| Author |
Message |
|
|
 shortyheldberg
Joined: 17 Sep 2006
Posts: 10
5.30 Dollars($)
|
 Posted: Mon Jun 25, 2007 1:39 pm Post subject: I have a bit of |
|
|
| I have a bit of a problem how would I take over a loan on a house if I'm buying it with another person can I go under refinance or would I be a new home owner. I'm currently on the deed but not on the loan. I'm trying to find a long term interest only loan for now so I can afford the property without problems. This person took out a large amount while I was not on the deed and has been paying only the bare minimum.. Thank you Fred |
|
| |
|
 |
miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
|
| Posted: Mon Jun 25, 2007 1:47 pm Post subject: |
|
|
Hi Fred,
You are a new home owner. You will have to contact the mortgage company which holds the mortgage presently and tell that about your intention of taking over the house.
Miller |
|
| |
|
|
hoffer
Guest
0.10 Dollars($)
|
| Posted: Mon Jun 25, 2007 2:25 pm Post subject: |
|
|
first time homebuyer is person who has not owned a house in the last 3 years.
refinance means you had a mortgage and taking a new one to get a change of loan terms, means paying off the previous one and taking a new one |
|
| |
|
|
Kraus
Guest
0.10 Dollars($)
|
| Posted: Mon Jun 25, 2007 3:37 pm Post subject: |
|
|
"I'm trying to find a long term interest only loan for now so I can afford the property without problems. "
MyCommunityMortgage would be suitable for you as you are looking at a long term loan. It can be a 40 yr term loan with IO payments for the first 5 or 10 years. |
|
| |
|
|
carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
|
| Posted: Mon Jun 25, 2007 6:16 pm Post subject: |
|
|
| Quote: | | I have a bit of a problem how would I take over a loan on a house if I'm buying it with another person |
It is possible that 2 persons purchase a house together but only one of them be on the loan.
| Quote: | | I'm trying to find a long term interest only loan for now so I can afford the property without problems. |
A 30 yr fixed rate would serve this goal which can have a interest only payment option for the first five yrs. After which you can change over to some loan type depending upon your requirements. |
|
| |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
|
| Posted: Tue Jun 26, 2007 4:24 am Post subject: |
|
|
Hello Fred,
Choosing the right type of loan depends on many factors:
- Status of your current financial position?
- Status of your future finances
- The duration that you plan to stay in the property
- whether you are comfortable in managing changing mortgage payments
- Whether you can accept risks
- whether you want a low payment or whether you want to gather equity?
- How aware you are of the market (interest rates) for future (up or down from your current position)
|
|
| |
|
|
Caron
Moderator
Joined: 19 Jul 2005
Posts: 1482
Location: florida
250.36 Dollars($)
|
| Posted: Tue Jun 26, 2007 12:26 pm Post subject: RE: good or bad deal |
|
|
Hi Shorty,
If you are taking over someone's loan after buying his property, then the loan should be an assumable mortgage. And, yes, you can purchase the home with the other person and still have only your name on the loan. You will be regarded as a new homeowner as you are buying a new property and it will be possible for you to refinance provided you can afford to do it.
Now that you are going for interest-only loan, it's better that you find out whether it's a good or bad deal. To know more on this, refer to a previous discussion on Interest only loan - a good or bad deal
Good luck!
_________________
Mortgage Shopping made easy with booklet |
|
| |
|
|
