Questions tagged [mortgage]

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

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2answers
972 views

Can I buy/trade stocks while waiting to close on a house?

I'm in the process of buying my first home and I know the typical advice of not taking out any new credit lines. I'm wanting to start investing in some stocks and was wondering if that would interfere ...
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1answer
91 views

Should I take money out of my CD to pay towards my mortgage?

I need some help with the correct math to help me answer this question. I have a CD that has a 10 year term, earning 4%, that I put $25,000 into to start. I have roughly 2 years remaining on my CD. I ...
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2answers
121 views

How much will a bank loan for a mortgage in a high cost of living region?

I live in a high cost of living area and am thinking about buying a house. Affordability calculators get weird because taxes are a higher percent of my income, there isn't much on the market that ...
2
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1answer
63 views

Calculating monthly and annual payments with corresponding rate: different results?

Good evening everyone, I got a small financial problem that I tried to understand and, even though I come to the right answer, I do not understand why my alternative approach does not work. Problem: ...
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0answers
36 views

Is it possible to get a mortgage in the UK with a Tier2 ICT Visa

I currently live in the UK under a Tier 2 ICT visa and have been contemplating the idea of buying a house. Would I be able to get a mortgage with this kind of visa?
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2answers
485 views

With an interest-only mortgage, why is the sale of the house not considered a repayment vehicle?

I am looking into interest-only mortgages. Why is the property which you are buying with the mortgage not considered a repayment vehicle? Selling the property would be enough to pay back the mortgage. ...
0
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1answer
97 views

Refinancing Profit and loss Statement

I am refinancing a house and thought I will close last week of December, 2020.I met all requirements and has over $100,000 equity in the house, gave all initial required paper work. I have submitted ...
0
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2answers
123 views

Is this how I can achieve the minimum break even price if I sell my apartment?

I am planning to sell my apartment in New York City. I have only owned my apartment for 2 years, so I know I most definitely won't be able to "break it even." I think a more realistic goal ...
6
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3answers
1k views

How much share should I get in our property

In 2012, my brother, my mom, my dad, and I bought $349,000 property with 10% down to it. I paid the most towards the down payment, $10,000. Our mortgage is around $1,600/month and property tax of $2,...
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3answers
4k views

Do I need my own attorney during mortgage refinancing?

I'm refinancing my mortgage with a well-known lender. I assume the lender's attorney will review the closing documents. I know the documents are pretty standard, but still wondering if I need to hire ...
4
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1answer
299 views

How much equity do I need for a pledged asset mortgage to prevent PMI?

I've been saving up to buy a home, and I've primarily grown this money with stock investments. When I do decide to buy a home, I'm not too fond of the idea of putting all my savings into a mortgage ...
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9answers
6k views

What is an escrow and how does it work? Practical example

I cannot understand the concept of escrow. Wikipedia provides the following example: Escrow generally refers to money held by a third party on behalf of transacting parties. It is mostly used ...
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2answers
69 views

Mortgage Payoff Interest after Refinance

I'm about to close (later tonight) on a refinance of my primary resident mortgage, but I'm a little confused on how the mortgage company got to my payoff figure. The disbursement date of the new loan ...
6
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2answers
1k views

Is it worth getting a mortgage with early repayment or an offset mortgage?

I'm a contractor in the UK (working short term jobs that end from 6 months to a year althought my current contract has been for 3 years). I'd like to be able to take out a mortgage with a monthly ...
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0answers
84 views

Occupancy and financial status affidavit

We refinanced our house a month ago and now my wife has found a different house she likes and wants to buy it and we were going to use my VA eligibility to buy the new house and once we move in sell ...
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3answers
303 views

Was 50k loan limit always a part of the 401k program and are there any ways around it?

I got a loan from my 401k that I repaid a while back and I don't remember anything about a $50k limit. Now I am buying a new house before I sell mine and the $50k limit seems to be ridiculous since ...
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1answer
64 views

Finding an independant mortgage consultant

I would like to find someone who is knowledgeable about the mortgage industry and regulations has no incentive to try to sell me a mortgage Most mortgage brokers are ruled out by the second point ...
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2answers
3k views

Is paying off mortgage public information?

