All Questions
35
questions
0
votes
3
answers
153
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 ...
- 151
3
votes
1
answer
644
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
324
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
0
answers
345
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
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
3
votes
2
answers
230
views
Should I prioritize repaying my 401(k) loan over maxing out my 401k contributions?
I took out a $22,000 loan (over 7 years) against my 401(k) for the purchase of a new home. I currently owe $15,000 on that loan. While I make 401(k) contributions each paycheck, I am not making the ...
- 33
1
vote
1
answer
133
views
Why do FNMA and FHLMC impose loan limits?
Why do FNMA and FHLMC announce new loan limits for one to four-family loans?
Is there a justification to have something called "conforming" loans as opposed to "jumbo" loans?
Is this to separate on ...
- 449
0
votes
1
answer
221
views
Can a family member not on the mortgage take a separate loan to help with the down payment
Say you are getting a house and get preapproved for a certain amount. This amount plus your downpayment is just shy of the required amount. If say, your father offers to take a loan for 10-30,000$, ...
- 195
3
votes
2
answers
950
views
Should I pay off my 401(k) loan ASAP?
I recently saw a question on the forum about "Should I pay off my Home LOAN from my 401(k) or continue to pay Interest to myself".
Most responses seemed to think that paying it off ASAP was the best ...
5
votes
4
answers
873
views
Is home equity worth taking out a mortgage when I have $67k student loans to pay?
Note: home equity isn't the only reason I'm thinking about buying. I'd like to have control over my own living environment, more space, not have to worry about annoying the apartment unit upstairs if ...
- 1,074
5
votes
2
answers
333
views
Loan for mortgage from father to son
My brother got an amazing loan to buy his house from dad for $200,000 but he only pays $150 a month ($100 capital + $50 interest). My question is, is this legal? Doesn't the IRS see this as more of a ...
- 51
1
vote
2
answers
789
views
Compound Interest & Mortgages
Mortgages are compounded 2 times a year in Canada and 12 times a year in the USA. However, I read that mortgages are simple interest and not compound interest because you pay the interest for each ...
- 27
1
vote
1
answer
281
views
How to get a mortgage with low income but good assets
I have low income about $50,000 a year since divorce. But I am about to sell my house for $2 million, and possible gain about $1M profit. I can put a down payment of $300,000 to down size to a house ...
- 81