566 posts tagged with mortgage.
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Loan conditions drastically changed, how to mitigate?

I'm very close to closing on my first home. I went with Chase when I shopped around as I like the service the banker provided. Today the banker told me the I don't qualify for a conventional loan and only for some kind of in-house loan where Chase is solely responsible for the risk. This increases my closing costs anywhere from $3000-5000. Is this normal and is there anything I can do about it? [more inside]
posted by iamisaid on Jun 15, 2015 - 13 answers

Home buying & appraisal

Does the lot size play a significant role in home appraisal? [more inside]
posted by asra on May 19, 2015 - 8 answers

Mortgage repayment

Why would someone not pay off their mortgage? [more inside]
posted by gorcha on May 19, 2015 - 13 answers

Quasi Mortgage / Refinance Application Scam?

My wife and I awoke to a bunch of emails (and now calls) from mortgage companies responding to "our" request for information about a refinance. The calls and emails are frustrating in themselves, and, of course, it's off-putting to think someone has done something untoward with our information. Has anyone else experienced this? Details inside. [more inside]
posted by Admiral Haddock on Apr 20, 2015 - 4 answers

How old is too old to buy a house?

For various reasons, I'm in my late 40s and my husband and I still rent. I'd like to buy a house (well, an apartment, actually) eventually, but am wondering if it's too late to do that now and I should just resign myself to renting. [more inside]
posted by holborne on Apr 2, 2015 - 15 answers

Ex is getting the house, need legal help in Denver, Colorado

My ex and I are trying to figure out how to transfer the house to her without me losing all of my equity. Unfortunately, she can't afford to just buy me out, and can't qualify for a new mortgage on the remaining loan balance if she's got a loan to me as well. I'm looking for recommendations on finding a lawyer to help vet a legal agreement, and any specific legal methods for making this happen. This is in Denver, Colorado. [more inside]
posted by hackwolf on Mar 31, 2015 - 11 answers

Best web sites / banks in NJ to use to get pre approved for a home loan?

Looking to get pre approved for a home loan as a first step. Could you recommend a few good banks & web sites. The home purchase would be in central NJ. Would prefer to get this done over the phone / online. What is typically considered a good interest rate for someone with very good credit these days?
posted by r2d2 on Mar 22, 2015 - 4 answers

What do you wish you had asked or known when meeting your realtor?

Buying our first home, I'm would like to go with a buyer agent and have our first meeting set with one Saturday. I'm turning to the hive mind for your tip, tricks, questions, and other things you wish you would have done or found helpful during meeting with your realtor. [more inside]
posted by lpcxa0 on Feb 26, 2015 - 17 answers

This is a question about mortgage payment timing in Canada

What is the difference between making an overpayment [allowed once per year without penalty] and hanging onto that money until the mortgage is up for renewal? [more inside]
posted by Acari on Feb 21, 2015 - 7 answers

Should I be skeptical of this lender?

I applied to refinance my mortgage. I told the agent that prior to putting any money down for appraisals, I wanted to check with a few different lenders so I could be comfortable with my decision to work with them. I was warned that shopping for rates would likely negatively impact my credit. A quick googling proved otherwise, informing me that there is a 14-30 day window to rate shop without impacting credit beyond the first pull. I feel deceived by the lender, and I'd like to know if that seems like that seems like a reasonable response. [more inside]
posted by yorick on Feb 12, 2015 - 15 answers

We did a deed in lieu of foreclosure in 2014. Tax consequences?

We did a deed in lieu of foreclosure in 2014. How will this effect our tax return? [more inside]
posted by Sara_NOT_Sarah on Feb 6, 2015 - 4 answers

Can you explain the advantage of a 10-year mortgage (Canada)?

Buying a house here in Canada, and my mortgage broker has mentioned that we're in an unprecedented mortgage rate slump, with five-year fixed at about 2.7% and now 10-years at around 3.8%. I can sort of figure out some math here, but I'm not sure I grasp the full nuances of this decision with compound interest, etc. [more inside]
posted by Shepherd on Feb 5, 2015 - 9 answers

Who should I be talking to?

My wife and I have a rental property, and it's basically one headache after another - and worse, it's costing us money every month. I need help! But I'm not sure where to go for sound advice. [more inside]
posted by kbanas on Feb 4, 2015 - 9 answers

Dropping the interest on a seller-financed mortgage-what's in it for me?

