Help understanding what this means in mortgage offer..? Hello, we received our mortgage offer and it says value of property assumed as one number and then the minimum property value to support this lending as another (much lower) number. What does this mean? Does it mean we massively overpaid for the house? Thanks submitted by /u/AwarenessOk4099

Pay off mortgage when rate is 7% or invest? Seems like paying cash into a mortgage is a guaranteed 7% return (in my case). GIC’s don’t get you that. I have a low tolerance of risks, so am I stupid to divert cash into the mortgage? submitted by /u/Okidoky123

Are we going to be in mortgage stress? My girlfriend (23F) and I (26M) are in the process of getting finance to build a house. We are hoping to borrow 535k from the bank which our broker has said is ‘no issue’. Ultimately we will initially be paying interest only repayments on the loan until it is finished. During this time we will simply be paying interest on the land + progress pay…

Can I afford mortgage, really? I’m 39 single and I’ve been holding my breath in the process of buying a house. I would rather live in an apartment/condo than a house, as long as I don’t have to deal with exterior maintenance. By the way, I live in New York and currently pay $1600 in rent. I am a bellman who make $2500 after taxed per month + $300-500 tips. I have no debt what…

Mortgage down payments in 7% interest environments Wife and I are looking at buying a new home in the next 1-2 years. We bought our current home in 2020 with a super low rate and put down as little as possible. Obviously things are very different now. We’d like to not be “locked in” to a dual income household; we want to have the option in the future for my wife to be a SAHM if we choose to sta…

If you are supposed to only spend 2.5 times your salary on a mortgage, why are homes so expensive? In my area (SE Michigan), most people make far less than 6 figures and yet the homes here cost $250,000+. What am I missing? I’m making 60k. That puts me at a budget of $150k. Looking at the homes in that price range in my area, they are all either dilapidated or in really dangerous neighborhoods (drive by shootings and whatnot). Honestly I fee…

My mother is dying and has left me her house I’ve been living with her and the mortgage has been coming out of my bank account for 2 years can I just transfer the mortgage? This is all very sudden, we found out my mother is dying just a few weeks ago and it’s happening very fast. She has a will leaving me the house that we live in but there is still a mortgage. I want to stay in this house and the payments have been coming out of my bank account for 2 years now. My concern is that since I’m alone I might not quali…

Am I over-extending myself with this mortgage? My wife and I are looking to purchase a home, but I am worried it is too much. Ages 33 and 30. Current finances: Cash for Down Payment – 180k Retirement accounts: 135k Debt: 25k car loan No CC debt Current income – 185k combined (pre-tax) The mortgage company was happy to approve it. However, I am unsure. Home sale price – 750k. Am I crazy or is…

Bank account for mortgage recast I am closing on the sale of a home on the sell side and I am planning to apply a large sum of the proceeds towards the mortgage I have on my other home. The mortgage that I want to apply the large sum to is with TD Bank, but I do not currently have a TD Bank account. Will there be an issue if I have the proceeds from the sale get deposited into …

Name still on my ex’s mortgage My ex and I got divorced in January and my name is still on the mortgage, per our agreement. She got the entire house through the divorce. I didn’t want her to have to refinance (got it at

Is there a benefit to adding my spouse to my mortgage/title? As title reads, is there any benefit to doing so? Or is the $100ish you pay a lawyer to add the person a waste of money? State is Illinois if that matters. submitted by /u/IamDoge1

What to Do Right Away When Your Mortgage Gets Sold You might assume that the lender you used to obtain your home’s mortgage will be the lender you’ll pay off until the bitter end—until the day you get a letter from them informing you that your mortgage has been sold to another entity. It might comes as a shock, given the amount of time and effort you put into… Read more…

should I use this mortgage lender? My wife and I are wanting to build in a new subdivision in our home city in Alabama. It’s a Davidson Home: 5 bed / 3.5 bath, ~3600 square ft. We’ve been pre-qualified and are shopping a few different lenders, but so far the preferred lender seems to be the best deal, as they’re not only giving a $5k credit towards closing, but also quoted a lowe…

Is this normal: Mortgage principal We bought our house a few years back in early 2019. It was around 325k at the time with 4.375%. We didn’t put down a down payment as we didn’t have a lot of money saved (first home) and my wife was in residency (fixed income). We wanted a bigger house (we were renting) because we were having a baby at the time. We were able to get this house usi…

Is there a “point of no return” when you’re too old to take on a new mortgage? Hi PF, In 2015, with 1 kid, we purchased our first home for $130,000 at a 3.625% interest rate–the downpayment for $20k was a one-time gift from my father-in-law (he had just sold a property). My wife was (and still is) a SAHM, so I was the sole breadwinner and due to medical debt and paying off student loans, we didn’t have much money. The hou…

returned mortgage payment Hey! I pay my mortgage every month but the last couple of months since March, it has been late. They are saying that I am 80 days delinquent and returned my payment and request that I pay my full loan amounts. On the statement it says that I didn’t make payments but on the back of the statement it shows all of my transactions that prove that my …

How can I pay off my mortgage faster? Hi, everyone! My name is Andres, I’m from Colombia and I’m learning English on my own, so I’m so sorry for my English. This is the situation: I’m 27 years old and I just obtained a credit for my apartment for 30 years with 10.10% of annual interest. I’ll finish paying about $72.800 USD (approximately) in those years. How can I pay off my mortgag…

Earthquake Insurance with a Mortgage Was chatting with my realtor the other day and he mentioned that as one increases equity in a house, his view is its then worth picking up earthquake insurance (Western Washington, for context). His view is that if you don’t have it, but have low equity, the bank will be motivated to help you rebuild so that they don’t lose their shirt on a slew…

Got my private mortgage insurance removed If you have a mortgage and have PMI, you can reach out to your mortgage carrier and formally request that it be removed. I recently did this and my bank sent me a letter back that stated that they could not remove it because I did not yet have an 80% or lower loan to value ratio, but that I had three options: Pay a lump sum to reach 80% LTV. Wa…

Pay down mortgage early? Hey all, I’ve been following the steps in the prime directive and set my family up financially pretty stable. We were able to save enough to buy a house in a MCOL area in the midwestern US. Just curious how to deal with additional payments on the house vs retirement savings. Since recent interest hikes, mortgage rates have gone up. Ours is 6.25…