looking for mortgage help/advice... - Chicagoland Sportbikes
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post #1 of 12 (permalink) Old 02-12-2004, 10:02 AM Thread Starter
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looking for mortgage help/advice...

I co-own my townhouse with my brother. He had a job change and moved to Cincinatti and at this point I'm considering buying his portion out. Anyone on the board a mortgage agent or work for a lender that might have a clue of my best route on this?

didnt Crznchick do stuff in this area?


help, I'm clueless!

Chris
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post #2 of 12 (permalink) Old 02-12-2004, 10:05 AM
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How much $$ you need Christpoher....
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post #3 of 12 (permalink) Old 02-12-2004, 10:11 AM Thread Starter
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Quote:
Originally posted by Kruz
How much $$ you need Christpoher....
more than you can loan me!

Chris
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post #4 of 12 (permalink) Old 02-12-2004, 10:19 AM
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One way you can do this is to have an attorney draw up a 'contract for deed'. You then can make monthly payments to the other party for a designated time frame and when it is over then other party will sign a 'warranty deed' transferring all ownership into your name.

Another way to do this is to refinance the current mortgage. Advise mortgage company of situation and tell them what you need to do. Get cash out with the refinance to payoff the other party. Other party will then sign the 'warranty deed' transferring all ownership into your name.

I have been in the mortgage business for over 8 years and have done this alot for people. IMO the best way to go about it is to get a mortgage company to refi, get the money to pay the other party, then you own the property on your own and the mortgage is only in your name...Good luck.

If you want to know more in detail, shoot me a PM.

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post #5 of 12 (permalink) Old 02-12-2004, 10:28 AM Thread Starter
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yeah, refi was the route i was thinking. Pretty much refi the place for the current ammount(plus whatever his equity is) but the mortgage would just be in mine name. Then use the overage that was factored for the equity to pay him off.


Now I just need to find a good mortgage company.

Chris
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post #6 of 12 (permalink) Old 02-12-2004, 10:30 AM
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Quote:
Originally posted by gohsbc
One way you can do this is to have an attorney draw up a 'contract for deed'. You then can make monthly payments to the other party for a designated time frame and when it is over then other party will sign a 'warranty deed' transferring all ownership into your name.

Another way to do this is to refinance the current mortgage. Advise mortgage company of situation and tell them what you need to do. Get cash out with the refinance to payoff the other party. Other party will then sign the 'warranty deed' transferring all ownership into your name.

I have been in the mortgage business for over 8 years and have done this alot for people. IMO the best way to go about it is to get a mortgage company to refi, get the money to pay the other party, then you own the property on your own and the mortgage is only in your name...Good luck.

If you want to know more in detail, shoot me a PM.



If I was your brother I would have reservations doing this. Not only for the risk of legal obligations but because it would create a rats nest on his credit report. It may limit him in future purchases and hurt his credit score because of total liabilities.

What's your interest rate Chris. It may be beneficial for you to just refinance in your name and have him sign over ownership. The ten year yield traded off huge yesterday so rates should be pretty low again by this afternoon or tomorrow.

Brian (F.K.A. Crazy)

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post #7 of 12 (permalink) Old 02-12-2004, 10:31 AM
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Washington Mutual is good and so is Countrywide. You might want to consider using the same mortgage company you have now because they might be able to waive fees for you due to you already being a customer. Just a thought..good luck.

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post #8 of 12 (permalink) Old 02-12-2004, 10:39 AM Thread Starter
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I have washington mutual now, maybe I should contact them and see if they can work something out. Right now i'm financed for 15 years, but if I take the whole loan on myself I will probably want to change that to 30.

Chris
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post #9 of 12 (permalink) Old 02-12-2004, 10:54 AM
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I think going withthe same lender is a good idea - but sometimes the lender does not work directly with individuals - they prefer to let the mortgage brokers do all of the work for them.

I've got the name of a good broker - she helped me buy & refinance a bunch of times. She also helped out a friend who was in a tricky situation. She's great at that stuff - I'll pm you her info.

- Sam
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post #10 of 12 (permalink) Old 02-12-2004, 10:58 AM Thread Starter
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thanks guys!!

Chris
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post #11 of 12 (permalink) Old 02-12-2004, 04:55 PM
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If you know or planning to move out in say five years for a bigger better place, I would refinace to a 5yr ARM. I just re-did mine to a 3 year arm and saving $250 a month. It may also make your payments more affordable.

my .02

Jon

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post #12 of 12 (permalink) Old 02-12-2004, 08:20 PM
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Quote:
Originally posted by JRSMAIL
If you know or planning to move out in say five years for a bigger better place, I would refinace to a 5yr ARM. I just re-did mine to a 3 year arm and saving $250 a month. It may also make your payments more affordable.

my .02

Jon
This is what I did. And if they want closing costs, etc., look elsewhere. I did a 3 year ARM for 2 1-2% lower than what I was paying before. Didn't save me as much as JRS here, but my house probably isn't worth as much. Just open one of the several useless pieces of mortgage junk mail you get and call them. If you want, I can send you the contact information of the broker I used. Bonus for me is if you use them, I get a Home Depot gift certificate! I didn't pay squat out of pocket, ended up reselling the mortgage to the same company I was with before.

-Chris

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