Should I pay a lump sum towards my mortgage principal? I’ve got $30k-$40k in a high yield (5.15%) Mortgage remaining is $170k at 2.99% (Bought early 2019. No I do not own a crystal ball) We’re still paying PMI, and have made upgrades to the house (fixed the unused pool). Question: Should I slap about $25k towards the mortgage principal to lower the amount we owe on the house and to eliminate PMI? I…

At what mortgage rate would you consider selling S&P 500 stocks? We’re looking to buy a house in 600-800k range with monthly payments around 6k. Monthly payment would be split in half between me and another person so only half of my monthly paycheck goes into mortgage. We’re also having around 500k invested in S&P 500 index fund. Considering that historical average annual return adjusted to inflation is 8.5% …

Mortgage not showing on credit record Two years ago we sold our house and paid off our mortgage. A few months later our mortgage stopped appearing on our monthly credit report. We moved into rented accommodation and waited for our new home to be built. We’ve now been in our new property for 14 months and our mortgage still hasn’t appeared on either mine or my partner’s credit record…

Should I pay the mortgage principal? Hello I rent out my house (live with my gf at her home). The rent, tenants are paying, is enough to cover my mortgage and gets me an extra 500$ every month. I keep 300$ in case i will need to do some repairs in the house. I plan to buy another house in 2-3 years and keep renting this one. Should i use the rest of the money ($200) to cover the mo…

Impending debt- mortgage looking for non-biased financial perspectives- since I am emotionally attached. I am currently in court with the landlord/sellers of my house. Due to breach of our Option Agreement. Original purchase price is $330k and a down payment of $50k. Long story short they tried to withdraw from the contract, I sued them , we have trial this next Feb -a…

Lower credit score because person DOES NOT have a mortgage?? I’ve seen credit denial letters plenty of times. I have one on my desk now that is confusing. I’ve never known a negative creditworthiness factor to be “Lack of real estate secured loan information.” I’m understanding this as the credit score is negatively affected because the person does not/has never had a mortgage. The credit inquiry was fo…

Getting mortgage when starting “new” career? So I’m currently a police officer, moving states to work in the auto industry. A job i did before getting into law enforcement. Same company just different position. Management rather than wrenching. Can a lender use a conditional offer of employment for a pre approval even though i don’t have 2 years on the job but I’ve been in that line of w…

Roomate rent/mortgage tax question. Hey everyone. I have a question regarding the IRS $600 rule about paypal/apple pay/venmo etc. I have one roommate who rents a room out for $750 a month on a house that I own. I use his rent to help with my mortgage. We had a lease agreement initially but I failed to update it after it expired. His payment comes through as a direct deposit to my …

$6600 to rate lock mortgage My wife and I are closing on a home. We’re sorting out insurance and closing costs and our lender informed us that we have a $6600 fee to lock our mortgage rate at 7.5%. He had told me on different occasions that we would have to lock in our rate soon. I wasn’t aware of the $6600 cost associated with it. Is this normal? Are we being gouged? We b…

Does a mortgage recast consider previous principal payments? This seems like it should be simple but I can’t find the answer explicitly after reading many articles about mortgage recasting. Suppose I started out with a 500k mortgage (making up numbers here). I’ve been making payments for a year or so, and during that time I’ve paid down the principal between mortgage payments and additional principal pay…

High Value Mortgage @ 40 Yrs vs Lower Value Mortgage @ 15 Yrs? For some background, I am looking at getting my first home and am fortunate enough to have access to a private loan of 40 years at a 4.5% interest rate. My wife and I are high income earners, making around 350k combined. Due to working in healthcare our jobs are quite stable and we have no reason to expect our jobs would require us to relocate a…

Can a veteran get more than one VA mortgage loan? Hi. I just heard that VA loans are based on total amount allocated to a person, not on number of loans. For example, if a veteran is allowed to have a total of $500K in VA loans, he can buy two houses, each for $250K with VA loans on each. Does anyone here know the rules regarding this? submitted by /u/rkim777

Am I within a good pay range for my mortgage? So my fiancé and I just closed on a house. We split everything right down the middle and my half of the mortgage (including property tax, insurance, etc) is $3,240 monthly. My gross base salary is 115,000. Monthly take home pay from my base is $6600. On top of that I can expect roughly $30-40k in commission per year. All bills on top of my mortg…

We must be crazy to pay off our mortgage at 2.875%.. I’m just looking for some input on a path we’re thinking about taking.. Some details: 31m and 27f. No debt aside from mortgage. $30k saved being moved to a HYSA. We owe $98k on our house that has a 2.875% interest rate. Monthly payment is $778. It’s worth $200k right now. We have a 10 year balloon loan that ends in 8 years. We refinanced to this…

Here’s When You Should (and Shouldn’t) Buy Mortgage Points Even when the market isn’t hurting prospective buyers, closing on a home is always tricky. When you’re securing a home loan, there are a lot of decisions to make—and for a first-time homebuyer, paying points on a mortgage can be particularly confusing. Read more…

Qualifying for a mortgage as a tipped wage employee in USA I’m a server. Virtually All of my income is based on tips. Will this get me qualified to buy a house?? My base wage is $22k / year (tipped minimum wage based on full time) And my tipped income (claimed) so far this year is $71k. I’ll end up making Atleast $108k gross. I’ve been working on improving score. I had a bad time with things due to d…

Share holder loan to pay off mortgage? Hey all, Just preface by saying I’m in Canada. In 4 years time I (should) have enough in my Corp acct to pay off my mortgage (renews in 4 years). If rates stay high I would like to just pay it off at that time. An accountant advised me to use a shareholder loan, pay off the mortgage and then use a HELOC to pay back the shareholder loan. Then…

Should I pay off student loans before applying for a mortgage? I will have $70k – $80k in a few months when I plan on buying a home. My credit score is 805-820. I have $5k in student loans at ~4%. No credit card or car debt or any other debt. Should I pay off the loans before getting a mortgage or just put the extra $5k down since mortgage rates are higher submitted by /u/saudadee

Payoff mortgage or invest? Over the next five years I will get a decent amount of vested RSUs that is enough (after tax) to pay off my mortgage which is $350k at 3.65%. I recent had twins and my partner will stay home so we’ll be down to one income. Our house is really small so we will need to sell it since I want more space for our twins but we’re okay living here for u…

Parents Are Asking My Sister & I To Pay Their Mortgage Hi everyone, My parents (66 mom, 65 dad) are looking to retire and are about to sell their house. They’ll most likely get around 500k from the sale, which they’ll put towards their new house. We all used to live with them (my family and my sisters), but we’ve all moved out so they can’t afford the current mortagage payment. According to their ca…