600 posts tagged with mortgage.
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What do I do with my parents and their weird divorce/mortgage situation?

My mom cant pay her own bills after her divorce and me having to pay hers is slowly driving me crazy because I've lost my freedom and flexibility. We have a weird mortgage situation that essentially expires in 2 more years, but I want to resolve it sooner than that so I can move into a new apartment and just feel less stressed. What do I do? [more inside]
posted by nodebunny on Apr 25, 2016 - 14 answers

Mortgage refinance - ethical dilemma

Is it ethical to go with the best deal on a mortgage that is NOT through a broker even when my broker did a bunch of "free" work that opened up this opportunity? [more inside]
posted by smurfzambo on Apr 8, 2016 - 8 answers

How are overseas assets and debts evaluated for UK lending?

As it says up top, I'm wondering how foreign assets and debts are viewed for mortgages in the UK. Details after the jump. [more inside]
posted by robertthebruce on Apr 7, 2016 - 4 answers

Should we refinance to drop PMI payments?

Should we refinance our (relatively) freshly bought home? [more inside]
posted by furnace.heart on Apr 7, 2016 - 9 answers

Is there such a thing as a legitimate credit fixer?

My Realtor steered me to a mortgage broker, who in turn steered me to a credit fixer. I am suspicious. [more inside]
posted by intrepid_simpleton on Mar 29, 2016 - 15 answers

Housing Refinancing 101- Options in NYC or NJ for a NYC home?

Am looking for loan to refinance a paid off, income generating house I have inherited with two brothers. The aim is to get 1/3 of the value to buy out brother M, so it will become co-owned with my other sibling. More inside! [more inside]
posted by TenaciousB on Mar 24, 2016 - 4 answers

Can I sell an easement on my property?

My property's title has an easement onto my neighbor's property for a right of way through the neighbor's property to my property. I don't need this easement to get into my property, although I do occasionally use it. My neighbor's property has been purchased by developers and they would like to buy back the easement (pay me to extinguish the easement) in order to develop across the easement. This seems straight-forward, but selling a portion of my property would seem to violate my mortgage agreement. Would it? [more inside]
posted by anonymous on Mar 9, 2016 - 13 answers

Saving to buy a house strategies

Soon we will be completely out of debt and are considering buying a place in the mid-distant future. What is the best strategy investment and tax-wise to save up for a down payment? Any tips or tricks? Low hanging fruit? [more inside]
posted by srboisvert on Mar 3, 2016 - 9 answers

Cautious Lenders: Conservative Appraisers?

Do cautious mortgage lenders tend to use appraisers that value properties on the low end of the spectrum? [more inside]
posted by baseballpajamas on Feb 8, 2016 - 3 answers

UK mortgage questions

I've got a slightly complicated question about mortgages in the UK... [more inside]
posted by derbs on Jan 19, 2016 - 3 answers

Living together but financially absolutely separate? (Canada)

I was wondering if anyone has any advice to impart about managing finances on an absolutely separate basis as a live-in couple. Specifically, if one person wants to pay for the mortgage with no financial help from his partner. [more inside]
posted by analog on Jan 13, 2016 - 14 answers

How do I apply for a mortgage refinance?

I've always been told to shop around for a mortgage. I have one and want to refinance, so what does shopping around mean? Is that still good advice? [more inside]
posted by fireoyster on Jan 10, 2016 - 12 answers

good idea / bad idea?

Should we ask our bank for a consolidated loan after they turned us down once before and now hold our mortgage? [more inside]
posted by anonymous on Dec 30, 2015 - 4 answers

Wanting to buy a house in a tough market

Since I recently moved back into the parental home and started a full time job that I love, I'm finally in a position to save some money. According to the news, the housing market is starting to cool, so I'm considering saving up for a house. But is there actually any way that I would be able to manage this in my situation? Details inside. [more inside]
posted by kinddieserzeit on Dec 5, 2015 - 20 answers

What type of professional can advise me on selling my house?

