Questions tagged [mortgage]

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

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16
votes
4answers
742 views

What criteria should I use to determine if I should become a home owner?

Currently my spouse and I rent a small apartment. Eventually we'd like to expand the family, and a one bedroom rental won't cut it forever - even if we continue renting we'll be expanding to a ...
6
votes
4answers
254 views

High mortgage rate and low home prices VS low mortgage and high prices

Currently in Canada we have low mortgage rates and high home prices. I get the vibe from reading different articles that people actually want mortgage rates to go up which would lower the home prices. ...
2
votes
2answers
4k views

Can I get a mortgage from a foreign bank?

I live in the UK is it possible to transfer a mortgage to a bank based in a different country that doesn't operate in the UK, say Germany or United states for example?
6
votes
6answers
1k views

First time buyer interested in buy-to-let, bad idea?

I'm a first time buyer, living at home, on a good salary of around £25k and with no major committments. I would like to get a mortgage and get on the ladder, but I'm quite content living at home, and ...
3
votes
2answers
293 views

Are online mortgage lenders as good as local brick-and-mortar ones?

Are the online lenders responsive and helpful? Lately it's been hard to get anyone on the phone though I suspect that's due to refi's because of the very low rates.
53
votes
7answers
3k views

Are there hidden downsides to a shorter mortgage?

It seems that 30-year mortgages are very common (standard?). If I find that the monthly payments for, say, a 10-year mortgage are affordable for me, is there any reason not to go with the shorter term ...
4
votes
2answers
226 views

Should I renew the rate on my ARM to a lower one, considering the fees charged?

I have a 5-year ARM at 4.5% APR. I can renew the rate at 3.25%. However, that would cost $800. The current loan value is $156,219. Is it worth it for me to renew the rate? How long would it take to ...
2
votes
1answer
3k views

What are the state and county taxes for refinancing a mortgage in Virginia?

I'm in the process of refinancing a mortgage, and want to know what state and county taxes apply. I'm not talking about property tax here, but the recordation taxes and fees charged by the county and ...
4
votes
1answer
262 views

Possible to remove remaining foreclosed mortgage debt off my credit report?

A little while ago, I asked a question where the consensus was that the bank won't be coming after me for the remainder of the money after the house was foreclosed on. Seeing how they can't come ...
5
votes
2answers
304 views

Foreclosure debt still on the credit report

I went through a pretty nasty divorce in which my ex-wife got to keep the house. Eventually the house was foreclosed on and she eventually got evicted. However, my name (along with hers) was still ...
5
votes
3answers
333 views

Should I ask for an offer for my Irish tracker mortgage?

I currently have a tracker mortgage and have heard that mortgage providers are offering good incentives to move to a different type of mortgage. My questions are, Should I go to my provider and ...
6
votes
7answers
2k views

Reducing mortgage term by paying off a chunk of the principal each quarter - how effective is this?

A family member once told me about a method for reducing the term of a mortgage "significantly". They didn't know (or I can't remember) the details but it had to do with certain mortgages that ...
6
votes
5answers
5k views

Does size of down payment affect chances of home loan approval?

Does the size of my down payment on a house affect the chances I'll be approved for a loan? Can a 50% down payment overcome a relatively low credit score?
17
votes
6answers
2k views

Should I pay off my student loan before buying a house?

Should I pay off my student loan before buying a house?
8
votes
4answers
749 views

Can I take advantage of lower interest rates while I'm stuck in a fixed-rate mortgage?

Interest rates across Canada are gradually creeping up, but they're still incredibly low compared to when I started my 5.79% fixed rate mortgage a few years ago. Several lenders still seem to be ...
23
votes
10answers
4k views

Can paying down a mortgage be considered an “investment”?

I've read a few articles online about investments, and other articles about paying down home mortgages. One thing that I've noticed is that people who advocate paying down mortgages seem to emphasize ...
4
votes
3answers
382 views

Home loan refinancing woes about costs and paybacks

My wife and I bought our house about 4 and half years ago, just a little before the housing market crashed. We didn't have a lot of money, so we played it safe and got into a house that most would ...
7
votes
3answers
593 views

Disadvantages of getting a mortgage from a mortgage broker?

