Posted on: 30th Aug, 2009 05:33 pm
I was hoping for some advice in regards to buying my parents home. My husband and I currently live in my parents house which is large enough for us all. We can only afford around 250,000 and they owe 310,000 on the property which is worth 400,000. We have discussed multiple scenarios ex. getting a new mortgage in all 4 of our names, them keeping their current mortgage since the interest rate is great and having our names added to the deed and agree to pay a portion of the mortgage. Do you have any suggestions on the best way to buy the property or at least be part owners. They may move in about 10-15 years. We think this will benefit us financially and also them since we can only get a starter home for about what we can afford so this is the most house for the money.
In this market situation, probably best option woudl be add yoru name to the loan and the deed and have some agreemtn with your in laws that you will share propft with them based on how you pay
hi guest,
i agree with sunnyca. you can have your name added to the title to the home and make some sort of agreement with your parents. you can take responsibility of paying some part of the mortgage payment and you parents will bear the rest part of it. they will not have to make the entire mortgage payment and will be able to save some money every month. after a certain period of time say, 5 years or 10 years, you can either assume the current mortgage or refinance it in you and your husband's name. consult a lawyer and get a proper agreement prepared by him to suit this particular situation.
i agree with sunnyca. you can have your name added to the title to the home and make some sort of agreement with your parents. you can take responsibility of paying some part of the mortgage payment and you parents will bear the rest part of it. they will not have to make the entire mortgage payment and will be able to save some money every month. after a certain period of time say, 5 years or 10 years, you can either assume the current mortgage or refinance it in you and your husband's name. consult a lawyer and get a proper agreement prepared by him to suit this particular situation.
Good luck momo
thank you all for the input... Can you have names added to a mortgage without refinancing. Their rate is 5.1% right now .
you cna do a quit claim deed and add names to the property
check this out
http://www.mortgagefit.com/search/quitclaim-deed.html
check this out
http://www.mortgagefit.com/search/quitclaim-deed.html
sunny,
he is asking to add name to the mortgage and not on title.Lot more depend on your lender if he allows to do that it will be a best part to go for adding your name on mortgage as well as deed.
As far as adding the name on deed is concerned, sunny has rightly told you to go for quitclaim deed.
I hope you will get best results.
he is asking to add name to the mortgage and not on title.Lot more depend on your lender if he allows to do that it will be a best part to go for adding your name on mortgage as well as deed.
As far as adding the name on deed is concerned, sunny has rightly told you to go for quitclaim deed.
I hope you will get best results.