I bought my first house a few years ago, with the help of a mortgage advisor. Now I'm starting to consider moving to a different city (where I would rent a place), but I need some professional help in analyzing my mortgage situation. Also, I know the house needs some repairs and cosmetic fixes, so I'd also like to get professional advice on how to handle those issues (basically, how much should I spend to make the house sellable). [more inside]
posted by neushoorn on Dec 1, 2015 - 3 answers

We're going to be new home buyers and we have some downpayment questions

My wife and I are buying a house and our possession date is on December 4. My brother is my lawyer who will close the deal on the house. We're driving up from Regina to Saskatoon this weekend. This is our first house. He sometimes thinks he's given clear instructions when he hasn't and he'll end up blaming us for not reading his mind. My brother said I need to bring my cheque book, but he wasn't willing to answer why he needs the cheques. My wife and I are assuming that they're for both processing fees and for the down payment. If they are for a down payment too, should my wife and I move our money from our non-chequing accounts to our chequing accounts? Or will my brother only need void cheques, so that he can then obtain from funds directly from all my accounts at a later date (my tax free savings account and my chequing account, my wife's separate accounts)? Will it also be fine to have two cheques for the down payment (one from my wife and one from I)?
posted by DetriusXii on Nov 25, 2015 - 16 answers

Pregnant! Should we step back from buying this house we've dreamed of?

We were getting close to making an offer on a home — but the house was a lifestyle upgrade, not a necessity. This month we found out a kid is on the way (whoo!), and we're trying to decide if the house is still doable, or if we should save our pennies for the little person-to-be? [more inside]
posted by anonymous on Nov 15, 2015 - 22 answers

Does FannieMae consider wage deduction (garnishment) a hardship?

Wells Fargo has required that I fill out a Uniform Borrower Assistance Form because my wages are being garnished for repayment of credit card debt. Is this considered a reduction in income outside of my control?
posted by qsysopr on Nov 10, 2015 - 2 answers

First-Time Home Buyer: Mortgage Question

My wife and I signed a contract for a home we love in Port Washington, New York. It's exciting and sort of terrifying. We have a pre-approval letter from a bank, but we probably won't actually get our mortgage from the bank that issued the letter. It's the first time we've ever bought a house (-- it's the first time we've ever bought anything bigger than a breadbox --) and we need to get up-to-speed on how to compare offers from different banks and make this decision wisely, instead of by the seat of our pants. Please point us to good resources online and offer us advice. Assume we know nothing (because we really don't know anything about this sort of thing). We plan to put down between 20 and 25 percent, and, of course, we'd like to get that lowest interest rate and lowest closing costs we can. Thanks!
posted by thursdaystoo on Nov 6, 2015 - 14 answers

How do I know if it's a good idea to refinance?

I own several houses which I rent out. I frequently get "pre-approved" offers to refinance the ones that have mortgages. How do I know if it's a good idea, and what's the best way to go about it? [more inside]
posted by cmoj on Oct 21, 2015 - 7 answers

This house stinks. Help us keep it anyway.

We are trying to avoid foreclosure on a house that we love, but has significant issues that we may not be able to afford to fix. Namely, moisture damage/mold. Are there risks in asking the mortgage company to help? [more inside]
posted by anonymous on Oct 17, 2015 - 11 answers

How does the holder of a second get paid in a refinance?

YANML, and YANMBroker. I need a reality check. I tried to google this but I'm not sure what terms I should be searching for. Let's say you've loaned money to a business in exchange for a second mortgage. Now said business wants to refinance both their first and second, and needs you to sign a deed of reconveyance to satisfy the new lienholder. In this circumstance, is it normal to sign off on the deed before you're actually paid off? [more inside]
posted by bricoleur on Sep 29, 2015 - 3 answers

Unhappily Forged

I purchased some property a couple of months ago. One of the documents recorded with the county doesn't match the document I have (that I walked out of closing with). I think the Notary forged my signature after the fact. What should I do? [more inside]
posted by shew on Sep 26, 2015 - 6 answers

