Posted on: 14th Sep, 2010 09:51 am
am thinking about buying a home but just started my own company and dont have alot of verifiable income as of yet but do have enough cash for the down payment. my father is willing to have his name on the mortgage until i qualify for the loan myself...is it possible to "take over" the loan in my name at that time or is the only possibility to refinance the debt in my name and not get the same initial interest the loan would have if it were taken out right now.
Hi Guest,
You can ask your father to cosign the mortgage for you now so that you can get the mortgage to buy a property. Once you have the required income verification, you can refinance the mortgage and remove your father from the mortgage. When you refinance the loan, you will get the interest rate as available in the market.
Thanks
You can ask your father to cosign the mortgage for you now so that you can get the mortgage to buy a property. Once you have the required income verification, you can refinance the mortgage and remove your father from the mortgage. When you refinance the loan, you will get the interest rate as available in the market.
Thanks