Questions tagged [mortgage]

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

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2
votes
1answer
710 views

Cancel PMI at 78% or at 75% if Fannie Mae

I just requested my bank to cancel PMI, since my balance reached 80%. Bank sent me note that I need appraisal and also my LTV should be 75% since my loan is less than 5 years old. Bank clarified that ...
4
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2answers
306 views

Mortgage Adviser Signed Me Up For Multiple Home and Life Insurances (UK)

So, back in 2016 we bought our home with the help of a mortgage adviser. During the process they signed us up for home insurance and life insurance. At the time I (perhaps stupidly) believed they ...
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1answer
121 views

Calculate mortgage rate with a different interest rate after certain years [closed]

I have a mortgage amount of 100K ($100 000) and an Interest rate of 1.69% the first 2 years, then after the 9 years the Interest rate goes up to 8.9%. Payment frequency is monthly and the Amortization ...
1
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3answers
310 views

Beating the “jumbo loan deposit”

I am really interested in the whole banking-mortgage system in the US. I learned that for mortgages under appox. $425,000 the deposit is about 5%. Whereas for mortgages over appox. $425,000 the ...
13
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1answer
2k views

Use equity to purchase second home in Canada

I tried searching, but did not see one specific to Canada. I have a home I'm living in worth approx. $180,000. I owe approximately $126,000 on the mortgage, which I have been paying extra towards ...
0
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1answer
603 views

Algorithm to calculate the Interest on Loan with a Balloon Payment

I am trying to understand the algorithm used by My Calculators.com - Balloon Payment Calculator If I enter the following details: Loan amount: 4556.75 Number of months: 5 Interest rate: 5.75% ...
2
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2answers
590 views

Should I pay off rental property mortgage before selling in order to save on interest?

My renters are moving out and I believe it will take at least 3 months to sell the house. The mortgage is $63k at 7% interest and the house will probably sell for $145k. The reason I'm thinking to ...
1
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3answers
137 views

Canada's new mortgage laws

I need help understanding Canada's new mortgage laws? I have tried looking at the information online, and it keeps saying it will need a bigger downpayment, but to my understanding it just increases ...
1
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3answers
684 views

Mortage gift loose repayment

My second cousin is asking for 14k as a gift for down-payment for his mortgage loan with the idea that he will pay me back when he can, but without us setting any formal/legal obligation to do so (so ...
1
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1answer
137 views

What happens when a foreclosed home sells for more than remaining debt [duplicate]

All questions I've read so far have focused on what happens when the home sells for less than the remaining debt. What happens if someone defaults on their mortgage while the home is worth more than ...
2
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1answer
40 views

Down Payment Requirement for a non-Permanent Resident of Canada

I am waiting for my PR under spousal sponsorship to come thru. My Canadian husband wants us to buy a condo in Port Alice and has pre qualified by adding my Social Security income in with his. Question ...
4
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2answers
387 views

Home loan discharged in bankruptcy - distribution of funds from sale

My ex-wife was the primary borrower on a home loan with me as co-borrower. After our divorce was finalized she filed for bankruptcy and the loan was discharged. However, I remained in the home and ...
2
votes
1answer
150 views

How long does a bank take to process a mortgage offer?

I'm currently at 50 days past making first contact with my bank for a mortgage - and I'm wondering if this is standard, or if it is reasonable to be making a complaint. I'm in the UK, with what I ...
2
votes
1answer
86 views

My wife telecommutes. Mortgage on my name but she is on the title. Can we tax deduct?

My wife telecommutes for her employer. We both are joint owners of the property but the mortgage is only on my name. Can we tax deduct the mortgage interest and insurance even though she isn't ...
-2
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1answer
407 views

Is it considered mortgage fraud if you work for your friend who can assign you higher income?

I posted this on another forum and want to get input here as well. Let's say there's a boyfriend and a girlfriend who have kids together. Boyfriend is self-employed but doesn't have 2 years of ...
3
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2answers
610 views

Make 100k, how much mortgage can I get in NYC?

I make a little over 100k a year in nyc as a programmer and have 200k saved up. I'm looking to get a mortgage to buy a condo in lower Manhattan sometime in 2019-2020. How much of a mortgage can I ...
3
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3answers
287 views

If my mortgage were to be foreclosed prior to completion of repayment, would I receive any cash value back for the payments I have made?

