Posted on: 25th Jun, 2007 01:39 pm
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
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
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
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
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
"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.
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.
"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.
"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.
It is possible that 2 persons purchase a house together but only one of them be on the loan.
"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.
Hello Fred,
Choosing the right type of loan depends on many factors:
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)
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!
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!