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What actually is a mortgage

Details: A mortgage is a loan for a home. A mortgage allows people like you and me own a home with a down payment that is a fraction of the sale price, and over the course of (usually) 30 years, pay the rest off. An interest rate is tied to the loan, and right now is about 3% for people with good credit scores, lower for great scores, higher for bad scores.

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What mortgage company do you like

Details: Get a mortgage broker. And also it doesn’t matter who you like or don’t like. Mortgages get bought and sold all the time. I’ve been a homeowner for 3.5 years and my mortgage has been sold 4 times. And yes it’s a complete pain in the ass but I have no control over this.

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Question about mortgages and FHA loans : personalfinance

Details: Fast forward to today, my mother in law receives a letter stating her mortgage servicer is being transferred to another company. This letter came from Novad Consulting, and is dated September 22, 2021, and is to be transferred on October 8, 2021. She was discussing it with my wife, and we were all confused, as WF is the servicer of the mortgage.

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Not including me in the mortgage

Details: The mortgage is a question of who's paying for the house. The deed is a question of who owns the house. My wife isn't on our mortgage, so she's not technically responsible for paying the bill (a silly distinction without a difference since we have exclusively joint accounts), but she is …

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Pay off mortgage

Details: Pay off the mortgage with the higher interest first. Sell the home at the higher marked up cost of how much are nowadays. Then you can pay off your home and pocket the rest. Work for about 2-3 more years to just save up and invest. Then retire before you turn 55. The time you get in retirement is limited.

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CMV: The mortgage industry is incompetent and/or …

Details: CMV: The mortgage industry is incompetent and/or broken. I am writing this as someone who has become increasingly frustrated with the mortgage process - especially with large banks. The banks seem to have an archaic, slow as fuck, approval process for even highly qualified buyers. The process is painful for no reason.

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Mortgage professionals, how screwed am I

Details: Mortgage professionals, how screwed am I? Looking for some advice from mortgage professionals especially if possible. Situation: Entered into contract with mortgage contingency. Realized while signing paperwork and checking my records that 2020 taxes weren't filed (I was changing jobs and dropped the ball, my fault) No big deal I'll handle it

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Foreclosure Looms for New York Homeowners, Thanks to …

Details: For 23 years, Azcuy and her husband kept up with the mortgage payments on their house in Pomona, including a 2005 refinancing, for which she took on a debt of $210,000 at 5.75% interest. But in 2012, after Azcuy’s husband was fired from his job, they missed a payment and their lender quickly moved to foreclose.

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How do people afford to purchase real estate in NYC

Details: NYC is an interesting market to buy in, I've learned a lot in the past couple of years after almost purchasing. While 3.5% is doable on a house with a FHA loan, you need to remember that any down payment less than 20% will require PMI (which adds 200-300/month to your total monthly mortgage payment).

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mortgage company/probate question : RealEstate

Details: mortgage company/probate question. Buying a Relative's House. Not sure if this is the right place to ask this but legaladvice wasn’t very helpful. I keep getting different advice from different people, thought maybe someone here would have some experience with this. My parents just died with no will and no assets, just a mortgage.

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Buy a rental or pay off mortgage : RealEstate

Details: Buy a rental or pay off mortgage. I have some money saved up currently, and wondering whether to pay down the house or invest into a rental. I’ve had people tell me to leverage as much as I can and borrow due to inflation, but also have listened to Dave Ramsey who says to pay the mortgage off before doing anything else.

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Mortgage Rates Not as Low As I Thought : personalfinance

Details: Mortgage Rates Not as Low As I Thought. About to start escrow on a property and am shopping around for mortgage rates. I keep hearing/reading about 2.5% 30 year fixed rates but after reaching out to a broker and checking online (bankrate, better.com) it seems that the standard rate is in the 3.5%+ range. This is with 740+ fico and not a jumbo

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I put 35% down, why do I need Mortgage Insurance

Details: There is a difference between the Mortgage Insurance (PMI) which is for situations below 20% down and this "Mortgage Protection Plan" which essentially is similar to life insurance. Many brokers try to upsell you on this; it basically pays off the mortgage balance, if you pass away.

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[Mortgage] Early Payment with no Penalty : personalfinance

Details: There are some mortgage lenders that do charge prepayment penalties, though it's less common. Not all mortgages have early payment with no penalty. That is my understanding. But you did not confirm if my interpretation of the early payment is correct. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning.

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Mortgage refi rates : personalfinance

Details: I have an FHA and I can't get rid of PMI without refinancing even with 250k of equity on a house worth 315k. My rate is 4.5% on a 30 year, and I am about to refinance to a 2.5% on a 15 year. I'm taking out 85k in equity and my mortgage payment will be less than 1200 a month. Currently, I pay roughly $80 of my $585 payment towards PMI.

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How to buy a house

Details: As a first pass, you can compare the mortgage interest rate (likely < 3%) to the expected rate of return of the market in the next 30 years (likely 7-10%). Since the latter is higher, most people on this forum would probably recommend that you take out a mortgage and keep your investments where they are.