First: This is hypothetical, more of a curiosity than something I need actual help with. Lets say I had a 100k house, and over the past 10 years I'd paid down 50% of the value of the house -- That is ...
0
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6answers
575 views

How do owners of one home make money on the sell-and-buy process?

With school loans diminishing and job salaries rising, there is constant pressure among family and friends to start looking for a home and stop renting. "It's a great investment", they say, "and it ...
7
votes
3answers
324 views

What is the most financially appropriate approach to flipping and selling this home?

A few years ago, I purchased a home at $142,000 that has 12 bedrooms, 4 full bathrooms, a workroom, a basement with cement flooring, and an attic. In my divorce, it was awarded to me, as my ex was ...
2
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4answers
228 views

No credit history. How to improve rating?

My partner and I are hoping to get a mortgage and buy a house in the next few years. A potential problem is that I have essentially no credit history and thus I have a low credit rating. (My partner ...
2
votes
2answers
382 views

What is the math used to calculate the impact that overpaying a mortgage has an an amortization table?

I'm in the classic 'pay extra on the house vs invest' argument with my partner (not the subject of this question) and I'm trying to understand what exactly happens when I pay extra on a mortgage. I ...
1
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1answer
43 views

claiming property tax and getting property tax documents

I bought a home last year (Feb 2017), so doing taxes myself for the first time as a homeowner. I need to claim property taxes I paid. So, I have the 1098 from the lender, which has mortgage interest ...
0
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1answer
105 views

How to get the most mortgage from the bank?

I am looking to buy a second house which is about $800K (A 1600-sqft, 3b3b condo in the suburb). I intend to live in this house as well as renting out two bedrooms for roughly $1200 per month each. I ...
1
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0answers
102 views

Agent Comission rebate when not listed on HUD-1

Our mortgage consultant mentioned that the lender did not approve of multiple rebates we received (Seller's credit, rebate from the Mortgage Consultant). As a result, the commission rebate from the ...
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1answer
303 views

Mortgage company using principal payment to make advanced house payments [duplicate]

My mortgage payment is 1200.00. I send in the 1200.00 each month along with a additional PRINCIPAL payment of 2000.00 clearly noted on the payment book as intended as a principal payment. But each ...
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3answers
227 views

Saving for a New Home

My wife and I are saving for a new home in NYC. The only debt we have is a student loan (about $26k left at 3%). We have $47k in the bank and our Household Income (HHI) is about $300k. We owe just ...
5
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2answers
975 views

How to use £450,000

It's a good problem to have, but a problem nonetheless. I bought a house (London) last year, gave all my cash, except my 50 bitcoins. Fast forward end of the year I sold all my bitcoins, for £650,...
3
votes
1answer
200 views

New mortgage lender is requiring I buy condo owners insurance

I live in California, I have applied to refinance my condo, which I have owned for 30 years. The new lender is requiring that in addition to the HOA (Homeowners' Association) insurance policy on the ...
2
votes
2answers
243 views

Loan & building a house in Germany (Bavaria)

I would like to ask what are conditions when you want to build a house in Germany. Is it necessary to have your own savings before you ask the bank for a loan or you can ask for 100 % loan.
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4answers
151 views

Increasing downpayment v.s. Prepayment

I want to apply for a mortgage loan of $100,000 with $10,000 down-payment. The loan should be paid in 15 years, and the interest rate is 4%. Suppose I can have $20,000 more by selling some of my stuff....
0
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0answers
87 views

How is interest rate calculated for a floating mortgage

I am trying to calculate the amount of interest I need to pay for a mortgage that just turned from fixed to floating. Current balance is: -550,000 Interest rate: 5.95% Original term: 30 years The ...
0
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1answer
200 views

Best Practices for Buying a House? [closed]

Here's what I think I know about buying a house: Get a home inspector to check the place out first before you do anything, to avoid ending up in a money pit. I don't know how you get/find a good ...
1
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2answers
355 views

Compound Interest & Mortgages

Mortgages are compounded 2 times a year in Canada and 12 times a year in the USA. However, I read that mortgages are simple interest and not compound interest because you pay the interest for each ...
2
votes
1answer
219 views

Can the PMI be dropped without refinancing based on home value increase?

