advice with mortgage payment protection insurance (sickness ,redundancy,and unemployment cover)?
When buying the above insurance will they check with my mortgage provider how much im paying or will the just stick with what i have told them? cos the end of the day im paying more a month do them if i say a higher amount,my mortgage is in joint names but now im the sole earner as my wife looks after our baby will this affect my insurance, i pay the mortgage with my bank account so it shouldn’t should it? my mortgage is 381 i told the i want to claim 650 ,my mortgage is variable rate so it could go up and this will help for council tax and insurance please give me some advice
please please help
Think about wage protection that cover your actual wage.
Credit check requirement for mortgages?
My fiance and I are thinking of purchasing a home. My credit is in shreds – his is perfect. Can a lender take both of our incomes into consideration but only run a credit check on him? (I don’t care if his name is on the deed or if both of ours are, quite honestly.)
We live in Ohio, if that helps. (This would be his first home purchase – I currently own a home.)
No, if they use your income as well as his, they’d have to use your credit also.
Let’s say I co-signed a mortgage in GA that is now in default; there is no cross-collateralization…?
…only the home that the mortgage is on is at risk. I do jointly own a home with my spouse, whom did not co-sign. My home is paid in full. I do have some money in a joint banking account with my spouse. I deposit a social security disability check each month, and my spouse still works and draws a pay check. What can the mortgage company come after?
They are gong to come after everything. As a co-signer you are a sitting duck, you already agreed to pay the bank in full in case the other party is a dead beat. You agreed to pay them, nothing you own or ever will own is exempt from your commitment.
I have bad credit and am looking to get a mortgage with my boyfriend, can we put it in his name?
I have had an issue with debt and have just turned my situation around. I am looking to buy a house with my boyfriend but I know I will fail the credit checks. Can we have the mortgage put in his name?
If your boyfriend can qualify for the mortgage based on his credit and income alone, then it will be fine.
Actually it would be better NOT to jointly purchase a house since you are not legally married. When you break up, that house becomes a nightmare. There are courts to divide marital property, no so for live togethers.
Keep in mind that if the house is in your boyfriend’s name, YOU don’t own any part of it and would merely be a tenant in the house. Any money you put into the house would be considered “rent” and would not give you any legal rights to the equity in the property.
What is the fastest and most economic way of paying down a mortgage from RRSP investments?
I am in the process of settling my divorce. I have just recently purchased a house and now have a fairly substantial mortgage. I am hoping to retire in 5 years. The money that I was hoping to get from the settlement is a little less than I was hoping for but figured I could swing it anyways. However , I have just now been informed that I will not be getting cash (as I had hoped) but will be getting my ex’s RRSP investments transferred over to me. Therefore, unless I want to be taxed at 43% of 160,000$ this year for income tax I cannot withdraw the money and pay off my mortgage. Whatever I withdraw is apparently added to my income and I have to pay taxes on the whole thing. So…what would be the best way to pay off my mortgage in a reasonable time frame so I am not being taxed to the hilt and not having to eventually be living from pension cheque to pension cheque each month, paying off a mortgage, bills, food, etc, for the rest of my life and not knowing where the next $ will be
Withdrawing the money to pay down the mortgage may be a bad idea even if the tax man were not lurking in the shadows — mortgage money is cheap, and the RRSP investment may have a higher yield than the mortgage interest rate. So, leave the mortgage in place and draw, if you must, on the RRSP at the smallest rate that you can manage.
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