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553 posts tagged with mortgage.
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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

Any out of the box ideas for getting a lower mortgage rate?

I don't qualify for any of the recent government sponsored programs. I continue to drool over the low interest rates and want to know if there's something I'm not thinking of that I could take advantage of before rates start to crawl back up. [more inside]
posted by SquidLips on Feb 26, 2014 - 6 answers

2-year or 5-year fixed mortgage in the UK?

We've received conflicting advice from two mortgage advisers, and I'd like to get some more opinions. [more inside]
posted by alby on Feb 24, 2014 - 16 answers

All our eggs in one basket? First time home buyers...

My wife and I have been working and saving over the last 4-5 years. We've managed to pay off all of our debts and have gotten ahead. It feels great to be debt free, but we want to buy a house. We found a bank foreclosure that's been sitting vacant for 6 years as it slowly worked through the courts. We have just enough to buy it outright, but that will leave us almost broke. Should we buy it? [more inside]
posted by karst on Feb 21, 2014 - 28 answers

First home purchase a bit earlier than we planned for...

My husband and I agreed a few months ago that in about three years we would purchase a house. We're being pushed out of our apartment, and we're considering doing it a bit earlier than planned. Problem: down payment savings. We don't have much of one. I kind of feel like we're special snowflakes, so it's ok. Are we? [more inside]
posted by lup badik on Feb 8, 2014 - 16 answers

Goal: Buy a house. Obstacle: Credit Disaster

We want to buy a house but my credit is less than perfect. How bad is it? Well, you'll have to look inside. [more inside]
posted by anonymous on Jan 31, 2014 - 17 answers

Time to buy a house!

I have a newly good income, a very tiny (yes, I mean very tiny) beginning of a savings account, shitty credit, a little (in the hundreds) debt and I want to buy a house. What should I do? [more inside]
posted by latkes on Jan 13, 2014 - 10 answers

How do I find a Mortgage Broker?

I live in Vancouver and I'll be looking to buy a condo this year somewhere in Coquitlam or New Westminster. I've never bought a place before and have literally no idea what I'm doing. I'm told a Mortgage Broker is my best bet but how do I choose the right one for me? [more inside]
posted by JenThePro on Jan 2, 2014 - 6 answers

Buying a house in 2014. Maybe?

The only solution I can see that will allow me to live with all my pets (current and future) is to finally purchase my own home. However, I'm not entirely convinced this won't be a colossal mistake! On the other hand, if I'm not ready now I probably never will be, nor will I be able to achieve my "pet goals". Am I ready to be a homeowner? Is this really a good idea for me? Are there any other options? Obviously, there are some snowflakes. [more inside]
posted by cgg on Dec 30, 2013 - 24 answers

Who owns/services your mortgage and what're they like? Does it matter?

We're shopping for a mortgage (in the DC area), and are feeling anxious and frustrated that 1) it's so hard to know who we'll end up with because so many lenders/originators are likely to sell our loan and/or servicing after closing, and 2) it's easy to find complaints about most servicers out there and hard to find anyone that's satisfied.  What has your experience been like with the place(s) that own and/or service your mortgage?  Or should we put all that to the side and just try to find someone with the best rates/fees and the best reviews/recommendations regarding smooth and quick closing? [more inside]
posted by EmilyClimbs on Dec 20, 2013 - 21 answers

Can I afford to take out a mortgage?

I make about $46,000 in Seattle, WA. Monthly take-home pay, excluding overtime which automatically goes into a savings account, is $2,800. I have no debts and no significant non-optional recurring expenses. At some point in the next few months, I will have about $150,000 in cash after splitting the equity in a home that is being sold. Assuming that I can put that amount toward a down payment, can I afford a mortgage? Before I contact my lender, is it even wise for me to take one out? I've been looking at a few suitable homes in North Seattle priced at or below $275,000. [more inside]
posted by anonymous on Dec 18, 2013 - 15 answers

So how much do you want to pay?

We are shopping for a new home. We think we have found a home we want to put an offer on. The thing is, we have no clue how much the mortgage payments will be. We know the taxes and insurance, but there are so many online calculators giving us very different numbers for the monthly payment. [more inside]
posted by MayNicholas on Dec 10, 2013 - 21 answers

Can I buy my parents' house in a way that makes financial sense?

My parents have always struggled financially, living under crippling debt and never able to have an income able to match the bills, the biggest of which is their mortgage. I hate to see how difficult this situation is for my dad, and I want to help out for the sake of his stress level, and also because once he retires in a few years the math truly does not work out in their favor. I've been thinking of buying some land anyway, so I'm wondering if there is any feasible way to make this work for both my parents and me. [more inside]
posted by anonymous on Dec 8, 2013 - 20 answers

Should I walk away from this mortgage?

My ex-boyfriend and I own a home together that he is currently still living in. We're underwater on the mortgage and he doesn't make enough to cover the whole payment. I've been paying half of the mortgage since the breakup in order to buy time and figure out a plan. But I'm at the end of my rope both emotionally and financially, and I'm wondering if there are any options left or if I should just stop paying. [more inside]
posted by fanta_orange on Nov 26, 2013 - 31 answers

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