Is there any benefit to dropping the interest rate on a seller-financed mortgage note "just because"? [more inside]
posted by honeybee413 on Jan 27, 2015 - 14 answers

Do we need a lawyer when we close on our mortgage refinance?

Because we are in New York state, when we close on our refi, we are going to have to sign all of our paperwork in person. As I understand it, New York law requires this. We had our own lawyer present when we closed on the purchase of this house. Should we have one when we close on the refinance? If so, Why? If it matters, we are in Nassau county, and we are refinancing with the original bank who has owned our mortgage since we purchased the home.
posted by waterisfinite on Jan 27, 2015 - 7 answers

Which financial professional can help me choose a mortgage?

I'm about to make an offer on a home. I've seen six different loan scenarios from two different lenders. The monthly payments and $ to close are all in the range that I can afford, so I will probably just pick one for the offer and pre-approval letter. I told my realtor that after the contract is accepted, I want to sit down with a CPA of some sort (yes Metafilter, fee-only) and figure out which is best for me, given my tax and employment and personal details that the lenders don't seem to want to consider. She said that she has never had a client ask for that before. Really?! [more inside]
posted by ecsh on Jan 26, 2015 - 10 answers

Seller Doesn't Want to Involve Realtors but I Need Advice. How?

My landlord wants to sell me the condo I rent. I want to buy. I'm working on my credit to get into buying shape. She doesn't want to involve realtors in order to save costs. Who should I be talking to then? Special snowflakes inside. [more inside]
posted by tunewell on Jan 26, 2015 - 20 answers

Help first-time home buyers figure out the unknown unknowns.

We are thinking of moving out of the city to live in a suburb of Boston. It seems like a mysterious, scary, massive step to take. Do you have experience in real estate? Have you moved from the city to a suburb? Please help us think through the pros, cons, and logistics of buying a house for the first time, like we're 5 years old. [more inside]
posted by Salvor Hardin on Jan 20, 2015 - 33 answers

Expert real estate advisor needed in Atlanta area. Rec me?

I need an expert real estate advisor to help me figure out how to deal with my horrible mortgage. Is this person a real estate lawyer or someone else? And do you have a recommendation for a great real estate lawyer/other expert who practices in the Atlanta, GA area? [more inside]
posted by oblique red on Jan 19, 2015 - 1 answer

$20K AMEX account closed because I stopped paying. What happens now?

Wife lost her job for a few months and I was trying to swing our mortgage and $500 monthly AMEX payment. Talked to AMEX to try and work out a plan and they said “just pay it when you can”. That was a couple months ago. The account is now closed and I assume they "sold it". If they sold it to a collection agency, can I negotiate with the agency? [more inside]
posted by anonymous on Jan 16, 2015 - 7 answers

Su casa es mi casa, but I'm not sure we want it.

We ended up hiring a lawyer to assist in enforcing the divorce "agreement" and won! Or did we? The total judgment against the ex is 50K and he is required to sell the property. At the hearing, he tossed us a curveball and offered up the property in lieu of selling it himself. I'm confident we would not be able to turn around and sell immediately to cover the debt owed. Should we force the sale or hold onto it in hopes of making a profit? [more inside]
posted by Mysterious Trousers on Jan 12, 2015 - 15 answers

Walking away from a Missouri mortgage?

I just found out that my house, which I have been trying to sell for a while anyway, has some sort of septic tank issue which needs repairs in the tens-of-thousands-of-dollars range. Given that these repairs factor into the effective value of the home, I'm now seriously underwater on my mortgage. [more inside]
posted by Kemayo on Jan 10, 2015 - 10 answers

Lawyer for Mortgage Assumption?

I'm doing a mortgage assumption for a co-op in NYC. It was co-owned and the other owner was bought out, with their name now being taken off the mortgage and the co-op stock certificate. I'm paying for a lawyer for the bank. Do I need a lawyer for myself, too? It seems straightforward to me but I wanted to be sure there's nothing I need a lawyer to do for me that the bank lawyer won't take care of.
posted by lbotkins on Dec 22, 2014 - 3 answers

How to think about housing/debt

Should I refinance my mortgage, cash out equity to pay off debt. [more inside]
posted by Classic Diner on Nov 6, 2014 - 16 answers

There's no place like home... We just need a loan!

The issue isn't us as borrowers... It's the house. The house is part of a coop/co-housing setting. We'd be buying the house, but the land it sits on would remain owned by the co-op. Mortgage? [more inside]
posted by jrobin276 on Nov 2, 2014 - 2 answers

Another Real Estate Question: Buy & Rent a Condo From Afar?

