Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [home-loan]

This tag is to be used for any question related to Home Loan. Questions in this tag should also use the appropriate country tag as the answer may vary depending on the region.

251 questions
164
votes
10 answers

My friend wants to put my name down for a house he's buying. What risks would I be taking?

My good friend, who I have known since we were kids, asked me for a favor today. He originally intended to get a house with his now ex-girlfriend so that he could invest in one and later on, sell it. The favor is the following: he wants to put my…
Selyuu
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39
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2 answers

How does paying off the mortgage work if I demolish a home and rebuild another home on the property?

I own a single family home in NYC, Queens. I have a mortgage on that property. My Zone permits 3 Family house. I would like to demolish the single family home and build a 3 unit property. How does it work? Will my mortgage company let me do it? Or I…
user1459497
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7 answers

Is it smarter financially to buy a starter home or go for the long-term goal?

My wife and I are first-time home buyers. We both have fairly stable jobs and have no trouble getting a mortgage on any price house in our town. We are trying to decide which is smarter financially: Buy a starter home well within our means, pay it…
Village
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5 answers

Preapproved for mortgage loan but won't tell me interest rates

First Time Home Buyer/Shopper Spent about 30 minutes on the phone with Quicken Loans (Rocket Mortgage). I provided all of the expected information when running a credit check and painting a financial picture. After the person over the phone let me…
8protons
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28
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6 answers

Why will the bank only loan us 80% of the value of our fully paid for home?

We own Land and a home, wanting to downsize and just buy a home and lot. We do not owe anything on our land and home, but have asked about a loan using our land and home as collateral, but, even though our land and home are paid, the bank says they…
Kathy Rust
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28
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5 answers

Dad paying for my new home in cash. How can I buy the house from him?

We found a home we would like to purchase (U.S.). It was the 2nd day on the market and there were already two other offers for it, so we decided to make a cash offer ($230K) as my dad agreed to pay for it while we figure out the financing. Our…
Briguy37
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26
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8 answers

Should I pay loan balance down early even if I can't pay the whole thing off?

I have a home mortgage with an outstanding principal balance of $150,000 and a fixed interest rate of 3%. My loan was a 15 year loan, of which I have 13 years left. However, I plan to pay my loan off within the next 2-3 years, and have amassed a…
user73317
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23
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8 answers

Does paying a mortgage early mean you effectively paid a much higher interest rate?

Most mortgages use an amortization schedule that have you pay more interest than principal at the beginning and then less interest and more principal as time goes one. You can see this using this online schedule calculator:…
qwertzguy
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22
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5 answers

Could the loan officer deny me even if I have the money as a first time home buyer?

As of right now I am a senior in college in the United States. I have managed to secure a job once I graduate in May making around 78K. I started working at my year long internship in May of this year. My plan was to try and buy a small…
Jghorton14
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21
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7 answers

Can an unmarried couple buy a home together with only one person on the mortgage?

Suppose there is a couple, Clayton and Emma. Clayton is 26 and has a good job making over $75k a year, Emma is 20 and still in college (she doesn't have any student loans but she has no job and no credit). Suppose this couple is not yet ready for…
AbuMariam
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20
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5 answers

Buy a smaller home now, and buy a bigger home later OR just wait to buy the bigger home later

Option 1: Buy a smaller house/condo now and later down the road (5-10 years) sell it to buy a bigger place. Option 2: Wait, rent (for 5-10 years), and save to buy a bigger place. Background Details: Location: San Diego, CA (or nearby) "Smaller…
anon
20
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5 answers

Where to keep savings for home loan deposit?

I'm a US resident and I've saved > $100k cash for a home deposit. I expect to finance a home in the next 12 months. Currently the cash is split between Bank savings account and a couple of money market accounts (like FMOXX). Are there higher yield,…
Justicle
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17
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2 answers

What is the best way to loan money to a family member until CD matures?

My family member has a $37,000 Certificate of Deposit that matures in December. She had planned to buy a house in January and use this money as part of her down payment. Recently she has an opportunity to exit her current apartment lease early and…
gwcoffey
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16
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5 answers

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-signing and my credit history will be 5 years long…
BooleanCheese
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16
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3 answers

Rebuilding when current house has a mortgage

My wife and I own a home that is over 60 years old that we bought initially as a fixer-upper. After a few years of fixing it up enough to make it comfortable for us -- we realized that our appetite for doing renovations and repairs has been…
Mark
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