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cjacton2 · Joined: 23 Sep 2010 Posts: 4 2.05 Dollars($)

My husband and I have the opportunity to buy his grandmother's house, which is currently in his mother's, Aunt's and Uncle's name. They would like us to buy it from them for what is it worth ($90,000.) We own a home already in FL and if we were to get a mortgage it would have to be an investment loan with 20% down. That is fine we can handle that, but I was wondering how can we avoid the closing costs. My husband thinks that we should do a quick claim, then refinance the house in our names, this way his family will then get their $90,000 and the closing costs won't be as much. Is that a better route than going through with the investment loan?

jameshogg · Posted: Thu Sep 23, 2010 10:38 pm Post subject:

Hi cjacton,

You will not be able to avoid the closing costs. Lenders have stopped giving the loans with no closing cost. If you don't pay down the closing costs, it will get rolled over in your principal amount. Keeping that in mind, it's better to pay down the closing cost.

Thanks

cjacton2 · Joined: 23 Sep 2010 Posts: 4 2.05 Dollars($)

I'm aware that there will be closing costs, but my husband believes that the closing costs on a refi loan won't be as much as going through with an investment mortgage. Is that correct? And is there a waiting period after our names are put on the deed/title and his family taken off the deed/title before we can apply for the refi?

smithsussane · Posted: Mon Sep 27, 2010 10:05 pm Post subject:

Hi cjacton!

Welcome to forums!

As far as I know, the closing costs for refinancing an investment property and a primary residence will be similar. There won't be much difference in the closing costs. Lenders may want you to hold the title for 6 months at least before they can provide you with a refinance.

Feel free to ask if you've further queries.

Sussane

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