Good day Vernie, If you have registered the discharge with the land registry office, they would have a copy. If this is what you forgot to do and will be doing it after 15 years , you can approach your lender and find out if they have it in file. They would also point you in the right direction where to get the document in case they do not have it in file. It has to be available somewhere.

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Then when you are done paying off the home you have paid at least triple what it costs. even with a low interest rate you still have 30 year mortgage payments. you can pay your annual taxes in monthly installments without having to pay so many fees. does anyone understand the difference in terms?

It is math. There are lots of websites that allow you to figure how much your payment would be for 30 years or six years . You can make the loans whichever way you want. The lender would probably give you a lower interest home loan for a very short loan- the payments would be higher but may be very affordable for you.

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More details: i have a mortgage 30 year fixed (6.5%). i have paid on it for about 8 years. i owe approximately 100k. i also have a heloc for 44k that is adjustable, interest only payments and expires in 2017 (at which time i have to pay it out or re-fi). i may or may not be living in this house at that time. the house would appraise for enough to finance all of it, but not sure if it is a good decision to refi it into one lump 30 year fixed mortgage (with fees and all involved). any advice would be helpful.

what you need is a calculation of the monthly payments, both principal and interest, of each option. Be sure to get one of the refinance at the remaining 22 years, in addition to the one at a new 30 year amortization. this lets you compare apples to apples. Once you determine the difference between the new 22 year amortization of the 144k loan at the current fixed interest rate, compare it to the combined payments you make today. It should be lower. Divide the cost savings into the total cost of the refinance. Fees, points, etc. That will give you the number of months it will take for you to get back to even. After that, you will be money ahead each month. If you get back to even in less than a year, its worth considering the deal at a 22 year amortization. Now, also get the 30 year amortization payment. This will be significantly lower than the 22 year, but you will end up paying a lot more principle in the end. Now, if you actively invest the money you are going to save, you'll be better off going with the 30 year amortization, because mortgage interest is tax deductible, and its easy to beat the mortgage loan rates less the tax you would otherwise pay on your income. Typically a person can lop off about 1/3 of the mortgage rate, and say that is their "hurdle rate" for investing the money you save going with a longer mortgage amortization. If you will not invest the difference in the monthly payments, and instead spend the money, then you need to be well aware of what you are doing. You are taking out a loan at the mortgage rate less your marginal tax rate (probably something in the neighborhood of about a 3.5% net interest rate, over 30 years, to buy whatever it is you plan to buy with the money you save in monthly payments. If you are doing it to be able to hang onto your house due to reduced income, that's okay. That means you are basically investing the money in a house. But if you plan to buy a car or anything else that does not go up in value over the long run, just be sure you understand what you are doing, relative to your current financial position. Good luck. Feel free to email if you want a better explanation

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Let's say i have a hypothetical mortgage: $100k borrowed over 30 years at 6% interest. let's say the monthly payment is $600, to keep the numbers round. let's then say that i win the lottery (again, hypothetically) and immediately apply $50k towards the principal balance of the loan, without refinancing the loan. would i still be obligated to make a $600 monthly payment? or, are all future payments essentially 'variable', based on the true principal balance of the loan? in this case, my future payment would be more like $300 per month, mathematically. in short, do lenders adjust the monthly payment amount, based on the principal remaining, when additional principal has been paid? or, do the payments remain the same, with the 'excess' being automatically applied to the remaining principal (again, in this case, nearly $300, month one)?

The term changes, not the payment. You'd shorten your term drastically, but still be on the hook for $600 a month. good luck!

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We got quoted 6.68% for 30-year fixed rate... also, if we wanted to refinance in a year or 2 would that make sense or it doesn't pay to refinance in such a short time?

Please always do a fixed when possible. That is a great rate right now, and I would not expect them to be better in 2-3 years. I don't know if you have noticed all the foreclosures lately? Its because of adjustable rate loans. Please stay away, if for any reason you cannot qualify for a loan in the upcoming years, what are you going to do when the rate adjusta, and your payment basically doubles? Please stay away, no matter what the mortgage broker says. I believe they make more money from the lender when its adjustable, so it is in their best interest to give you one.

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If there is a 30 year mortgage taken out at 100k with a tax base of 2500/yr and at a rate of 6 percent fixed, what would the amount be if paid in 10 years, compaired to a regular 10 year mortgage of 6 percent fixed and 2500/yr taxes.

Are you asking what the principal balance would be or what the total amount of payments for the 10 years would be?

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This means, every year, i pay $5,800 per year in mortgage interest. uncle sam will allow a 30% tax deduction on this so opportunity lost is = .70 * $5,800 = $4,060. does this mean that i should find an investment with 4.6% apr to break even. i just need help in validating my calculations or am i missing something. thanks!

You probably can find several investments that would give even a better yield but most investments are gambles and the money could be lost forever. The only one that is not is your home. Yes home prices will rise and fall but once they are paid for you live mortgage free forever . If you have the money pay it off. Down the road you can always find ways to create deductions or even losses.

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So if you buy a home for like 100k and take out a thirty year mortgage, do you have to actually spend 30 years in that house? it is possible to sell a house before you finish paying the mortgage? if so, if you do this and only plan to spend like 6 years in said house, would that be fraud?

