Questions tagged [mortgage]

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

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6 votes
2 answers
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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0 votes
0 answers
93 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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5 votes
3 answers
334 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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  • 4,690
0 votes
1 answer
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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8 votes
2 answers
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 ...
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2 votes
1 answer
68 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 ...
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  • 879
0 votes
1 answer
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%. ...
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  • 1,361
16 votes
3 answers
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 ...
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  • 177
5 votes
4 answers
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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  • 1,553
1 vote
3 answers
328 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 ...
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2 votes
1 answer
153 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 ...
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  • 582
1 vote
1 answer
111 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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  • 111
2 votes
3 answers
217 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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0 votes
2 answers
142 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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  • 187
1 vote
2 answers
115 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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6 votes
4 answers
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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  • 559
1 vote
0 answers
157 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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2 votes
3 answers
135 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 ...
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4 votes
1 answer
545 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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1 vote
2 answers
97 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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3 votes
2 answers
189 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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1 vote
3 answers
367 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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-1 votes
3 answers
68 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 ...
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  • 895
12 votes
3 answers
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 ...
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15 votes
7 answers
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 ...
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  • 491
2 votes
1 answer
136 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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2 votes
0 answers
121 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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-1 votes
1 answer
61 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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3 votes
0 answers
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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16 votes
5 answers
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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0 votes
0 answers
29 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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1 vote
1 answer
57 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 ...
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  • 353
17 votes
10 answers
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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1 vote
1 answer
243 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 ...
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1 vote
1 answer
116 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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2 votes
0 answers
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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  • 895
0 votes
1 answer
150 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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2 votes
4 answers
343 views

How would a mortgage lender evaluate an existing private mortgage with no monthly payments?

I have a private mortgage for my house in the US. (Not seller-financed. My parents are the lender.) The lender gifts me the interest amount each month and only the interest is paid on the loan. So, ...
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3 votes
1 answer
118 views

Is there any real downside to recasting my US mortgage?

I have been paying additional principal every month on my 30 year fixed mortgage. As a result, I have paid more principal than expected, and can recast my mortgage to lower the monthly payments (and ...
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4 votes
1 answer
147 views

CARES Act 401k withdrawal requirements - Is this a hardship?

From my understanding, financial hardships related to COVID-19 can qualify an individual to withdraw money from their 401k, with literally no penalty so long as it is repayed to a similar retirement ...
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1 vote
2 answers
223 views

Can a closed but undischarged mortgage be reopened easily?

Getting a new mortgage can involve a lot of paperwork and take considerable time. If one (for whatever reason) happens to have an existing mortgage that has been fully paid off but never officially ...
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0 votes
1 answer
118 views

Refinance jumbo mortgage to conforming mortgage worth it?

My home mortgage was originally $602,400 when I initiated it in 4/2015, with a fixed 30y rate of 3.75%. No mortgage insurance. The principal balance is now $539,315. I'm being offered a rate of 2.875% ...
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  • 111
49 votes
15 answers
12k views

Is there any reason to not buy if mortgage is comparable to rent?

I'm curious: Say if you could buy a property or choose to rent and the mortgage per month on the property is similar to (or even lower) than the rent in your area, is there any reason to not buy? ...
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3 votes
1 answer
91 views

Why do the points on a refinance depend on my current mortgage?

Looking at refinancing, a salesman is suggesting a double-refinance. The context is that we are looking at a cash-out (to repay a HELOC at a lower rate), and the points are higher for that. The ...
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1 vote
1 answer
61 views

Is there a downside to doing a cash out refinance followed immediately by a rate and term refinance?

I want to do a cash out refinance on my primary residence to pay off a HELOC, and to put more money into an investment property. Cash out refinances have higher rates than rate and term refinances. Is ...
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  • 267
29 votes
7 answers
31k views

Tax consequences of paying "rent" to romantic partner that owns the house

I moved in with my romantic partner nine months ago. My partner owns 100% of the property and pay about $1000 per month to the mortgage (minimum is something like $300). Partner had no intention of ...
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  • 413
2 votes
1 answer
115 views

UK Stamp Duty - corona virus changes

I am about to buy my first house in UK with my girlfriend (price is £250,000) I also own a house in Poland, that my dad gave me in his will (its value is over £40,000) Recently it was announced in UK, ...
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  • 187
30 votes
4 answers
23k views

Tips on making a best and final offer

Me and one other buyer have been asked to make our best and final offers on a house after us both making initial offers. I believe I am in a good position as stated here and I will reiterate this to ...
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  • 1,595
2 votes
2 answers
141 views

earnest money and security when buying a house in Vancouver

I am in Vancouver and planning to buy a townhouse. There is approximately a difference of 2 months from the day I make the deposit to the closing day (which I see as the funding day). I am starting my ...
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0 votes
2 answers
181 views

Is there precedent for mortgage rates being higher for a refinance than a purchase?

Right now, most if not all major banks have mortgage refinance rates about 1% higher than the rate for a mortgage used to purchase a property. Up until a few months ago, I don't recall ever seeing any ...
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