Posted on: 22nd Aug, 2013 01:05 am
My parents want to transfer their property to me. Though I have been paying the mortgage on the property for the past few years, I was technically not on the property. In future, I will want to buy a home as well. How will taking over the property of the parents affect my chances of buying a home?
Hi Shrly,
Once you take over the property of your parents, you will have to refinance or assume the mortgage in your name. This will make you liable for both the property and the mortgage. In such a situation, getting another mortgage for a new property will be difficult.
Take care
Once you take over the property of your parents, you will have to refinance or assume the mortgage in your name. This will make you liable for both the property and the mortgage. In such a situation, getting another mortgage for a new property will be difficult.
Take care
Hi Shrly,
Moreover, once the property is transferred to you, from that moment you will not be considered as a first time home buyer any longer. Thus, you will not be able to get any benefits of a first time home buyer.
Thanks
Moreover, once the property is transferred to you, from that moment you will not be considered as a first time home buyer any longer. Thus, you will not be able to get any benefits of a first time home buyer.
Thanks