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Gift House |
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I HAVE A HOUSE THAT SOMEONE GAVE TO ME AND WANT TO CHECK AND SEE IF THE DEED IS CLEAR.
I WOULD LIKE TO THEN GET A LOAN ON THAT HOUSE TO PAY TO REMAINDER OF THE MORTGAGE ON THE HOME THAT I LIVE IN. HOW CAN I DO THIS WITHOUT SPENIDNG A FORTUNE.
THANKS |
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The public records in the county where the house is located will contain all information about liens against the property. You can look that up yourself, or have a lawyer do it for you. YOu'd have to have a title search in any event, before you could place another mortgage on the place.
It's getting harder to place a mortgage on property you don't live in. If you intend to rent it out, the lender will give you some credit, toward qualifying for a mortgage loan, toward the income you can expect to get from the place. Talk with a mortgage broker. But you'll have payments on that house instead of the one you own now -- I can't see how that will leave you any better off. ANd as you say, you'll have the closing costs of placing a new loan. |
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Edith
Originally published on August 13, 2008 |
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