Posted on: 01st Jan, 2014 01:37 am
Hi everyone... I need to know what type of costs will I be responsible for if I take over a mortgage from my family?
Hi LYM,
You should remember that only government loans can be assumable. If your loan is assumable, then your lender will let you know what type of fees you will have to pay. Every lender will have different fees.
Thanks
Jerry
You should remember that only government loans can be assumable. If your loan is assumable, then your lender will let you know what type of fees you will have to pay. Every lender will have different fees.
Thanks
Jerry
Taxes, insurance and the monthly mortgage payment.
Insurance payments are only applicable when you arenot able to pay down at least 20% of the total loan amount.
How do you "take over a mortgage"?
If you are just going to start making the payments, there is no cost except for your monthly payments.
If you are going to put the mortgage in your name, you will need to refinance or assume the existing loan if the loan is assumabale. There are some costs in both scenarios. We cannot tell you the costs becasue we do not know if you will be refinancing or assuming and we do not know what state you are in, etc. There are too many variables in costs and we have no information from you to go on.
If you are just going to start making the payments, there is no cost except for your monthly payments.
If you are going to put the mortgage in your name, you will need to refinance or assume the existing loan if the loan is assumabale. There are some costs in both scenarios. We cannot tell you the costs becasue we do not know if you will be refinancing or assuming and we do not know what state you are in, etc. There are too many variables in costs and we have no information from you to go on.