I reached out to my lender today and he told me that: If I have 78% LTV of the original home appraisal, PMI is dropped automatically; however, If I reappraise the home and the value increased, making ...
16
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5answers
3k views

Credit advice in preparation for buying a house a year from now?

I plan on buying a home about a year from now. I'm 25, have never owned a home before, but I have a credit score that hovers around 780, so I've got that going for me. However, I do not plan on co-...
3
votes
3answers
112 views

Is there any reason to have a mortgage broker when refinancing with a specific company?

If I'm refinancing a residential home, and already know exactly which company I will use to obtain a mortgage from (and at which rate), is there any value in working with an independent mortgage ...
1
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2answers
119 views

What exactly are the logistics of refinancing a mortgage?

When you get a mortgage for buying a home, the logistics (all the paper signing etc...) are usually handled by the lawyer responsible for the overall home purchase in conjunction with real estate ...
4
votes
2answers
201 views

Is it possible to find out how much of a mortgage I could be approved for without affecting credit report?

I'm casually exploring the option of selling my house and buying a condo. I bought my house 15 years ago, and it's been a money pit, so my credit score has gone down a bit. I'm not really ready to ...
11
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2answers
3k views

Putting fiancée on the mortgage during a renewal

The mortgage is due to be renewed in March as the product's life-cycle is naturally coming to an end, and so we figured now might be a good time to put my fiancée on the mortgage (as opposed to before ...
0
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0answers
29 views

Do I need to remortgage to get rid of PMI with a new appraisal? [duplicate]

I asked this question about whether I need to re-apply for my mortgage in order to not have to pay private mortgage insurance anymore. All answers mentioned that this is not necessary. However, I'm ...
0
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0answers
112 views

Saving extra cash - for earlier mortage repayment or creating passive income

My girlfriend and I are thinking about buying a flat. Paying mortgage rate close to what we pay for renting would take us 15 years to pay 250,000. Right now we're paying 1600 a month for renting a ...
3
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1answer
144 views

To Cash-Out Refi or Not?

I have a 3 option scenario and I really can't decide what's the best move here. Here's a little background on my husband and I's current situation. We are focusing on rapidly paying off our debt. We ...
9
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5answers
2k views

Possibilities of Mortgage with incalculable Credit Score

I am 23, and I'm following Dave Ramsey's TMM plan. I am concerned, however, about completely closing credit accounts etc. due to the fact that I am not yet a homeowner. I do not want to dig myself ...
2
votes
2answers
149 views

Pros and cons of these 2 methods of property financing

Suppose a person wants to buy a property. There are 2 methods of financing that come to mind; 1) Get a mortgage and borrow up to 80% of property value to buy the property. This is so that not too ...
4
votes
1answer
229 views

Do I need to remortgage to get rid of PMI?

I called my lender last week. I am close to owning 20% of my home and want to get rid of PMI. They said I can only do it by remortgaging my house. Is that true? With the mortgage rates increasing, I ...
4
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2answers
143 views

Multiple Investment Properties under One Mortgage

I have been leveraging for a few years now and have managed to get a few mortgages on investment properties. All the properties perform very well, are income producing and have at least a 60-80 ...
3
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3answers
1k views

Should I get a 15 year mortgage or 30 year mortgage on a house we’ll stay in 3-5 yrs?

Sorry this is a bit long. Novice homebuyer here...We just put an offer in on a house at below estimated value. It was accepted today. We qualified for an FHA loan. We have closing costs covered and ...
0
votes
2answers
301 views

Missing Quarter in Form No 16

My previous employer has mistakenly no mentioned the Q3 in my Form 16, but it has the details of Q2 and Q4. I have applied for a home loan and the bank wants it clear. But the problem is that the ...
3
votes
2answers
3k views

What is the formula for calculating the mortgage constant when payments are made at the beginning of the period?

In this case, the mortgage constant (or loan constant or debt constant) is the (in my case, annual) ratio of constant payments to the original amount, like here: http://www.double-entry-bookkeeping....
14
votes
6answers
3k views

Should I max or min my affordability on a new home?

Situation: Around 1,000 month disposable between 2 of us. Current mortage outstanding balance is 95k on a 120k property, saving almost entirety of disposable income. Now the situation has arisen ...