Questions tagged [mortgage]

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

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11
votes
4answers
847 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
406 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
365 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
438 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
805 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
333 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, ...
14
votes
5answers
2k views

Should I put more money down on one property and pay it off sooner or hold on to the cash?

I've a huge chunk of money saved up for a down payment on a property that I'd eventually like to pay off and use as a rental. The assumption is that the property value will go up substantially over ...
20
votes
2answers
516 views

What is a reverse mortgage?

What is a reverse mortgage? I hear these advertise often but don't understand how they are different from a regular mortgage! Can somebody explain please what they are and when they would be useful? ...