage work if I demolish a home and rebuild another home on the property?

I own a single family home in NYC, Queens. I have a mortgage on that property. My Zone permits 3 Family house. I would like to demolish the single family home and build a 3 unit property. How does it ...
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3answers
165 views

How do I calculate the equity I have in my home when overpaying on mortgage?

I am aware that when paying off a repayment mortgage the proportion of monthly payments going towards the interest is higher towards the start and eventually the proportion lowers towards the end of ...
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1answer
135 views

Should I ask to be approved for a larger amount than I will spend?

First time homebuyer figuring things out as I go. I pre-qualified for a mortgage of more than I can actually afford. The broker asked me how much I wanted to spend, and was given an approval letter ...
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7answers
3k views

Does it make sense to get a second mortgage on a second property for Buy to Let

I am a UK resident and home-owner with a mortgage that is 2.5 times my pretax annual salary. Having investigated the price of my home now since I bought it, I was pleasantly surprised by the return on ...
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1answer
95 views

Why does paying points cost different amounts depending on how much I'm lowering my rate?

I believe I am quite competent with most matters related to personal finance, but one thing I cannot understand no matter how much I Google is paying points on a mortgage. I talked with a mortgage ...
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0answers
77 views

Stamp duty first time buyer renting after 6 months

I'm looking to buy my first house, but I'm only planning on living in it for 6 months or so before going cycle touring next summer (covide dependant..!). I'd like to rent it out for 6-12 months after ...

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