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Why pay for points

Details: If this is the case, then why do people pay for points versus using that money in their down payment? As an example, paying $3000 to go from 3% to 2.75% on a $300k mortgage saves you $14,422 over the life of the mortgage.. Compare that to a $300k mortgage at 3% or a $297k mortgage at 3%, where you only save $4553. A lower rate is going to save you more money …

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Today, I paid off my parents’ mortgage : GlideOutside

Details: My parents taught us curiosity, empathy, and work ethic. Today, I paid off their mortgage. It feels amazing. They were completely taken aback. After tears and laughter, they were so thankful. This will allow them to retire earlier than planned and enjoy their life to a greater degree.

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What happens when have a mortgage and you sell your house

Details: Until you pay off the mortgage the bank is a co-owner of the house. So you can't sell it without their permission. If the bank agrees that the value has tanked and the best course of action is to sell at a loss, they might agree to a "short sale". If not, you're on the hook for the payments and you can't sell because the bank doesn't agree.

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mortgage to LLC : realestateinvesting

Details: Talked with two mortgage brokers (one local and one big bank) as well my lawyer and accountant. It seems like both (especially the big bank) are saying that 30y mortgages are only allowed at the individual level and that most will then transfer to an LLC. The big bank said they always do it this way.

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In the future, will a mortgage be for life

Details: That's only because you have likely lived your entire life with 5% or less interest rates on mortgage. Once interest rates go up to 8%, people's desire to never pay off will evaporate. I don't think you get a tax deduction for mortgage interest in most countries other than the US.

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Mortgage giant Fannie Mae to consider on-time rent

Details: Fannie Mae estimates that about 17% of applicants over the past three years would have qualified for mortgages had their rent histories been considered. Because it is a no brainer, its called manual underwriting. Its just that many mortgage companies wanted the easier calculations allowed with credit scores.

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Trying to qualify for a mortgage loan quickly : CRedit

Details: Trying to qualify for a mortgage loan quickly. Mortgage. Hey folks. I’m at a tough spot. A loan officer with a potential lender ran my credit and advised me to do a few things to boost my fico scores by January of 2022. I’m about to have only: *4 cards with only $40 dollars in balances against $5,108 in card limits.

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Mortgage : PersonalFinanceCanada

Details: Probably around 300-350k mortgage. You’ll have to pass the stress test and qualify at the rate of 5.25%. As reference, I got approved for a 310k mortgage at 75k salary (and no debt) last year but had to put 20% down (386k purchase price).

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How Mortgage Loans are Calculated — Home Lending Store : u

Details: How Mortgage Loans are Calculated. Most Mortgages Loans lenders calculate principal and interest loans payments using a standard formula of mathematical and the terms that require for your mortgage loan.. Mortgage Loans. Balloon loan:-A balloon loan has much shorter-term loans than a regular mortgage loan — typically only for five years — but the loan’s monthly …

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Selling a house with mortgage still : RealEstate

Details: Selling a house with mortgage still. I'm about to inherit a property from my uncle, which was originally my grandfathers, grandfather got a mortgage and it only has 100k til paid off, grandfather passed, leaving home in uncle's name (he claims he doesn't want to put his name on the mortgage so it paying it in grandfathers name still), I heard

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Mortgage Help! : Sacramento

Details: Our mortgage is about $1500 and property taxes plus homeowners insurance are about $500 monthly. It’s for $319k 30 year fixed 3.625% no PMI. 2.

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Mortgage size : PersonalFinanceNZ

Details: Current mortgage is 1.5x our combined gross income but that's for a 2 bed apartment in Auckland suburbs. We want to upgrade to a three bed, which means we are looking at 4x our combined salary (which is scary as we want a 3 bed to have kids which means reduced income).

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Variable Mortgage vs Fixed : PersonalFinanceCanada

Details: Mortgage insurance is an optional product that you pay for, that names the bank as the beneficiary. This product does not affect if you qualify for a mortgage, or what rates you can get. You can choose other insurance products, shop around, increase your work provided coverage, or come back and add this product later.

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What am I paying a mortgage broker for

Details: Underwriters, estate agents, insurers, surveyors, conveyancers, etc. Your mortgage brokers sits right at the heart of the whole process and an experienced one will earn their fee and more. If you are just looking for someone to answer "what is the cheapest 2 year fix at 80% LTV", then yeah, go online. 38. Share.

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Using mba loan to pay mortgage

Details: Won’t most banks need evidence where the money has come from? I would assume, in the same way a bank wouldn’t allow you to take out a loan to pay for a mortgage or payments by credit card being generally disallowed, that paying for your mortgage with a loan could be a violation of the mortgage terms (swapping one debt for another debt, which is very risky for the lender …

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Help me understand this letter from lender

Details: Just got a letter from my mortgage administrator, Fannie Mae backed mortgage, saying that I may qualify for a $3000 payout, lower monthly payment and shorter term due to “FNMA enhancements”. I believe it is a legitimate communication from my lender, and I’m curious as to why I’m receiving it.