I noticed that after I bought a house, I started getting junk mail with my specific mortgage amount on it pretty quickly, presumably sourced from public information. Will it also be public ...
2
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1answer
67 views

How to account for interest not received?

Sold a house by mortgage. Buyer was unable to pay often. Eventually, I accepted the original balance for release, thereby waiving over six thousand dollars accrued interest. For US taxes, should ...
0
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1answer
87 views

Refinancing: Do I take the lower rate or the better LTV ratio?

I'm exploring refinancing options and have two offers that I'm having a hard time deciding on: Better.com This is not my current lender. They are offering an interest rate of 2.375% for 1.866%. ...
16
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3answers
4k views

Rebuilding when current house has a mortgage

My wife and I own a home that is over 60 years old that we bought initially as a fixer-upper. After a few years of fixing it up enough to make it comfortable for us -- we realized that our appetite ...
5
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4answers
3k views

Is it true that rental income may end up not taxable in USA?

Somehow I always thought rental income is taxable (maybe because I heard that some landlords don't report that income and so the tax board or IRS created the "renter's credit" so the renter ...
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3answers
326 views

First Time Home Buyer - How much will I be approved for on a loan for a house?

I am 23 years old and will graduate from college in the next few months. I have always lived in an apartment so it's been a dream to live in a home one day and a personal goal to own a home before I ...
2
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1answer
149 views

How do you compare mortgage interest rates when they fluctuate so frequently?

Note: while similar in title to this question, I believe I am asking something different. I am currently shopping for a mortgage to refinance our home. I have applied with a few different banks and ...
1
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1answer
107 views

Lifetime ISA, Cash ISA

I'm planning to get my first home next year and thinking to open a lifetime ISA account. Can someone advise on these things please, still not quite sure: Is there any minimum amount of money to ...
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3answers
214 views

Is it beneficial to pay mortgage points if I have high income in the year I am starting a mortgage?

Let's say I typically make $120K salary every year. And the rest of the income is in long term stock growth (which are not included in taxable income). But let's say this year I have a income of $360K ...
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2answers
138 views

Is it possible to keep mortgage after bankruptcy?

If one declares a bankruptcy, can he or she keep his/her mortgage account and continue repaying it, while erasing all the other debts? In general, is it possible to negotiate to keep some credit ...
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2answers
114 views

Should a mortgage refinance bank be granted access to full tax returns of the last two years?

I'm shopping around to refinance my mortgage (in the USA) and one bank asked for the following information: 2018 & 2019 Tax Returns (All Pages) 2018 & 2019 W2 Most Recent Last 2 Paystubs If ...
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4answers
3k views

Mortgage with gap in payments

I hold a mortgage for $130K. "6% per annum", 20 years, 240 monthly payments of $931. The mortgagee paid the initial 45 monthly payments and has not paid for 264 months. I would like to know ...
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0answers
151 views

What is my liability if I walk away from a refinance at the closing table?

Decided it was time to refinance my mortgage. Shopped rates and picked an offer, then jumped through all the hoops of getting the home appraised, providing all of the documentation the lender needed, ...
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3answers
131 views

Is it a common practice for bi-weekly mortgage setups not to have points available to pay down?

I'm refinancing my mortgage and I wanted to set it up as bi-weekly, since it effectively applies the extra payment every year. However, as we're going through the process, my mortgage consultant said ...
4
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1answer
539 views

What can I do with my finances while waiting to close with a mortgage?

I'm in the process of buying my first home and I've gotten lots of advice that has been unclear and hard to work with. One of the clearer pieces of advice I've gotten is to not make big financial ...
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2answers
95 views

Mortgage down payment via gift - is it taxable?

My parent, a sibling and I are buying a home together. My sibling and I will pay the mortgage loan, and my parent will provide the down payment. All three of us will be on the title, but since my ...
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2answers
176 views

Should I prioritize repaying my 401(k) loan over maxing out my 401k contributions?

