Posted on: 06th Oct, 2010 08:03 pm
i already paid for my first home with no mortgage left now and now i want to buy another home for my father but he does not qualify for a mortgage. so i have to be a borrower and practically it will be considered as my second home (investor home), so to get mortgage, i am getting higher interest rate as well as property taxes will be higher. so i am considering using quit claim deed for my first home from me to my father. so i think new home that i am planning to buy will be considered as my primary residence home. so i can save on interest rate as well as county taxes, is that right?
Hi shreeankit!
Welcome to forums!
You can transfer your property to your father using a quit claim deed and then buy a new property for yourself. Your new property will be considered as your primary residence. In that case, you'll get better rates and terms when you apply for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can transfer your property to your father using a quit claim deed and then buy a new property for yourself. Your new property will be considered as your primary residence. In that case, you'll get better rates and terms when you apply for a loan.
Feel free to ask if you've further queries.
Sussane