New jobs, want mortgage My husband and I were travel nurses (contract workers) who are now about to start permanent staff jobs at a hospital. We want to buy a home in the area, but we’re concerned about getting approved for a mortgage when we were previously contract workers, and are just now going to be starting at permanent jobs. I know we need to shop around, but ju…

I need mortgage help okay so I’m 27 and I make $125,000/year. $12k of that is bonus that isn’t guaranteed once my store goes RTI. I literally just got a pay increase last Friday from $100 to $125. However, we just decided to buy a house right before the raise. With DPA programs before my raise, I qualified for up to 4% of down payment assistance before the raise. No…

Any negative to paying off home mortgage faster? Good day. My wife recently took a promotion that has increased her pay by approximately $40,000/year. She is considering putting this money towards paying off our home mortgage faster. She already maxes her 401k. Our current mortgage payment is $1700/month at 3.125 for 15 years. Is there any downside to paying off the home faster that we may be …

Advice on my wife being on the deed, but not on the mortgage When my wife and I purchased our house, she had some large outstanding debts, so her name was not included on the mortgage, however she is on the deed. What can I do to get her on the mortgage? Is there any option other than refinancing? Our current rate is less than 3%, so obviously refinancing is not an option. The only reason I want her on t…

Parents Want Me to Co-sign on Mortgage HELP! So my parents have paid off their current house that is worth around $500-$550k. They want to downsize and move to another area and buy a house around $300k-$350k. They want me to be a co-borrower on their mortgage as they own a business and don’t show a lot of income for a mortgage Their plan is for me to co borrow on the mortgage and then as…

Reverse Mortgage as Prices Rise I have a friend who is 76 who is considering a reverse mortgage because she is struggling to pay her monthly note. She said her mortgage payments recently went up because of an increase in insurance costs. Why would that affect her actual mortgage payments? They went from ~$450 to ~$600. She lives in Louisiana and has been paying on her current…

Mortgage principal payoff I want to pay this off ASAP (peace of mind, flexibility w/career, etc). 38 yo, Gross $100k, invest 15% w/$100k in retirement. House has $63k left at 2.25%. I have $13k in a CD at 4.75% & another $13k for sinking funds at 4.25%. Should I be putting extra payments directly to principal, or stock piling it Ally and then make a lump sum payment? I t…

Should we pay off our mortgage? My fiancé and I are getting married next year and have debated paying off the house once we get married. We both have about 100k each in savings. It’s a small little house that I have been fixing up for the last year since I bought it. I owe 200k on it with a 5.6% interest and 30 year loan. We both have union jobs and retirement. We dream of own…

Should I make additional payment on my mortgage? Currently have a 700k 30 yr loan at 7.25% interest. Monthly payment $4775 I will refinance once interest cools. Does it make sense to make an additional payment on it? I can afford $3-400 additional every month for the time being. submitted by /u/Comfortable-Dog7773

Should we recast our mortgage or pay it off sooner? In July 2023 we purchased a home with a $430,000 mortgage at 15% down and a 6.5% interest rate. We sold our home and planned to use the $100,000 gross from the sale to put towards our mortgage balance immediately, and have our payment recast. Our interest rate would not change; they would just spread the new balance across the remaining life of …

Saving for Reno vs Paying Down Mortgage How does everyone think about paying down mortgage vs saving for a renovation project? We took out a mortgage last year but our ability to afford it is dependent on me maintaining my career in finance. When we bought the house, we knew we wanted to add to it at some point when our family grew but that it wasn’t necessary if we never made that h…

Paying down principal on mortgage and changing the monthly payment I’m at BofA. Last month I paid an additional $5k towards the principal on my mortgage. I specifically selected principal. I also see the balance on my mortgage decreased by $5k. So I know it went towards that. I expected my monthly payment to change (slightly). But my monthly payment for October is the same as it was for September. Is this ex…

Wells Fargo Mortgage PMI Hello, I recently contacted Wells about my mortgage that I have with them from 2014, asking about removing the PMI since my home value has almost doubled since purchasing. They sent me a letter stating that any loan taken out after January 2014 was no longer eligible for PMI removable. Is this true? Everything I’ve read states otherwise but Im n…

Overpay mortgage? Good idea? Recently bought a home. $200,000. %6 interest rate. My payment is $1500, but I’ve been paying $2000 a month. Is this a good strategy? submitted by /u/ShreepyShroy

Mortgage rates right now are not out of line with historical values I have had to make this point a couple of times in individual posts, so it probably warrants its own discussion. If you look at mortgage rates over the last 50 years (the data, by month, is freely available), you will find that the average 30 year mortgage rate is 7.75%. The median is 7.4%. The rates we all got used to in the last couple of deca…

Reverse Mortgage or sell and rebuild? My girlfriend and her mom are in a tough spot. Mom is 74 retired teacher with 70k mortgage and 30k credit card debt. Girlfriend lives with her and makes 40k a year but has 60k in student loans. They are having trouble paying bills as the house is now worth way more than when she bought it in the 90s ($250k vs $1.2m). They own an adjacent lot of …

How is annual salary calculated for a mortgage? So long story short, me and my fiance are considering a house in Maryland. There are certain Maryland first time homebuyer benefits for mortgage such as getting your student loans forgiven (with some criteria to be met). We would meet all the criteria for this loan except for the maximum annual salary. As it stands today we are *literally* $50 o…

Mortgage Overpayment – Capital vs Interest Only (UK) Hi, I have a mortgage made up of part capital and repayment and part interest. I want to make a lump sum overpayment and I am not sure if I should pay it of the capital or interest only sub part. Which would be the most beneficial? Thanks. submitted by /u/Osprey379

Should we keep our cheap mortgage My wife(28) is considering a job that would pay $100-125k/year, compared to $81,000 now. However we’d probably want to move across town, west Denver vs East Boulder, to avoid an hour commute. My concern is at the moment we have a 3% mortgage which I don’t nwc want to throw away, given current rates. Current financials I(28) make $82,500. We eac…

Mortgage questions(first time ) I have a couple questions , I’m 27 years old and self employed electrician. I do work for a big company and they pay me by the hour so I get a steady check every week. If I apply for a mortgage do they check my weekly income or do I have to show them my tax returns and since my own tax returns would be low since everything goes to my company I’m…