For this Redditor, they are looking at a scenario where they have a 2.75% mortgage with approximately $500,000 left on the balance. This is equivalent to a $3,400 monthly payment on a house that is currently worth around $850,000. Having bought the house seven years ago for $715,000, this isn't a ton of growth, given what other areas of the country have done. This fact aside, the family has no other debt and has around $1 million sitting in retirement and non-retirement accounts.
When buying a home, lenders almost always check your credit history to assess how likely you are to repay the loan. But what if you don't have a credit history at all? Maybe you've never used credit cards, taken out a loan, or your credit profile is too thin to generate a score. If you're asking, "Can you get a mortgage with no credit history?" the answer is yes—though it's more challenging, and you'll need to show lenders your financial responsibility in other ways.
When you apply for a mortgage, lenders want to know you'll be able to make your monthly payments. One way they assess this is by looking at your employment history.
Most mortgage lenders would rather people didn't pay off their mortgages early. After all, that's how they make their money. Indeed, overpayment is positively discouraged and sometimes even penalized.
The mortgage and insurance fees that the Attorney General paid may have been less due to the misrepresentation of her Brooklyn property's unit count, claiming it was four instead of five.
