My partner and I both were made redundant as soon as we started a mortgage As the title states, my partner (26) and myself (27) just took out a mortgage… We’ve moved into the new place but haven’t even paid the first month yet and our workplace suddenly announced that we’re being made redundant due to outsourcing our roles to an overseas office as Labor will be much cheaper there. We both work for the same company, b…

Rental Property Mortgage Prepayment Would like to hear different views and perspectives on the following situation: – One of my overseas rental properties has a 3Y fixed rate mortgage which turns floating next year. This will effectively add something around 450bps to the mortgage’s cost if rates stay where they are today (that’s another debate, but let’s focus on what can be cont…

Mom’s Reverse Mortgage Due & Payable My mother has a reverse mortgage on her home and entered assisted living May 2023. I recently got a letter from the company oany saying the loan is immediately due within 30 days (end of September). She has been in assisted living for only 3 months, how is this legal? Doesn’t she have a full 12 months before the loan would become due? I’m the P…

Does it make sense to recast/pay down a 7.3% mortgage? Just sold my condo for around $400k, would you use that money to recast a 7.3% mortgage or buy bonds/money market at around 5% interest? The difference is around 2% but you get flexibility of money not being tied up. submitted by /u/chko

Mortgage or investment So we purchased a new house for 250k, we put 100k down so our mortgage is a 30 year for 150k at 6.75%. We currently have 30k of liquid savings that are not earmarked for anything other than emergency funds. With the HYSA we have we are making approx 130 bucks a month on the money just sitting in there which equates to 1500 a year which we were …

Need Advice on Mortgage! Need Advice on Mortgage! I’m currently locked in for 3 yr fixed at 4.8% – with 600k prinicipal pending. No other loans. Over and above my expenses – I save around 5k a month and have an emergency fund of 30k set aside. So should I be paying off the mortgage after I max off the RRSP/TFSA etc. or does it makes sense to invest in the Mutual funds …

My mortgage is being transferred to, what appears to be an individual person. Do I have any options to stop it? I got a letter from my mortgage lender that my loan is being transferred to an individual, and to start sending payments to “Mr. Cooper” beginning 10/1. Any options exist to keep this from happening? The idea of paying a random person for my mortgage seems suspect. submitted by /u/Hinjon

2.3k rent vs 4.4k mortgage HHI 170k Current rent is 2.3k (1bed 1bath apt) House I’m looking at is: 4.3k mortgage 520k @ 7.5% interest with 20% down payment house is priced at 650k for first few years 3.5k towards interest rest is principal Is this considered house poor? Half of net income is going toward mortgage. We have no kids and both work from home, want a house for …

Does this mortgage make sense? Advice Needed Hi all, My partner and I are not sure if we should go for a mortgage and wanted your thoughts in it. Going to try to summarize the situation into digestible categories. Where we are at life We are both 24 and just got recently married. We are extremely lucky that we both started our careers very early with really good paying jobs. We are locate…

Help me understand my mortgage I purchased my home in April 2020, purchase price was $150,000 and we put $4,500 down. Our loan was for the remaining $145,500 at 3.25% Our current balance is $193,139.98 and the interest rate shown in our banking app is at 13.25% Does that sound right? It seems way too high of a balance owed only 3 years later if we are supposed to be at 3.25%….

Potentially taking over parents’ mortgage – would like objective advice Hi All, I wanted to get some objective eyes on my situation so I could take the advice into consideration when making some decisions. My parents live in Northern Virginia (in Alexandria, inside the beltway. Market is expensive and HOT). They have decided to retire and go back to live in Central America. Their plan is to leave by October this yea…

Would this be mortgage fraud? Hello, Kind of a strange situation, pretty sure it’s fraudulent. But want to make sure. I just moved to a new city where my uncle happens to live. He recently bought a second home which he initially intended to rent out. It’s a strange situation but he’s essentially using it as a second home now and hasent rented it out at all after over a year…

Paying off personal mortgage In 2011, I bought my husband’s childhood home from his father. I forget the reasoning, but my FIL also financed part of the mortgage. We agreed to terms, but we never formalized the loan with signed paperwork or putting a lien on the house. The agreement was a handshake. Now we’re moving for more space. We have a contract for the sale of our c…

How to pay off mortgage quickly? Mortgage questions Hey guys, so I recently bought a house and have a loan for $800,000 as a 30 year mortgage. Now my monthly payments are $5000. I also have a old house that I inherited from my dad, which I will be closing in the up coming weeks. I will be getting $330,000 in my bank for that after closing cost and all that. I want to take that …

Pay off mortgage or invest? I’ve been paying off my 30-year fixed-rate mortgage at 4.86% APR at a rate where it will be paid off in 15 years. I am self-employed and have been neglecting my Roth IRA over the past few months due to other savings goals (home refurbishments). I like the thought of being debt-free in 15 years, but is it dumb to be prioritizing paying off the m…

Mortgage @ 7.5% or do a rate buy down? Hey! Me and my husband just bought a new built here in Florida. Total cost came up to 430k. I’m putting 20% down. We’ve been quoted a mortgage at 7.5% inclusive of 13k builder credit if we were to use their mortgage. Monthly payment comes to about $2400 with that. If I were to pay $29k then I can lower the rate to 4.75% which will be about $1780…

To pay off the mortgage or not. Hi! My husband and I are sort of stuck on whether or not we should pay off our mortgage. We’re 41 and 42. No kids, and it will remain that way. We built our home in 2007 and have decided to stay put. We have about 13 years left on our current mortgage with a 3.45 interest rate. We have a remaining balance of $175K. Here’s where we stand otherwi…

Is it worth paying extra towards the principal of my 4.99% Mortgage? Why or why not? Before anyone asks, we are maxing out our 401ks, Roth IRAs, HSAs, have no debt besides mortage, and have a 12 month emergency fund in a HYSA. I keep seeing people getting really defensive about people paying extra money towards their mortgage… my question is, why?? Something about paying extra towards my mortgage sounds extremely relieving. Kn…

Do I take out a second mortgage? Hi, new to this sub and needed some guidance. I’m a young ish lawyer making a good salary. I’m in about $12k debt and a lot more in student loans that I’ll need to start paying soon. I’ve been chipping away at the credit cards trying to live more frugally but I don’t feel like the money I end up saving amounts to anything substantial in the larg…

Should I pay off my parents mortgage? 50k left. Hey all, In need of support. So I have about 350k saved in HYSA waiting to purchase a home which isn’t looking too promising in SoCal with a single income. maxed out 40k roth and 60k vti and I’m 30, my parents are (60) (67). They’ve done everything they can to support my brothers and I our whole lives. My parents owe 150K on a 1.2 million dollar…