r/Mortgages

My elderly (90-year old) father was randomly contacted by a Quicken Loan salesperson several years ago. The sales rep convinced my dad to refinance. I got in the middle of the negotiations and agreed ONLY after informing the rep that my father was a Navy vet and probably qualified for a VA loan. He was, and signed the loan docs at 2.75%, Transferable.

Fast forward six years and Quicken Loans became Rocket Mortgage. A few years later Dad passed away and the family decided to keep the house. My niece moved in and took over payments. We never informed RM because we didn't know if my nieces not-so-great credit score would be a problem.

So here we are 3 years after Dad passed. My niece has a good job, good income and really likes everything about the house except, she's not claiming the mortgage interest payments when she files income taxes, because the loan is still in my father's name.

Would it raise any red flags at Rocket Mortgage to actually transfer the mortgage? My niece has no military experience and wouldn't qualify for the VA rate if it wasn't transferable, and I don't want to recommend she do anything that would sour the current situation.

I purchased a home in November of 2024 and since moving in I’ve had nothing but expensive repairs due to the failures of my inspectors and the previous owners hiding significant damage.

This has resulted in an additional $30K personal loan in addition to $10K savings being spent on other repairs and a remaining $5K in debt my excavator is generously allowing me to chip away at.

I had to move out of the house because it was no longer livable and insurance wouldnt cover anything since it was damage from the previous owners. It is now repaired and ready for buyers a year later but now I need to remain close to my second job that is helping me pay for the loans. I’m working 70-75 hour work weeks and im exhausted and miss my friends and family.

I had the house listed last winter but no one wanted it, so I took out the $30K loan to make a significant improvement. Now I’ve relisted it and two months later still no one wants it saying it’s “not worth the money” even though I listed it for the price I paid + the amount needed for the realtors (I just want to break even).

What can I do? Is a deed in lieu of foreclosure my only option? I have a 750 credit score because I have always been on top of my finances but this is a hole I couldnt dig myself out of… any advice is appreciated.

good afternoon,

I am looking to take out a home equity loan. I will share my current situation to share a clear picture of why this is the direction.

I currently own a townhouse. It does not have a mortgage on it and I bought it outright in cash so it never had a mortgage. If I sold it right now, I probably could get 300k but likely more but let’s just put it on the minimum side. Two whole baths & 1/2 bath. two bedrooms upstairs and one bedroom/office space in the basement. I am not looking to sell it. I am planning on putting a renter in it.

I want to buy another townhouse. Right now I have about 100 K in savings but soon it’ll be closer to 120k.

I want to borrow 150k. The rest of it I will pay in cash to buy another house so that I don’t have to use a mortgage.

Are there better options? I am a business owner so I would prefer to not get a mortgage. I also strongly prefer owning a house outright rather than having a mortgage so I would prefer anyway to borrow money that is safe such as a home equity loan.

edit: I am not trying to get a HELOC. I’m trying to get a fixed loan. I also do not qualify for a traditional mortgage only a bank statement loan and the rates are pretty high and so it’s very close to a fixed loan so that’s what I’m trying to figure out.

Partner and I are under contract for a new build that’s expected to be done in December. We are having serious 2nd thoughts and don’t know what to do. If we back out, there’s a chance we lose $25k in earnest money, but interest rates are only increasing and would give us less flexibility month to month.

This topic has consumed our lives over the past several weeks. We’ve never stressed about money before this and now it’s all we talk about.

For more context:
- 29M / 27F w newborn baby
- Investments - $275k
- Cash - $150k
- No debt
- If we don’t buy, we would rent a bigger place, but it would be much cheaper than if we bought. Probably $2k less per month.

Potential mortgage - 6k/month
Take home pay avg - $15k/month

Any advice?

In contract on first home purchase. SFH in NY state

Income - $300k per year (self employed)
House cost - $1M
Interest Rate - 6.45% 10/6 ARM
Down Payment - 20%

Is this a reasonable setup?

Taxes & Insurance approx $600

Do you think better to lock today, next week, or within the next 45 days if given the option?

I’m moving to the Bay Area and will make about 175k. I also have 24k in real estate income. I have a spouse who will be out of work and on the job hunt (but may stay home and look after our 2 year old for a while). I am in the process of selling my condo but offers are sparse; hopefully, I’ll net 100K which will be used as a down payment. Realistically, how much could I afford without being house-broke? 700k? Less? We both have great credit with little debt aside from our current 300k mortgage.

Hi all,

I currently live at home with my parents and have the opportunity to invest in property and am wondering whether to buy a small house to run as an air B&B. Where I live, one beds are between £125k and £170k. My gross salary is £25k and my take home pay is about £19k. My parents may be willing to help in some way but we want to make it as tax efficient as possible.

In between 3 and 5 years time I would like to buy my own place, and the air B&B is intended to make some money over the next 3 years while I work.

I would either keep the air B&B if it was performing well or sell it to fund my own home.

I'm unsure whether I need:

• A commercial mortgage
• To set up a limited company with my parents
• To set up a trust
• To not bother!

Any advice welcome :)