If I wanted to buy a house or condo in a distant state as an investment, and I had an opportunity to buy a place outright, with tenants and leases already in place, should I? How about outright but sans tenants? More info within. [more inside]
posted by toomuchkatherine on Oct 17, 2014 - 15 answers

Non-legal legal advice aka "should I pursue this..."

None of this is legal advice. Got it. I'm trying to determine whether legal advice is even worth pursuing. Our house was damaged by a water leakage incident which the homeowner's insurance agreed to fully cover to the tune of about 60K. We were not living in the house at the time, which was actually up for sale. More excitement below the fold! [more inside]
posted by thebordella on Oct 17, 2014 - 6 answers

Buying a home in the UK

My partner and I are looking into the possibility of buying a home in Edinburgh. We're originally from the U.S., and some of the differences have us mystified. Help us out? Specifics inside. [more inside]
posted by kyrademon on Sep 25, 2014 - 18 answers

Down payment assistance

I am saving up for the down payment on a co-op apartment here in NYC. I'll estimate the sum of said payment to be in the $30-$50K range, based on current co-op prices and a down payment requirement of 20%. [more inside]
posted by the hot hot side of randy on Sep 15, 2014 - 17 answers

helping some friends, slightly sketchy mortgage

Our friends want help to get a better mortgage rate, how risky for us? [more inside]
posted by anonymous on Sep 6, 2014 - 17 answers

How to walk away from a House (Minneapolis Edition)?

After watching our house not sell for 3 months (with one offer that would require us to bring 40k to the table!), we think it might be time for more creative solutions. Tell me about Strategic Defaults in Minnesota. [more inside]
posted by anonymous on Aug 23, 2014 - 9 answers

Walking away from a Canadian mortgage

I want to walk away from my home and mortgage because I purchased a tainted property. The fellow next door is a (locally) notorious ex-convict and sex offender. [more inside]
posted by anonymous on Aug 6, 2014 - 12 answers

For Richer, not Poorer: forcing Ex to refi or sell to pay money owed

Basically, he needs to pony up $23k a year ago and it doesn't look like he has any intention of doing so. [more inside]
posted by Mysterious Trousers on Aug 5, 2014 - 7 answers

Loan for renovation of NYC Co-Op Apartment ? (no HELOCs/mortgages)

Loan for renovation of NYC Co-Op Apartment? (no HELOCs/mortgages). [more inside]
posted by lalochezia on Aug 5, 2014 - 4 answers

Mortgage application complications: my mortgage, her investment account

My partner and I are applying for a mortgage. Our credit union will only approve me for the mortgage, though, since my partner has no recent credit history. We're fine with just putting me on the mortgage, but there's a hitch: we are planning to use part of an investment account for the down-payment, and that account is only in my partner's name. We share (JTWROS) another investment account with the same firm. If we add my name to her account now, will we raise red flags? Is there a better approach we're not thinking of? [more inside]
posted by brackish.line on Aug 5, 2014 - 14 answers

Should I use USAA for a mortgage?

Is going with USAA significantly better or worse than using a local mortgage broker who sells our mortgage to another bank? Will USAA allow us to close on time, if the closing is 5 weeks out? [more inside]
posted by treehorn+bunny on Jul 30, 2014 - 16 answers

Title: How to deal with a Mortgage but no House after Divorce

*What can be written into the Quit Claim to insure and protect the me from eventually being stuck with the whole mortgage. *Or is there some other standard thing besides a quitclaim that will allow me to fulfill the court's order and will give the wife more protection than just relying on "he shall hold Wife harmless from any liability " since the mortgage company can go after the wife directly. Intro: the Husband is a Military Officer who strategized and schemed not only to divorce but to devastate an unsuspecting wife (me). He abused me for 20 years and has lied to the court many times, without being held accountable. He can be counted on taking whatever actions he is able to continue to do the me harm. He will not voluntarily do the humane, decent thing. [more inside]
posted by lostinspace on Jul 1, 2014 - 15 answers

Mortgage dilemma: seems like there is no optimal solution?

This was me a few months ago: Rent or sell my condo at a loss? Well, now I've decided to sell it. But have a question about what to do about my mortgage. [more inside]
posted by myorangesocks on Jun 26, 2014 - 1 answer

UK leasehold purchase: the demise and our right to park.

