All Questions
138
questions
0
votes
3
answers
144
views
Do lenders consider stocks and bonuses as part of your income?
Most tech companies give their employees a basic income plus a certain amount of stocks plus annual bonuses.
I am wondering if someone has a $120k salary + $50k stocks + $50k bonus in a year, would ...
- 143
6
votes
4
answers
3k
views
How exactly does a biweekly payment schedule on your mortgage reduce the amount of overall interest paid over the life of the loan?
Here is how a normal fixed-rate monthly amortization schedule is calculated:
First we determine the total monthly payment:
Payment = [P*(r / n)(1 + r / n)^nt] / [(1 + r / n)^n*t - 1]
where n = 12, P ...
- 161
14
votes
3
answers
7k
views
Which mortgage should I pay off first? Same interest rate and mortgage length
tl;dr:
I have two amortized mortgages; one big and one small.
The conditions (interest rate and mortgage length) are exactly the same.
Which should I pay off first?
I have always heard that you ...
- 143
3
votes
1
answer
637
views
Can applying for a new loan affect my existing mortgage? (US)
I live in the US and I am a somewhat mature full-time graduate student. I have gone back to grad school after having spent some years working and I have children and a mortgage. My school has a policy ...
- 695
0
votes
1
answer
1k
views
When using land as a down payment for a construction loan, how much money can I borrow?
I am looking to purchase some land in cash (in the USA) and build a house on the land. I intend to use the land as equity (as part of the down payment) for a construction loan.
I'm looking to ...
1
vote
1
answer
322
views
Income Tax Return: Is the co-op's mortgage (not the lending institution mortgage) a secured or unsecured loan?
I have two 1098 forms: One from the lending institution and another from the Corporation. For the lending institution 1098 form, I deduct the mortgage interest and there are no real estate taxes. It's ...
- 145
3
votes
1
answer
193
views
Title company doesn't know how to amortize a loan?
More likely I don't get it/am not used to this. Can anyone explain/formulate what I'm told is a "Daily amortized, 5.5%, fixed interest rate loan"?
I've been buying and selling properties for ...
- 1,541
1
vote
3
answers
175
views
Put down only 10% or put 20% down and pay a family member back the other 10% at 2.99% interest rate?
I am buying a 350K condo with 10% down, 2.99 interest rate, 30 yr fixed mortgage (I hope to pay it off in 15 yrs).
I cannot put down more without depleting my savings. Should I ask my dad for a $35K ...
- 11
2
votes
1
answer
98
views
What's the APR for this in combination with the Balloon Payment of 6525 USD?
I am trying to solve the following:
Finance Amount: 24.951,82 USD
Interest Rate: 2.29%
Residual Value: 6.525 USD
Number of Months: 60
Fee: 374.28
Years: 5
What's the APR for this in combination with ...
- 21
3
votes
0
answers
337
views
How does “Velocity Banking” actually work?
I’ve seen this mentioned a few times now in various financial articles, but it smells like some kind of “system” a gambling addict would come up with to “beat the house”. Doing a web search on it, I ...
- 309
0
votes
4
answers
2k
views
Why doesn't just everyone mortgage a property from bank, rent it out and make monthly payment to the bank by that rent?
I don't have any background of loans and finance since I am an Engineer, but I have been planning to own a property lately. What I understood from my research is that there are two options to get a ...
- 111
-2
votes
1
answer
211
views
Is buying a mortgaged property profitable?
I am planning to buy a property and wondering if this property is worth buying.
A. Price of property including everything: Rs 45 lacks
B. Down payment: Rs 5 lacks
C. Loan/Mortgage (C = A-B): Rs 40 ...
- 97
0
votes
2
answers
193
views
why would a mortgage lender be asking someone a year away from retirement about their pre-retirement income?
My 69yo mother is looking to buy a new house (and sell her current one). Based on what she's expecting to get for her current house, how much she still owes on her current house and how much a new ...
- 3,832
0
votes
3
answers
225
views
Home sale payment
My questions refer to real estate in the US.
When the buyer pays cash (i.e. without taking a loan), would it usually mean that the buyer will have to pay the whole amount in a single payment? Or is ...
- 465
6
votes
3
answers
2k
views
Was 50k loan limit always a part of the 401k program and are there any ways around it?
I got a loan from my 401k that I repaid a while back and I don't remember anything about a $50k limit. Now I am buying a new house before I sell mine and the $50k limit seems to be ridiculous since ...
- 4,727