Posted on: 25th Nov, 2010 02:18 pm
my partner and i own a home and would like to buy a new home and rent to my niece. would it be beneficial to have the property sold to me and have partner finance new home alone?
Hi deckhardt,
If you already have a property with a mortgage on it, then there are chances that the lender won't give you a new loan to purchase another property. In that case, your partner can transfer the property to you and you can refinance the mortgage in your name. Thus your partner won't remain responsible for the mortgage. Then your partner can take out a mortgage and buy a property in order to rent it to your niece.
Thanks
If you already have a property with a mortgage on it, then there are chances that the lender won't give you a new loan to purchase another property. In that case, your partner can transfer the property to you and you can refinance the mortgage in your name. Thus your partner won't remain responsible for the mortgage. Then your partner can take out a mortgage and buy a property in order to rent it to your niece.
Thanks
thanks, that's what i thought would be the best scenario..i know single income wont get us the best rate...but at least we can move forward,,,thanks for the reply