Posted on: 17th Sep, 2010 03:45 pm
my dad owns a house in ca. there is still a balance of $180,000. he would like to give me the house as a gift, and then i just have to continue paying the monthly mortgage. i also found out that the interest is 7%! can you please let me know the step-by-step procedure that i have to do. i'm married w/ 2 kids. once the house is transfered to my name (and my wife's name), can i refinance the house to get a cheaper interest rate? or is there a waiting period before i could do this. i would highly appreciate any information you could give me.
thank you!
thank you!
Hi why1der,
Once the house is transferred in your name, you will have to refinance the mortgage. In order to refinance the mortgage, the property should have equity in it. The interest rates that you'll receive will depend upon the present market rates.
Thanks
Once the house is transferred in your name, you will have to refinance the mortgage. In order to refinance the mortgage, the property should have equity in it. The interest rates that you'll receive will depend upon the present market rates.
Thanks