Unintended consequences, mortgage refinance edition (USA)

I would consider refinancing both my mortgage and my HELOC (which is reaching the end of the drawdown period next year). However my income has changed since I originally qualified for the loans, due to a more freelance work situation. If, while exploring my refinancing options, my current lender becomes aware of my less reliable income could that cause me problems with the existing loans? [more inside]
posted by jindc on Aug 31, 2015 - 3 answers

First time homebuyer loan

First time home buyer. Totally confused and stressed out! I was pre-approved for a loan that includes a CalHFA down payment assistance loan. (I'm in California, natch, Alameda County). We went into contract last week and now my mortgage broker is asking me to collect a bunch of paperwork and she told me I need to do an educational class for my CalHFA loan. So I start researching these loans a little more closely, and I think I'm over the income limit. Now... What? [more inside]
posted by anonymous on Aug 25, 2015 - 3 answers

First time buyer at 51 years old

I need a bit of advice on the wisdom of buying a shared ownership property at the age of 51 years old. I live in London. [more inside]
posted by blokefromipanema on Aug 25, 2015 - 5 answers

Timing for an IRA Distribution for First Time Homebuyer Purchase

"Consult your tax advisor about your particular situation. " Hmpf. As if everyone has a tax advisor at their fingertips. So... I thought MeFi would be just as helpful. :-) After lots of thought, we would like to take an early distribution from an IRA for the downpayment on a house. Anyone here on MeFi have any experience with or specific knowledge of this type of distribution? Not looking for advice on whether we should or shouldn't do this; we have a pretty good nest-egg and believe this distribution is for the right reason, at the right time. [more inside]
posted by funfunfun on Aug 1, 2015 - 5 answers

Mortgage Question

I am thinking about buying a house. I have a great salary but essentially have no money to use as a down payment because I have been focusing on paying off student loans from grad school. Am I eligible for a loan when I could only put down maybe 5% of the purchase price? Again, with my salary i can support a fairly big loan I just do not want to wait the year or so it would take to save the down payment. Any thoughts or advice would be greatly appreciated!
posted by frednorton on Jul 27, 2015 - 23 answers

Should we use large portion of retirement savings to pay off mortgage?

The problem: We built a cob (monolithic adobe) house 15 years ago which we initially financed and refinanced. It is a one of a kind house and there are no other adobe homes in the area. Since the big mortgage debacle, underwriting guidelines have changed with regard to comparable homes and we cannot refinance our own home, nor could anyone else secure financing to purchase it. [more inside]
posted by lzw on Jul 24, 2015 - 18 answers

PMI on FHA loan. How do I kill it with fire?

I am attempting to figure out what it will take to drop the PMI from my mortgage payment and, wow, the internet is really leading me on all sorts of wild goose chases in attempting to figure out what the actual criteria are. Loan details within. [more inside]
posted by JimBJ9 on Jul 15, 2015 - 10 answers

Should I buy it? House edition

I have been wanting to buy a house in my city for several years and am finally in a position of stability (financial and otherwise) to do so. This is exciting! I want to make sure pursuit of this particular goal does not foolishly jeopardize other long-term goals, and need some help sussing out genuine rational concern from irrational fear of commitment. [more inside]
posted by ista on Jul 14, 2015 - 5 answers

Should we buy this house?

We're house-hunting in the craziest market ever - SF Bay Area. Will you help me think this out? [more inside]
posted by latkes on Jul 13, 2015 - 23 answers

is there any way to buy 2 houses at one time?

Is there any way to maximize credit/income by purchasing two houses at one time without the bank knowing about it? And is it legal to do so? [more inside]
posted by soooo on Jul 9, 2015 - 13 answers

House has been inspected. Can I bail on my offer?

Hi, MeFi. So I put an offer on a house, and it was accepted. But after getting the results of the inspection, I'm having second thoughts. Details below. [more inside]
posted by schooley on Jul 9, 2015 - 34 answers

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 - 5 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

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