Questions tagged [mortgage]

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

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10
votes
5answers
1k views

Is it possible to get a mortgage with a custom duration in the US?

I live in the US and it seems that mortgages rates here are always quoted for either 15 or 30 years. Is it possible to get a mortgage in the US that is for a different duration? Say I have 23 years ...
-1
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1answer
77 views

how does taking mortage loan affect my credit score after closing

I am taking a loan on my first home purchase. I have 780+ credit score now. How is my credit score affected after closing on the loan.
5
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2answers
195 views

Is there a financial product via which I can safely temporarily borrow against my home?

We live in the UK, and are seeking to move house and have seen a property which suits our requirements and has been discounted because the owners wish to sell quickly. The asking price is £400,000. ...
4
votes
3answers
401 views

Should I list all assets on my mortgage application?

I was applying for mortgage, and I understand that I need to list all my liabilities/assets. But I do not want to list all my assets, only giving sufficient information to show down payment and ...
0
votes
0answers
150 views

New mortgage co reversing claim decision by old mortgage co

I had a claim in March of last year due to hail/storm damage. The claim was paid by insurance to me and mortgage co. Then the mortgage co sent all the payments due, out to me in my name and the ...
4
votes
1answer
320 views

How to rent a home that I own outright for maximum benefits?

Suppose, I have a home that I want to rent, and it is paid off and valued at about $350K. I am currently living in this home. Should I sell this home to a LLC ( This LLC to be formed and owned by me),...
3
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1answer
171 views

Should I rent out a home I own outright or one with a mortgage?

If I have two homes of equal value ($300K each) and one is paid off and other has a mortgage balance of $235K. I'd like to rent one of those out. Which one should give me the most advantages with ...
13
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3answers
3k views

Is it wise to pay off mortgage with 401k?

I've been considering paying off my mortgage with my 401k balance. Some particulars, I'm in WA state in the US, and I'll turn 60 in about a week. I have enough in my 401k with my current employer to ...
1
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1answer
84 views

Does the amortizing payment on a loan depend on whether interest is calculated daily or monthly?

Assume two banks offer a $100,000 mortgage at 6% annual interest for 30 years with payments due monthly. One bank assumes each month has 30 days. The other bank uses the actual number of days in ...
4
votes
4answers
378 views

Is buying an apartment a worse choice than renting, currently (2019) in Australia?

For one reason or another, an apartment is considered a bad investment in Australian cities. This is because the demand here isn't huge yet (people in general would rather live outer-city in houses/...
1
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1answer
65 views

Mortgage Holders as Option Writers

Can someone explain to me how does it benefit the mortgage holder to be a writer of the option call on the long term debt and the put option on real estate prices? Other than the premium be gained I ...
0
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0answers
77 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 ...
2
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1answer
314 views

“Homeownership investment” company - what's the angle?

Today I received a mailing from Unison, which claims to be a "homeownership investment" company. Their sales pitch is that they grant a 0%-interest loan to homeowners in exchange for a partial equity ...
0
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1answer
111 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. ...
-1
votes
2answers
121 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, ...
33
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8answers
8k views

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 ...
7
votes
2answers
326 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 ...
0
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2answers
88 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 ...
1
vote
3answers
228 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 ...
0
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0answers
64 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 ...
2
votes
1answer
194 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 ...
1
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0answers
150 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 ...
5
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3answers
536 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 ...
1
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1answer
274 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 ...
1
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0answers
100 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, ...
14
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4answers
4k views

Etiquette around loan refinance - decision is going to cost first broker a lot of commission

We are in the process of doing a refinance. However, we just took out the original mortgage loan recently. The new loan is 3/8 of a point better than the original loan and we are going to save a lot ...
1
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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. ...
3
votes
1answer
246 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 ...
3
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3answers
297 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 ...
0
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1answer
87 views

Manual Underwritten Mortgage: Cash Reserve Requirements

How much should I expect to have in cash reserves if my mortgage is manually underwritten (non-traditional, no credit loan). I know Freddie Mac, Fannie Mae, and FHA loans all make allowances for non ...
0
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2answers
301 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 ...
3
votes
4answers
265 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 ...
2
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1answer
249 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 ...
0
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1answer
82 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. ...
1
vote
3answers
210 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 ...
0
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3answers
174 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 ...
20
votes
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 ...
3
votes
1answer
131 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 ...
2
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2answers
285 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 ...
3
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1answer
134 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 ...
3
votes
2answers
193 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 ...
0
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3answers
323 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 ...
0
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1answer
186 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.
2
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3answers
301 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 ...
0
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2answers
134 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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2answers
69 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 ...
3
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2answers
343 views

Should I pay off my 401(k) loan ASAP?

I recently saw a question on the forum about "Should I pay off my Home LOAN from my 401(k) or continue to pay Interest to myself". Most responses seemed to think that paying it off ASAP was the best ...
0
votes
2answers
47 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,...
4
votes
4answers
2k views

Financing mother-in-law suite to rent out

Context: My wife & I just bought a home for $175,000 with 10% down. We pay $1,020 per month on our mortgage, which includes property taxes and insurance. The home has a very large, finished ...
51
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12answers
17k views

Invest $50,000 in cash or borrow $100,000 and get a mortgage?

I have $50,000 saved and I'm paying $760 on rent right now. All my relatives are telling me to get a mortgage so I don't "throw money away on rent", but I just don't like the idea of getting in debt ...