Posted on: 29th Nov, 2007 12:46 pm
In California - my father owns a home and wants to give it to me. There is a mortgage/principal owed. Can I obtain a loan in that amount and he transfers me the property?
Are there inspections required or any of the other normal sale disclosures?
Thanks
Are there inspections required or any of the other normal sale disclosures?
Thanks
hi purplekkq,
as this is a mortgage property, your father should take consent from the lender before quitclaiming the property to you.
you can take a loan or refinance it after the property is quitclaimed to you. you have to qualify for that loan. your lender can give the loan or you can shop a bit for an affordable interest rate. it is not necessary that you have to take the loan from you lender only. you may get a much better term and condition from another lender.
thanks,
larry
as this is a mortgage property, your father should take consent from the lender before quitclaiming the property to you.
you can take a loan or refinance it after the property is quitclaimed to you. you have to qualify for that loan. your lender can give the loan or you can shop a bit for an affordable interest rate. it is not necessary that you have to take the loan from you lender only. you may get a much better term and condition from another lender.
thanks,
larry
Hello Purplekkq,
If there's an existing mortgage on the property, then you should talk to your lender before the property transfer is done.
With the transfer of ownership the lender will want you to refinance the loan in your name. I'm not sure if you can get a loan for the exact amount of the existing mortgage as that will depend on the current appraised value of the home, the equity in the home as well as your credit report.
If there's an existing mortgage on the property, then you should talk to your lender before the property transfer is done.
With the transfer of ownership the lender will want you to refinance the loan in your name. I'm not sure if you can get a loan for the exact amount of the existing mortgage as that will depend on the current appraised value of the home, the equity in the home as well as your credit report.