No children. Wondering what am I paying my mortgage off for? My wife and I have around £250k equity in our house. We’re both in jobs we dislike and feel like our mortgage is a real bind in our lives, plus We’ve no children to leave the house to and want to retire. What are your experiences of downsizing or any other retirement options please? submitted by /u/Full-Opinion-9942

VA Mortgage assumption Hi all! I’m currently under contract to assume a VA mortgage through NFCU. The seller has a great interest rate and I’m prepared to cover their equity to get through closing. I am however concerned about whether or not the underwriting team will push the mortgage through or not. I currently have a credit score of approximately 717 (pulled by ve…

NSF on Mortgage withdrawal, but Mortgage Bank says they got my payment. I got an NSF on a mortgage withdrawal. It appears the checks I deposited a few days prior didn’t hit the account till after the withdrawal was attempted on the same day. My bank statement doesn’t reflect the mortgage payment going out but the checks are there. I call the bank that I have the mortgage with, they tell me they received payment in f…

Should I make mortgage overpayments? My partner and I bought our house last July when we were 22 for £105k (I live in the country side in the North of Ireland so our house prices are different and this is still so expensive compared to pre covid) our rate is around 4.5% and our repayments are £442/month but £354/month is just going towards interest. I’ve recently set up a £50/ mont…

Will my possible mortgage be too much for me to comfortably afford? Hello everyone, I’m a 24 year old single software engineer who has been itching to move out for the last 2.5 years. I keep saving money for a down payment, but the goal posts keep moving by the time I’ve saved up more money. I’m up to 70k. I found a house that I absolutely love. It checks all of my criteria and is in a great location. With an es…

Pay down Mortgage or wait for refinance? I purchased a home in late 2023 on a 5-year ARM at 6.49%. The mortgage is fairly large, and therefore our monthly payment is also large although within budget. I was told to refinance when the rates come down (I know, I got sold on it) so my strategy has been to put money in a HYSA (5.1% interest) so that it can grow and I can contribute extra w…

Does This Mortgage Refinance Make Sense? Current Mortgage: $289k at 7.99%, 29.5 years left on loan, P+I = $2133 Refinanced: $289k at 6.5% for 30 years; P+I = $1827, and $2000 closing costs. PMI would remain at $55/month and escrow would also remain the same. The monthly savings would be $306, which as far as I understand yields a breakeven point at the 6-7 month mark. The $2k in closin…

Opinion on paying down mortgage vs Index Funds Mortgage is $490k at 6.375% on a 600k home and index funds are there…have about $20k to throw in either direction. Thoughts? submitted by /u/HungryConfusion3306

Mortgage or Stocks (CANADA) Hi! I M(24) recently purchased a condo in Hamilton, Ontario for $380,000 with a $240,000 mortgage. (I plan on living here for 3-5+ years- not post for rent) My plan is to live as frugally as possible, and try to save as much as the bank will allow me to lump sum (I think $10,000 annually). My thinking is to kill the mortgage as fast as humanly p…

Late mortgage payment? I write a physical check every month made out to my credit union and bring it in and hand it to someone who puts it toward my mortgage. I brought the April check in on 3/29. Two days ago (4/18) I got a letter in the mail saying my payment is late and they are alerting credit bureaus. I reached out to the banker who made the payment for me and I …

If you had a 7.0% mortgage, would invest excess in market or to pay down mortgage? Moving into a new home soon and now that we are no longer in the times of free money, I have been rethinking how to allocate the excess. My plan is currently to max out our tax advantaged accounts, and then put the excess toward paying down mortgage, and then recast the loan to get a lower payment. Just seems silly to forgoe a guaranteed 7.0% ‘…

Mortgage question for Dad’s house My father is probably going into hospice this week. My brother and I are trying to make sure we have everything we need for his eventual departure. I live in the family home with my father and the home is in his name along with the mortgage. I am not on the bank account that delivers the mortgage payment. I am expecting that account to be frozen…

How Do I properly take Over My Parent’s Mortgage Hey there! So currently in the US, and I was asked to take over my family’s mortgage. It’s worth a total of 750, currently 450k paid off with 300k owed remaining. Effectively due to remarriage, my father is overleveraged and wants me to take over the remaining portion of the mortgage, otherwise there’s a high risk he has to completely sell and m…

Am I being lied to by my mother about paying off a mortgage? I am twenty-three and I live with my mother, its just two of us in our home. My mom is close to retirement which is in about 3 more years, she wants to travel other to countries and give me the house with my name on the deed. She says she’s still paying off the mortgage and there around twenty thousand on the mortgage andshe plans to pay it off….

Mortgage or pay cash? Personal finance advice needed. I am moving from a Midwest town to Austin in a few months because of my job. I want to buy a house in Austin and the house I like is of about $500000. I have about $150,000 in cash in my savings account and about $200,000 in stocks in Robinhood (where I have stupid stocks, this account is in huge loss). I also hav…

Repaying reverse mortgage My mother has a reverse mortgage with a rate that just jumped up to 6.4% (from 4.4%) with a balance of $490,000. It’s one where you can take out a lump sum, like a HELOC. We have the ability to pay it off and still have sufficient funds for her to live off of. Her mortgage allows her to make prepayments, and as long as she does not pay off the f…

Pay off 90k mortgage? Does it make sense to pay off a 90k mortgage with an adjustable rate of 6-7% with chance of it going up? Or put it in the SP500 and ride for 10-20 years to cancel out the interest? submitted by /u/hand1esel

Sell all and buy VOO or pay off mortgage? Hello! This is not a typical rate-my-portfolio post. During Covid, we obviously made some really bad investments, many of which will never really recover. Looking for some ideas to get out of this situation by selling everything and buying VOO and/or paying off mortgage (6% interest). Total invested: $93,218.80 Current market value: $82,018.81 L…

Pay extra mortgage payments? Hey everyone. Looking for advice on the smartest thing to do regarding my mortgage/saving. Bought a house this past year with 6.4% interest rate. I’m not planning on staying here long term, just a starter house. I’m currently using YNAB to save $400/month in a HYSA account (4.6%) for a future house. I’m wondering if I should just take the money …

Should I pay off mortgage 55 yr old, owe 75k on home, no other debt, 17percent going to 401k and Roth, make 100k per year, mtg rate 2.75, have cash in bank for emergency, scared I have not saved enough in 401k at 103k other savings of 80k in Ira’s and stock submitted by /u/Tankietot1