Are there any disadvantages to getting a mortgage from a mortgage broker? It seems like they would be in your best interest because they save time by shopping around for you. Does it typically cost ...
15
votes
2answers
8k views

What are points on a mortgage?

What are points on a mortgage?
16
votes
3answers
1k views

Should I pay points on my mortgage?

We're looking into refinancing from a 30 year mortgage at 5.5% (currently 23 years left) to a 20 year mortgage at 4.5%. Paying points will reduce the rate somewhat, but since we don't have extra ...
0
votes
2answers
316 views

What is the difference in payments and ratios between High-ratio and Conventional mortgages?

On bank's site it says: Conventional mortgage: means your downpayment is at least 20% of the purchase price. High-ratio mortgage: means your downpayment is less than 20% of the purchase price. ...
6
votes
3answers
393 views

What is the best way to determine if you should refinance a mortgage?

What is the best way to determine if you should refinance a mortgage? Is there a general rule of them as far as difference in interest rates? I know closing costs are also a factor. Is there a good ...
3
votes
1answer
159 views

When I pay off my mortgage loan, what would really happen?

Correct me if I'm wrong. I understand that when I open a mortgage loan, some underlying bond is issued and purchased by some investors. When the rate is much lower and I refinance and close my ...
1
vote
1answer
373 views

Home office deduction with a line of credit mortgage (e.g. Manulife One)? [Canada]

I've been looking at mortgage products such as Manulife One - which work like a line of credit based on the equity in your home. The monthly payment is the interest on the amount left owing every ...
12
votes
7answers
2k views

Want to refinance: 7-year ARM, 30-year fixed, or 15-year fixed?

We want to refinance; currently at 6% on a 30-year fixed. We are unsure how long we will be in the house but assuming at this time we will want to move within 7 to 10 years. We are offered a 3.75% ...
5
votes
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 ...
5
votes
1answer
1k views

Is mortgage interest tax deductible for not only federal but state income taxes?

Does anyone know if mortgage interest, mortgage insurance and property taxes are deductible for not only federal but state income taxes? This may be a state-by-state issue, but if anyone has ...
45
votes
7answers
5k views

In general, is it financially better to buy or to rent a house?

I know this differs from country to country, from person to person (depending on how much you already have saved), but I'm curious about the simplest example. Let's say I have little to no money. I ...
5
votes
1answer
312 views

With interest rates beginning to ascend, is it better to lock in a mortgage at fixed rate or opt for variable rate?

With the interest rates beginning to ascend, is it better to lock the house mortgage at a fixed rate or to opt for a variable rate mortgage? Thanks in advance for the sage advice that is shared here.
11
votes
1answer
10k views

What is the difference between Freddie Mac, Fannie Mae and Ginnie Mae?

What is the difference between the various US housing agencies referred to as Freddie Mac, Fannie Mae, and Ginnie Mae? How were each of them affected by the sub-prime mortgage crisis (or, maybe the ...
2
votes
1answer
168 views

What impact does the new mortgage rules have on CMHC policies? [Canada]

With reference to this question, how does this affect the Canadian Home and Mortgage Corporation (CMHC)? This organization made it possible to get a new home with as little as 5% downpayment, ...
28
votes
7answers
17k views

Should I pay more than 20% down on a home?

I'm starting to consider buying a home in a year or three. I'll have a lot of money available at that time -- perhaps enough to do more than the standard 20% down payment. I might be able to manage ...
6
votes
2answers
3k views

What are your thoughts (pros & cons) on all-in-one accounts, like Manulife One?

I think it looks very interesting, and certainly promises to deliver. My main concern is, as a single person, is it wise to put all of my eggs into one basket?
9
votes
3answers
9k views

Foreclosure process: What happens when a bank forecloses on a home?

