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Company Loan Type APR Est. Pmt.

Buying a house (2nd mortgage)

Posted on: 06th Jun, 2006 03:58 pm
Hi Good day , I just want to know if we want to buy a house / townhouse because we bought a house last 2004 worth is $360,000 under my name , my husband name , my mom and my sister name so we are 4 in the contract but me and my husband is planning to buy our own place , i just want to know how much down payment would we need and how about our name on the 1st house that we bought? What is the best way for our names not to be included in the 1st house? And are we consider as 2nd home buyer?
Hi Stephanie,

"i just want to know how much down payment would we need"

The percentage of down payment amount will vary from lenders to lenders. Generally, if you can make 20% down payment then it will easier to get a loan. Otherwise, you need to go for mortgage insurance. And in that case, few lenders may deny lending you home.

"how about our name on the 1st house that we bought? What is the best way for our names not to be included in the 1st house?"

The best way to remove your name from the 1st house is through quit claim deed. It will transfer your name from the title of the house. But you will have the share of interest for the first house. And in that case, you will not consider as 2nd home buyer.

Have a nice day. :D

Thanks
SJ
Posted on: 06th Jun, 2006 08:38 pm
Hi Stepahnie,

I think Sarah is absolutely right.

To quit from the first house, Quit claim deed is the best solution. By doing that your share of interest in the house will be remain intact. And in future, if the property get sell then you will get the percentage of your share. And one more thing is that no one could sell you share of the property without your notification.

Thanks
Olivia
Posted on: 06th Jun, 2006 09:34 pm
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