I’m going to recast my mortgage. How much principle should I pay off? My wife and I just bought a two-flat house for $605k. The principle on the loan is $480k at 7.375%. We’re currently in the process of selling our condo, which fingers crossed should be done in a few weeks. After we clear those funds, I expect to have about $400k in cash. At a 7.375% rate on our mortgage, it’s very appealing to take a guarantee…

Mortgage assistance application My husband lost his job early 2023 due to COVID and we were not able to pay our mortgage so we went into foreberance. We got state assistance (we’re in AZ) and they paid all our past due balances and now we are only 3 months behind. We filled out a loan modification package to see if we could modify our loan, prove our hardship is over and move …

Ex wife is behind on her mortgage payments, and the owner of the mortgage is sending me collections letters. TX As the title states, my ex wife has apparently fallen behind on her mortgage payments, and the mortgage servicer has sent me a notice of default and intent to accelerate. The mortgage is, and has always been, in her name only (I had been laid off shortly before we bought the house, so we only used her credit, employment, and income. I am no long…

Should I pay down my mortgage to get rid of PMI? I’m due a bonus in March of 2024 and I’m trying to make the most of it. I currently owe $309k on a house I bought for $355k in March of 2022. It’s a 30 year mortgage at 3.25% with $48 PMI monthly for the first 84 months. Would it be worth it to pay down my mortgage to have 80% equity and get rid of PMI? Based on the initial purchase price this w…

Old mortgage servicer took payment after selling my loan I had a servicer for the last year, Planet Home Lending, that I set up autopay with. They recently sold my loan to Mr. Cooper, with an effective servicing date of November 1st. Mr. Cooper decided to suffer a cyberattack, so I only was able to access my account today. During this blackout period, I saw money leave my account to autopay my mortga…

How “bad” would it be to prioritize paying off my mortgage over retirement savings? I’m turning 31 later this month. The only debt I have is my mortgage. I am currently planning to pay off my mortgage in 7 years, rather than contributing more to my retirement accounts. I know this isn’t the financially advisable thing to do, but I like the security that being debt free would bring. However, I have difficulty conceptualizing how…

Being added to parents mortgage Hi all, not too familiar with mortgages so I figured I’d post questions here My parents want to add me to their mortgage (they will be on the mortgage too) to assist with refinancing. They are stating this will benefit me as well and in the event they pass away I will be left with the house. I graduated university about 2 years ago and have a p…

Extra principle only mortgage payments? I have a 30 year fixed mortgage at 2.75% When we bought our house extra payments seemed like a good idea. Keep doing these twice annually or just invest it instead? Advice appreciated. submitted by /u/RickSteve-O

Sell Tech Stocks to Pay Off my Mortgage? I have about $300k in tech stocks and a mortgage of about $250k on a $800-900k house. Should I sell my shares to pay off my mortgage? I would owe capital gains. Outside of the share… Married couple (40) with about $150k in our 401ks. No debt other than the mortgage. Household income is around $250k. My mortgage is a 30 year at 3.25%, so in theor…

Retiring in 5 years. Mortgage question Retiring in 5 years. Planning on moving out of state. Owe 275k on mortgage. Is it advantageous to try and pay off house if I’m selling in 5 years or just pay minimum? submitted by /u/djbdb

Qualifying for a mortgage with self employment income I run a company that I just started earlier this year. I plan on refinancing my house in 2025 and i spoke to my lender about what he needs for me to qualify on self employed income alone. One requirement is 2 years of tax returns. So that would be my 2023 and 2024 tax returns. My question is: im assuming 2024 will be a full year of self employed…

Mortgage paid off – what now ? As title says: we paid off our house, received a letter from the bank about payoff+ money from escrow. Do any additional steps need to be taken from my side except notifying insurance about the change? Not sure if this belongs to this sub but asking never hurts… submitted by /u/damm_n

Mortgage rates falling? Are mortgage rates going to continue to go down? Have we seen the top?? submitted by /u/golfer9955

Taking over parents mortgage My parents want the wife and I to take over their mortgage. They are both in their 70s and on SS and receive $2900 a month. My parents would live with us in the house. House appraised for $500k in 2020 when they refinanced around 3% and they owe $350k. The plan is to save the amount they would be paying each a month for the next five years and d…

Divorcing but not refinancing mortgage?? This isn’t about me, but I had a conversation with a friend and now I’m curious about other people’s opinions. A friend of mine of going through a divorce. It’s been decided that he will keep the home and buy out his soon to be ex wife. To remove her from the mortgage the bank has told him he would need to refinance. The problem is that the curr…

Wiping out saving to assume a 2.25 mortgage Once in a lifetime opportunity to buy dream house and assume a 2.25 percent mortgage. Would have to wipe out all my savings and borrow 20k from family for it. Monthly mortgage is what I pay now in rent. Would you do it? Edit: It’s an assumable VA loan and I have to pay the equity out to the seller. submitted by /u/1manbandman

If I plan to move in a few years, is it better to just save $ or to pay down mortgage? I currently own a home and am 3 years into a 30 year mortgage; however, we have significant equity since we built the house ourselves. We want to move, but not until the housing market calms way down – ideally in 2 or 3 years. If my goal is to help get as much possible towards the down payment on my next house’s mortgage, would it be better to j…

Why do people take out a second mortgage? I am a college student who has never taken out a mortgage before and I’ve heard about people take out second mortgages. Why do they take out a second mortgage if their first one haven’t been paid off yet? Wouldn’t that increase their debt burden? Can someone give me some explanations? submitted by /u/Few_Consequence_8439

Is it possible for a retired person to refinance their mortgage? My parents want to fix their current home(flooring, cracked ceiling, and some water damage) but they only have social security for income. Can they qualify for a refi cashout? They owe around 30k on their mortgage. Their home is valued around 300k. submitted by /u/VirtualInformation79

Should I switch my mortgage to biweekly payments? Hi! Last year I bought a house at a 5.625% interest rate. While I am not happy with it, it is much better than what they are offering nowadays. My current mortgage is $1,945.55 but I send $200 more to the principal. That works out to 652.87 to the principal, $1347 to interest, and $245.67 to Escrow. Would it be better to send payments biweekly o…