Posted on: 28th Jan, 2010 10:28 am
how do we set up a low interest refinance through my parents? they are willing and able to pay cash to buy-out our current mortgage, in order to help us lower monthly expenses. what legal and creative ways are there for us to do this? lowest interest rate? longest term? some kind of balloon payment system, or interest only up front?
Hi,
"They are willing and able to pay cash to buy-out our current mortgage, in order to help us lower monthly expenses."
How are your parents going to buy-out your current mortgage? Can you clarify a little more on this? Do they want to co-sign on a new loan to help you refinance the current mortgage at a low interest rate? They can surely do that if they want to help you refinance to avail the low mortgage interest rates.
"They are willing and able to pay cash to buy-out our current mortgage, in order to help us lower monthly expenses."
How are your parents going to buy-out your current mortgage? Can you clarify a little more on this? Do they want to co-sign on a new loan to help you refinance the current mortgage at a low interest rate? They can surely do that if they want to help you refinance to avail the low mortgage interest rates.
what happened to "lati"? you don't need to answer that.
as for your parents, what a wonderful thing for them to do - to refinance for you with their own funds. as for rates, that's between you and them. if they want to charge you 0% interest for a time, increase it later, decrease it again later, etc., that is something you three (or four) to negotiate.
private money loans are not restricted as would be institutional loans, so you and they can do pretty much whatever suits you. you can certainly seek out an attorney who'll know how to structure whatever it is you decide is in everyone's best interests, and that shouldn't require you to give up any limbs, and you may even get back those 2 notes.
as for your parents, what a wonderful thing for them to do - to refinance for you with their own funds. as for rates, that's between you and them. if they want to charge you 0% interest for a time, increase it later, decrease it again later, etc., that is something you three (or four) to negotiate.
private money loans are not restricted as would be institutional loans, so you and they can do pretty much whatever suits you. you can certainly seek out an attorney who'll know how to structure whatever it is you decide is in everyone's best interests, and that shouldn't require you to give up any limbs, and you may even get back those 2 notes.
