Posted on: 03rd Feb, 2010 05:56 am
Hi - Here's my situation: my mother/father in law have a second house they are renting out. they took out a 80% heloc on the house. they now want to give me and my wife the house.
So my questions are:
1. How do I transfer ownership of the house from their name to mine? What fees/costs are associated with this type of transfer? We live in King County in Washington so not sure if that makes any difference.
2. They have already paid about 30% of the loan over the last 7 years of owning the house. If we take over ownership, can I refi the remaining amt on the loan, which would probably give me a lower monthly than what it is currently?
3. If I want to refi, what impact does the heloc have on the refi situation? Does it not really matter as long as I pay off the heloc when I eventually sell the house?
So my questions are:
1. How do I transfer ownership of the house from their name to mine? What fees/costs are associated with this type of transfer? We live in King County in Washington so not sure if that makes any difference.
2. They have already paid about 30% of the loan over the last 7 years of owning the house. If we take over ownership, can I refi the remaining amt on the loan, which would probably give me a lower monthly than what it is currently?
3. If I want to refi, what impact does the heloc have on the refi situation? Does it not really matter as long as I pay off the heloc when I eventually sell the house?
to refinance the home into your name, your in laws would have to add you to the title of the property. you might run into seasoning issues (time on title) due to the fact that you just came onto title and are now trying to refinance. that's going to be up to the discretion of the lender. if you're not pulling any equity out, you should be ok.