I know it is a long complicated process, but what is the high level overview of what a bank does when it forecloses on a house? Beyond credit getting hurt, what else? Where does the bank get it's ...
9
votes
7answers
961 views

Which type of mortgage is better? Fixed-rate, or Variable?

We just bought our first house and are contemplating fixed vs. variable. Our broker is really pushing for variable but we're just not sure. I know interest rates will probably be creeping up soon, ...
30
votes
2answers
2k views

What percentage of my budget should the mortgage be?

What percentage of my budget should the mortgage be?
10
votes
3answers
2k views

How to determine new, lower interest payments after a lump sum mortgage payment, i.e. new amortization schedule?

Here's a financial math problem: I have a mortgage at about $78,0000 with 5.5% interest and 56 of 360 monthly payments were made. I'm currently paying about $360/month in interest charges. If I pay ...
12
votes
3answers
423 views

What value does a mortgage broker bring? Can they get you a better deal than your bank can?

Many I meet are very salesy. Makes me wonder if they are truly after my best interests? Banks seem so aloof and laissez-faire. The kind of attitude that sends the message that they don't care if I ...
5
votes
1answer
2k views

Mortgage: Difference between joint tenancy / tenants vs. tenancy in common?

When taking a mortgage, what is the difference between joint tenancy and tenancy in common? Under what circumstances is it preferable to choose one over the other? If your circumstances change how ...
2
votes
1answer
521 views

Canada: New mortgage qualification rules, 2010: Why, what, & when in effect?

Earlier today, the Canadian federal Finance Minister Jim Flaherty announced new mortgage qualification rules for Canada. Why were new rules introduced? What are the new rules being introduced, vs. ...
11
votes
4answers
837 views

What does the term “second mortgage” mean? Can I easily get one?

Are these loans easy to get if you have enough equity in your current home? Is there any negative connotation associated with getting a second mortgage
12
votes
5answers
4k views

For a major expensive home renovation (e.g. addition, finished basement, or new kitchen) should one pay cash or finance with a loan? Would such a loan be “good” debt?

This other question is similar, but was referring to a specific renovation/repair (new flooring) that, while expensive ($1500), isn't very expensive – it's feasible to consider saving up for ...
5
votes
2answers
179 views

When applying for a mortgage, can it also cover outstanding debts?

When applying for a mortgage, can you also add some extra on (£10k) to cover car finance? Or is there any benefit of keeping them separate?
4
votes
2answers
404 views

What is mortgage insurance? Do you have to have it, in order to be approved by a bank?

What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?
10
votes
4answers
359 views

Homeowners: How can you protect yourself from a financial worst-case scenario?

Say your a home-owner, a first time buyer. You've just got your first flat and your about 1 year into your 25 year mortgage. Suddenly, something goes wrong with your job, and your made redundant (...
26
votes
7answers
8k 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.
6
votes
2answers
430 views

What is a good place to park a Christmas bonus? Pay down the mortgage, TFSA or RRSP?

Many companies in Canada tend to pay out bonuses around Christmas time. If one is fortunate enough to get one this year what is the best strategy for the bonus? TFSA's have a limit of $5000 yearly. ...
12
votes
3answers
804 views

How can I minimize losses on an upside down mortgage for a condo I no longer live in?

I have made a good faith effort to keep up my mortgage payments on a condo that I no longer live in since Oct 2005. In 2005 I had to move out of state for my job and I listed the property for about ...
7
votes
1answer
332 views

Getting on the property ladder: mortage, downpayment, fees? [UK]

Once I've got my finances straight I'd like to think about getting my own place, but what sort of money am I looking at to have under my belt before I can begin thinking? Is it right that the UK ...
16
votes
4answers
10k views

Will our hefty student loans affect our chances of getting a mortgage?

My husband and I live simply but we're content. I'm an avid budgeter and love finding ways to be frugal. My dilemma right now is that we've been able to keep our living expenses below what we make, ...