In the U.S., you can pay off your mortgage at any time, although some mortgages may have a pre-payment penalty. When you refinance, you pay off the old mortgage. When you sell, you pay off the old mortgage (unless you sell for less than the balance of the mortgage which requires a short sale).

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$90.000.00 at 6.25% fixed rate for 30 years (not including taxes, fees, etc.) i went to an online mortgage calculator and keep coming up with over 100k savings! is this correct? i do have the cash and signed the papers. people think i am nuts for paying cash, but i look at them thinking who is the real nut. i am not worried about write-offs or investing the money. i have to live somewhere instead of an apartment. most importantly, i want my kids (while they are young) have a place to call home, friends and memories. if needed, i can get a mortgage and buy another house and rent it as apartments and break even for the next 30 year.

You're going to save about $110,000 over the course of the loan. Just make sure you look at other options before you take 90K out of your pocket, in case there's a better opportunity somewhere.

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Things go right for people that do bad things! 6 years ago my then husband had an affair, when i found out he begged for another chance and even went out and got a tattoo with my name on!! so i gave him another chance as believed he loved me and our 2 kids and wanted to be with us, after all i had given everything to be with him and stuck by him while he put us in £100k of debt on top of our mortgage!!!!! anyway 2 weeks later i found out he had just continued with this woman anyway so ended our marriage, he is now married to her and i am married to someone i met 6 months after my marriage ended and we have a daughter and that's all good, he works hard but his wage is small and we barley make ends meet. my son from my first marriage is ill and it is taking years on the nhs to try and diagnose his problem. anyway after he left we agreed the house would come to me and the kids and the debts would be paid off by him and this all went down in the divorce. but after the divorce he never paid and i was taken to court (as apparently divorce agreements don't count with the people you owe money to!) by some of the people money was owed to and charges were put on the house. my ex wasn't taken to court even though i gave them his details he just slipped through the net somehow!!!! he now has started his own business (something i encouraged him to do for years as his employer never appreciated him) he is doing very well and takes 4 or 5 holidays a year (he doesn't invite our 2 kids to join him), he has a share of her house, new car and work van every couple of years and things are going very well for him, we are trying to work out how we are going to afford 10 days in a caravan in october especially as our fridge just packed up and there a problem with the car! but i hope we can do it as its the kids only holiday. he did start to make some payments to some of the people we owe money to through an iva, and as he can hide his income being self employed he is making tiny payments. one of the banks wrote to us asking for a new financial statement to assess his payments within 7 days. everyday for those 7 days i contacted him asking him if he had done it and i was assured he had. now i have a letter from them saying he has failed to supply the information and unless full payment (£22k) is made within 7 days they will take legal action. so after 6 years apart looks like i will yet again be off to court and forced to pay more money i don't have. my ex is ignoring my texts and calls. he didn't bother to send them the info as he was too busy getting ready for yet another holiday. also we had booked a private appointment for our son, which my ex had suggested and offered to pay for, to finally try and get to the bottom of whats wrong and he cancelled it last minute as he had come back from the holiday and couldn't afford it!!! i can't get a job partly because of my sons problem means he off school or needs picking up early a lot, also my current hubby works away a lot, sometimes at weekends too, but the main reason i can't go back to work as it would never improve our life! if these people think we can still afford to pay them each around £30 a month now when our outgoings are clearly more than in comings on every financial statement i have sent them (and at least mine are real in comings and outgoings), imagine what would happen if i went to work, they would just suck us dry and i couldn't improve my kids life which would be the whole point of going to work. why do good things happen to bad people??? we live in a house that will never be ours, we can't do anything with the kids unless it is free (it even too much to go to the beach with petrol costs!!!), if we manage to scrape enough for this hol we will just be enjoying the site facilities and nothing else as we will be lucky to get together enough for food and petrol. his life is great plain sailing and all working out! my only hope is the lottery - a 14 million to 1 shot to improve my kids life for the better!!! crazy isn't it? my only chance a game of crazy chance! just £250k would do - all i want is to pay off the mortgage and the debts and just be able to wipe the slate clean from what he left behind. but how things are he will win the lottery and he still won't pay off the debts! why is life like this?

Gosh, I'm really sorry to hear this. I know as cliche as it sounds, he'll get what's coming to him. As hard as it may be, just try and enjoy what you have- you have family, and you have your head on straight. You're not immoral, unlike him, and at least you tried to make your marriage work again. Another thing i'd do is cut him out of your life, if possible. If the kids aren't particularly attached to him, and he isn't to them, don't make arrangements for them to go see him. If they are, well, just minimise the amount you interact with him. I know you need his money- that is a problem. He seems to be a bit of a d1ck though, so it's hard. I don't get how it's your responsibility if he doesn't pay though. Maybe you have to invest in a lawyer. I'm not sure how that'd work out for you, though. But all I can say is hang in there- I know it must be so hard for you- but your ex-husband is morally bankrupt. He won't last for long. Good things DO happen to good people though, however overdue it may seem to you. You'll get rewarded for all your hard work, i assure you. Good luck to your son and best of luck to you.