I took out a $22,000 loan (over 7 years) against my 401(k) for the purchase of a new home. I currently owe $15,000 on that loan. While I make 401(k) contributions each paycheck, I am not making the ...
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3answers
363 views

What prevents me from calling an investment property an intended primary residence to take advantage of lower down payment requirements?

I know that most banks will require 20%/25% down on a conventional loan for an investment property. The requirement is much lower - 5% - for a home I intend to use as my primary residence. If ...
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3answers
67 views

Company Mortgage - Can I write off Principal as a Business Expense?

Our business purchased a home that is used as one of our business locations - employees working there are allowed to have room & board taken out of their payroll (pretax). Question If we use ...
12
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3answers
4k views

How can I use my stock portfolio in order to get a lower interest rate mortgage?

Background I have a decent amount of money saved up, most of it invested in the stock market. Right now I'm thinking about getting a condo / house. I have more than enough in my stock portfolio to ...
15
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7answers
6k views

Taking more amount in mortgage than what I need

I am going to buy a house soon. Paying 10% down. My credit score is > 800. I wanted to to take additional money in mortgage to put it in some low const index fund like SPY. The house is going to be ...
2
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1answer
121 views

Future value of loan: interest calculated daily and compounded at end of each calendar month

Future value of a loan: Interest calculated daily on a 365 day basis. Interest is compounded monthly. Fixed interest rate. Fixed term. Is there a way to calculate what the loan balance will be in 1 ...
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0answers
96 views

Are there standard mathematical models for rent vs. buy?

The internet has a lot of "calculators" to decide on rent vs buy. However I think there can be simple mathematical models/formulae to make this decision. I see the following variables, some ...
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1answer
59 views

Combining adjustable rate mortgages and interest rate swap

The interest rates for mortgages are at a historic low. In order to be able to profit from low interest rates in the long term, fixed mortgages with long terms (10 years) are very popular. One problem ...
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0answers
69 views

Why are mortgage refinance interest rates higher than purchase interest rates? [duplicate]

At the moment I'm writing this, Wells Fargo, is quoting a 30-Year Fixed Rate with an interest rate of 2.75% if you are purchasing a home, while the same loan has a rate of 3.25% if you are refinancing....
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5answers
5k views

Is there any way to avoid paying for a home appraisal, when it's ridiculous but the bank won't waive it?

I am refinancing my first mortgage (no cash out). The new loan amount is about 58% of my purchase price (purchased 14 years ago). The loan amount is also about 52% of an appraisal I paid for 5 years ...
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0answers
28 views

Interest and principal line-item amounts for seasonal mortgage

I'm working with this question: Seasonal Loan Amortization. I wondered if someone could elaborate how to calculate the principal and interest portions of the payments when they are paid. The article ...
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1answer
56 views

Home Loan Refinance Prepayment Penalties

I am a homeowner in the USA. Interest rates have dropped recently and I am exploring the possibility of refinancing my home loa My existing home loan stipulates that the lender cannot charge a ...
16
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9answers
8k views

Pay off half mortgage vs invest in stocks

Some background: I have a mortgage ($212K/$247 remaining, 3.675% APR) on a house in my previous city. Selling it was my primary goal, but unfortunately that hasn't happened. And looks like the ...
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1answer
227 views

Do I have to use my realtor on a For Sale by Owner home

I found a For Sale by Owner (FSBO) home that I love through a family friend. The seller has sold two of their homes before with no broker help from them or the buyer. They don't want pay any amount to ...
1
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1answer
113 views

What happens if closing disclosure of mortgage refinance assumes higher principal balance than real?

I'm going to refinance the mortgage and got closing disclosure. It says my current lender will get $257K on closing. However, my balance is $254K. I called the agent to clarify why expected pay off is ...
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0answers
140 views

Wonky credit score situation, when should I refinance?

Back Story I had 750+ credit in February when I decided to look for a home. Searched for a home w help from a friend and my brother Worked with the agent to set everything up The sellers were looking ...
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1answer
145 views

Do I need Ex's Signature on Closing Documents if I have Quit Claim Deed?

I was awarded my home in my divorce decree and I have an offer on it now. Do I need my ex's signature on any loan documents during the closing process if I have a Quit Claim Deed filed with the county?...

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