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Questions tagged [mortgage]

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

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-1
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2answers
118 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
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2answers
324 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
87 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 ...
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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
191 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
531 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
249 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
254 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
286 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
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4answers
261 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
239 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
79 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. ...
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3answers
204 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
172 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
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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
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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 ...
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2answers
280 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
votes
1answer
132 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
191 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
322 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
171 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
296 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
132 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: ...
1
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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
326 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
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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
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4answers
1k 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 ...
52
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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 ...
2
votes
1answer
178 views

What are the tax implications of renting out my condo if it's worth less than the mortgage?

I own a condo, and its market value is less than what I owe on the mortgage. On the upside, several interesting developments are going in nearby in the next couple of years. Because of some lifestyle ...
-3
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2answers
280 views

Why are mortgage rates the same for everyone?

Generally speaking, when it comes to a conventional mortgage, a given bank offers loans at the same interest rate for everyone. As long as your qualifications allow you to pass a certain threshold to ...
1
vote
3answers
481 views

Better to make extra principal payment in first year versus putting more into down payment?

For a mortgage I considered putting down X and then said, let me reduce my interest over the life of the load by paying an addition Y. However, when I compared the original total interest with down ...
44
votes
5answers
14k views

Going house hunting next week and my credit score just dropped by 100+ points

My wife and I (usually) have excellent credit. TransUninion had me at 790 and other agencies well into the 800s. Our lenders have already prequalified us for our home, and sent the ratings they got ...
5
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4answers
473 views

Is home equity worth taking out a mortgage when I have $67k student loans to pay?

Note: home equity isn't the only reason I'm thinking about buying. I'd like to have control over my own living environment, more space, not have to worry about annoying the apartment unit upstairs if ...
0
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2answers
234 views

Are you out of pocket if moving before paying mortgage interest?

Please could somebody clarify the following scenario for me (first time buyer)? Are there any tips? Any differences if moving from one lender to another? Supposing I take out a 25 year mortgage on a £...
3
votes
3answers
166 views

How much variation between lenders is there in the cost of financing a home mortgage loan (in the United States)?

Short Version I recently spoke with a mortgage loan officer who told me that shopping around for the least expensive home mortgage loan is essentially a waste of time, because (due to regulation) the ...
2
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2answers
225 views

What is the formula for calculating how many mortgage payments remain after variable extra payments?

I’m looking for a Wolfram Alpha equation to put in my rate, loan term, principal remaining, and monthly payment (and anything else) to solve how many payments I have left. All I seem to find are ...
3
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2answers
199 views

Mortage loans when switching houses

I bought my home (a townhouse) in early 2017. Now, I want to "switch houses" in the same area - buy another home and immediately sell my current one. I still have a sizable mortgage on my current ...
2
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1answer
348 views

Can I pay off mortgage in full to keep my insurance claim check?

I've received an insurance claim check due to water damage in our house and the check was made in my name as well as my mortgage company's name. We believe that we can do the necessary repairs for ...
10
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2answers
1k views

Does IRS count paying mortgage principal as taxable income from family?

My parents offered me a generous gift, specifically they want to pay off $10,000 of my mortgage principal (the mortgage is under my name, not theirs). However, I am hesitant to let them do this, as ...
0
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1answer
64 views

Should I pay and refinance or continue LPMI?

Details: Origin loan: $152,000 Original downpayment: $8000 Remaining loan: $144,000 (= approximate current pay-off quote) Currently value of house: $160,000 (assume value hasn't changed since I ...
2
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2answers
138 views

Is it possible for me to put 50% down and my partner take out a mortgage?

I'm able to afford 50% of the house in cash, but my partner and I want joint ownership. We have considered taking out joint mortgage, but my partner's median credit score from the 3 bureaus is higher ...
2
votes
1answer
326 views

If I build a new house on my plot then demolish the old house, can I transfer the mortgage from the old to the new house?

We have purchased a bungalow with land for £800,000, we have a £500,000 mortgage. We have planning to build a much larger house next to our bungalow (so the bungalow will be part of the driveway once ...