Mortgage help?
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Query by matchmaker86: Home loan aid?
Want some assistance the two fiscal and legal. My mother is offering her house but in the meantime she has noticed an additional house she desires to acquire. She has no capital and I have agreed to get it for her. While I can place capital of 25% down on the house I still want to find the remaining funds, so I am assuming mortgage loan, my very own is paid off. But when she sells her house she will give the funds to me to pay off the debt, this could only be a matter of months. So my question is does a mortgage loan sound the correct thing here, really should we put it in joint names, if only my name can I transfer the property to her and is their any capital gains troubles if I just put it in my name then she give me the money to spend it off……help..
by the way i am in the UK
Very best answer:
Answer by Shawnaj
In the US:
you could obtain the new house collectively, both names on the mortgage and title. and when she has the proceeds of her new house you could pay down or off the principal of the new present loan. (only if there is no pre-payment penalty) some banking institutions require a two or even 3 year prepay penalty that means you will be penalized a percentage of the loan sum if you pay if off early. so make certain you allow your mortgage broker know what you strategy to do ahead of time that way he can uncover the best program. YOU will not be able to do the loan as a main residence if you previously have an present mortgage loan reporting on your credit- even if there is a balance, though your mother most likely could seeing as she has her latest home on the industry. the underwritter can clearly see she is attempting to move. but it will be a controversy between every single lender as to how they are going to classify it. (you- second home or investment house and your mom- primary residence.) but in this case mortgage would be the best bet and you each can be on title. or you can acquire the property in only your name and have her on title with you. either way- when you get ready to do this go over it with your mortgage loan professional in the UK. Goodluck~
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Comments (1)
These are all good question and need to be dealt with as to clear up any confusion down the road, first ,good man fro helping out Mom, !st thing you can do is land trust , there by getting here name on title asap fairly easy to do, I am in the process of doing this with my fiancee as to ward off the IRS folks , and capital gains I d don’t think that will be a problem , be sure to explain to you CPA or tax person what happen with copies of closing statements and detailed letter to be filed with taxes, don’t let them bullshit you and say you can send a letter that’s crap send the letter to e safe it takes 2 min. oh yes paper trail the funds as to avoid any misconception there, Mortgage Hmm yes I suppose so I would go with COFI loan or something to that effect , as to get best and lowest interest rate,ask any banker the will explain COFI, and quite frankly I would consult your bank , if credit is up to snuff, they have lowest fees and most people are certified in one way , and wont stroke you like a broker may, not that would all those that may read this, but Being a broker and knowing brokers they are interesting folks! also I may call a friend to find more details curious my self feel free to drop a wire hardmula@gmail .com Tom