(YNML) We're purchasing a leasehold property in the UK. The lease for this property says "The Demise hereinbefore contained includes the following rights:- ... and the exclusive use of the parking space numbered 1 shown hatched red on the plan ...". Our solicitor has been saying that 'as the right is exclusive this does not form a legal right under common law and as such may be denied by subsequent Landlords.' I don't understand why this is an issue, and as it's held up our move, I would like to understand. Although I've asked my solicitor, I suspect Mefites can give me a clearer answer! More details inside... [more inside]
posted by jonrob on Jun 17, 2014 - 2 answers

Can my parents make me a mortgage loan?

Trying to buy a house. Have money for a down payment, but I'm self-employed and was turned down for a traditional loan. My parents are willing to lend me the money I'd need for the balance, and have me pay them back with interest, á la a mortgage loan. Is this doable? [more inside]
posted by toomuchkatherine on Jun 5, 2014 - 12 answers

Ethical 30-year fixed co-op mortgage in NYC?

NYC MortgageFilter. We want an affordable 30 yr fixed 80% LTV co-op loan that underwrites quickly - but! With either ethical considerations or portfolio from a local lender. Need reccs. for lenders and especially loan officers please; or really savvy NYC mortgage brokers. [more inside]
posted by lalochezia on May 20, 2014 - 6 answers

Mortgage shenanigans?

We have an excessive interest rate on our home. We tried to refi, and the appraisal came in a good $40,000 less than it needed to in order to qualify. So some of our more numerically-talented friends ran some numbers for us in an attempt to find alternative solutions and found a weird discrepancy that makes it appear we owe $15,000 more on the loan than we do... [more inside]
posted by bitter-girl.com on May 13, 2014 - 13 answers

Mortgage underwriting question.

I am buying a house for the very first time (Virginia, US), and I have a question about the mortgage underwriting process. We have made it through the home inspection, and we are conditionally approved for the mortgage. We are currently waiting for the results of the mortgage appraisal and then, my loan officer tells me, that the mortgage will be resubmitted to the underwriter. I'm not sure exactly what this means. [more inside]
posted by 4ster on May 12, 2014 - 12 answers

How is mortgage interest to a private party treated under the AMT?

In the US tax code (specific to the AMT), is mortgage interest to a private party treated differently than mortgage interest to a bank? [more inside]
posted by true on Apr 19, 2014 - 2 answers

Longterm investing anxiety: Property or pension, or what?

Husband and I have $130k saved up. No mortgage, no pension to speak of. Just been called into the bank for talk about long term plans and am freaking out about what to do. Advice? Do I need to see a financial advisor or are they not a good idea? [more inside]
posted by everydayanewday on Apr 13, 2014 - 11 answers

Can't I just rent forever?

I rent a flat with my SO in London. We've finally saved enough to be in a position to buy a home but the insanity of the market is making me hesitate. What to do? [more inside]
posted by socksister on Mar 31, 2014 - 25 answers

Is it a bad idea to buy two houses at the same time?

My fiancé and I have been planning to buy a home this year. This will be the first home purchase for both of us. We currently live two hours apart, and I'm trying to move closer to him, which is where the house will be. However, there's a chance I'll be stuck where I am for another year due to job-hunting difficulties. I recently learned that the condo across the hall from me (where I rent at my current location) is up for a sale. I think it would make a great investment as a rental property down the line. Is it crazy to buy this condo as well as a house with my fiancé in the same year? [more inside]
posted by redlines on Mar 30, 2014 - 11 answers

Final pre-purchase car questions!

Continuing my car questions (1, 2, 3). We’re buying a gently used Forester. Two questions I need to resolve before picking up the car: should I finance any part of the purchase (can pay all cash), and should I pay to extend the bumper-to-bumper warranty to seven years? [more inside]
posted by Admiral Haddock on Mar 26, 2014 - 14 answers

What should I do with my house and mortgage?

I have never refinanced my house, but am weighing that vs. investing my money elsewhere. Please advise. [more inside]
posted by deern the headlice on Mar 22, 2014 - 12 answers

Paid off mortgage -- how would new house purchase financing work?

Me and my SO completely paid off our mortgage a couple years ago. So, we have full equity. That's great, we're happy w/the situation. Now, if for whatever reason we decide to uproot and move to an entirely new city and/or state, how would the financing work? [more inside]
posted by anonymous on Mar 9, 2014 - 8 answers

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