my sis has her name on the deeds to her house, she wants to move the mortgage to another cheaper lender, can i apply on her behalf and pay for the oustanding mortgage? or does my name need to appear on the title deeds as well?
2007-02-11 05:35:00 · 5 answers · asked by bluecow 5 in Business & Finance ➔ Personal Finance
Your name will have to appear on the title deeds.
2007-02-11 05:40:50 · answer #1 · answered by Bexs 5 · 1⤊ 0⤋
That depends and is a question that you must seek sound advice before deciding. As a rule of thumb, most mortgage companies are going to require a borrower to be on title to the mortgage/property, if they are relying upon that party's credit for the lending. You need to look at the purpose of the loan and your interest in the property. Your question leaves too many details out to answer on this site. Are you just helping her out financially? Are you acquiring an interest in the property? Can she not refinance without your credit? Lots of questions, man.
2007-02-11 05:55:32 · answer #2 · answered by MJ 4 · 0⤊ 0⤋
first issues first. you want an emergency fund of no longer decrease than 6 months living costs. those money are for actual emergency's and altered asap if ever dipped into. So keep for that first. next is to open a tutorial IRA for the children and use a million/2 of the money for that each and each and each month then placed some thing else on your loan as both one in each and every of those are major. solid success and God bless you as you're on course
2016-12-04 01:16:51 · answer #3 · answered by molander 3 · 0⤊ 0⤋
You can't raise a mortgage on a house you don't own. That would be silly wouldn't it. Otherwise what's to stop any of us applying for a mortgage on your sister's house? Or anybody's house for that matter.
2007-02-11 06:42:28 · answer #4 · answered by gerrifriend 6 · 0⤊ 0⤋
IF your name goes on anything, you become responsible. And if she falls short, it negatively affects your credit, too.
If you want to help, loan her the money but get a written agreement of payback, etc.
2007-02-11 05:49:06 · answer #5 · answered by banananose_89117 7 · 0⤊ 0⤋