Home arrow Mortgage Forums arrow Deeds, Property Transfer and Estate Planning arrow

Procedure to Transfer Ownership of a House.

Author Message
Icon Mini Profile why1der





Joined: 17 Sep 2010

Posts: 1

1.33 Dollars($)
Post Posted: Fri Sep 17, 2010 3:45 pm    Post subject: Procedure to Transfer Ownership of a House.
Like 0
Dislike 0

My dad owns a house in CA. There is still a balance of $180,000. He would like to give me the house as a gift, and then I just have to continue paying the monthly mortgage. I also found out that the interest is 7%! Can you please let me know the step-by-step procedure that I have to do. I'm married w/ 2 kids. Once the house is transfered to my name (and my wife's name), can I refinance the house to get a cheaper interest rate? or is there a waiting period before I could do this. I would highly appreciate any information you could give me.

Thank you!
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post Posted: Sun Sep 19, 2010 10:43 pm    Post subject:
Like 0
Dislike 0

Hi why1der,

Once the house is transferred in your name, you will have to refinance the mortgage. In order to refinance the mortgage, the property should have equity in it. The interest rates that you'll receive will depend upon the present market rates.

Thanks
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






Highlights

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool







We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.057 seconds.