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Mother hesitant to pay mortgage off : AusFinance

Details: Honestly it’s a great option, my father kept his mortgage open for 12 years after being paid off. It costs a few hundred a year in Maitenance fees , and at the time was actually cheaper than discharging the mortgage (several hundred dollars). Easy access to credit is a huge bonus.

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Anyone with a mortgage warned to brace for faster rising

Details: jondo278. · 27d. If I recall the last statement by the RBA was that wages had to rise as well as prices - as long as people are able to afford spending more cash on whatever and wages don't match, then RBA won't hike rates - and then doubled down with bonds. Makes sense in some respects, if wages aren't inflating, then there has to be a

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Mortgage Payments Haven’t Been This Unaffordable Since

Details: The median American household would need 32.1% of its income to cover mortgage payments on a median-priced home, according to the Federal Reserve Bank of Atlanta. That is the most since November 2008, when the same outlays would eat up 34.2% of income. Supercharged home prices in markets across the country are canceling out the impact of

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Mortgage Insurance

Details: Mortgage Insurance - Effect on Rates. Debt. Just spoke with a mortgage rep at TD, as I am planning on buying a home within the next couple of years. She indicated that getting CMHC insurance does not affect the amount you would be approved for, or lower the rates you would get. This is contrary to what I have heard on this sub, as the bank

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Interest Only Mortgage

Details: 6. level 1. fttrjuk. · 2h 2. Interest only criteria can include - minimum income level, minimum equity level, certain methods of repayment required ( where you’ll likely come unstuck). If you tell a lender you want to go interest only and invest monthly over time to repay the mortgage at the end they won’t go for it.

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200k inheritance. Mortgage or property

Details: Mortgage or property? I have around 200k in inheritance and I'm wondering what to do with it. This could clear our mortgage which at our age would be amazing, however I can comfortably afford it solo if I had to. Where I live property is fairly cheap and I could buy a couple of 2 up 2 down terrace properties near the town to rent out at £500

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Rocket Mortgage Unveils Partnership with Salesforce

Details: Still need smaller banks know how to sell mortgages as the big guys all have internal mortgage divisions. You can provide the best software in the world but if no one can convince a client to refi or purchase through them, doesn't mean shit. 1. Reply. Share. Report Save. level 1 · 22d.

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Porting an existing mortgage with Halifax : UKPersonalFinance

Details: The current mortgage at its current rate at term - so the continuation of the 5 year fix. Then an additional mortgage - with it's own rate and term (an extra 2 year fix in our case). When porting the mortgage, they normally allow a grace period between selling your property and buying your new property (sometime like 3 months - but varies

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How to get 2nd mortgage for 2nd home in same city

Details: Personal Finance » Loans & Mortgages. When we didn't have kid, we took a mortgage (60m jpy) to buy a small 2LDK apartment (80m jpy) in Tokyo, and everything is fine. Now we're planning on a 2nd kid, and we need a 3LDK or 4LDK apartment (170m jpy). Since we already have a mortgage, the banks don't really want to give us another mortgage.

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Mortgage Alternatives

Details: The family member ended up defaulting on the mortgage and the bank took the house. Although it was nothing to do with me I can't now get a mortgage even though the bank before refusing me recently described me as an ideal candidate. M 33, west of Ireland with a decent job and some savings.. any tips or advice appreciated!! Be the first to share

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Rocket Mortgage Unveils Partnership with Salesforce

Details: RKT is basically going to be the mortgage equivalent of UBER. Any small bank or credit union can do mortgages, auto loans or solar threw rocket and keep their banks brand and name. It’s going to give the local banks more loan products and …

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Buying a house with a margin loan vs a mortgage

Details: e.g Let's say you want to buy a house at $1m and you have $1m in equity in IBKR. Instead of puting 5% cash down and taking a mortgage with higher interest rates than a margin loan and paying mortgage insurance, why not instead take a 20%-25% margin loan (low enough to prevent any risk of margin call) to prevent CMHC insurance and lower your

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Mortgage broker doesn’t want us to register the house

Details: But also said there wont be any available funds even though the mortgage is approved, so to help he’ll offer the missing amount to close the house, he’ll be paid back from the mortgage funds once available and thus we’ll be able to close the home, but doesn’t want us to register it until the mortgage goes through and he’s paid back.

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Sell All Stocks, But Payoff Mortgage : stocks

Details: Sell All Stocks, But Payoff Mortgage. Pretty simple question, maybe: I have around $140k in stocks, and my mortgage is roughly $160k. I could likely sell all my stocks and payoff most, if not all of my mortgage - and my mortgage is my biggest monthly expense. The interest rate on my mortgage is low, I think it's 3.875%.

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Dominion Lending, Mortgage Architects or..

Details: Hello mortgage family experts! A little about myself: I've worked retail in sales, management, and most recently as a brand Field Sales Manager for one of the largest names in the mobile business where I coach sales staff on how to best position said …

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