Posted on: 12th Nov, 2008 10:23 am
If I quit claim my house to my 22 year old son does he have to qualify for a mortgage and re-apply for a homestead exemption? My tax assessment is on a value of about $100,000 because of a cap on increases, the assessed value is closer to $400,00. Will this change for my son?
hi larsen!
welcome to forums!
yes, when you quitclaim your property to your son, he will have to qualify for the refinance. the lender will check his credit and other required things before approving him for the loan. he will also have to re-apply for a homestead exemption.
once the property is transferred, the tax department will reassess your property and there can be chances that the property taxes may increase.
feel free to ask if you have further queries.
sussane
welcome to forums!
yes, when you quitclaim your property to your son, he will have to qualify for the refinance. the lender will check his credit and other required things before approving him for the loan. he will also have to re-apply for a homestead exemption.
once the property is transferred, the tax department will reassess your property and there can be chances that the property taxes may increase.
feel free to ask if you have further queries.
sussane