is there no way you could buy out the bank side so you become the lender and therefore you set the interest rate?
is there no way you could buy out the bank side so you become the lender and therefore you set the interest rate?
This is likely the best legal way to do it. I'd get a lawyer that also does taxes to write up the mortgage and do the title stuff. It'll make it more legit. You might not be able to set the mortgage rate at zero percent without issues. But then you could gift the max amount over how many years you need.
This is likely the best legal way to do it. I'd get a lawyer that also does taxes to write up the mortgage and do the title stuff. It'll make it more legit. You might not be able to set the mortgage rate at zero percent without issues. But then you could gift the max amount over how many years you need.
I like this idea, will talk to my accontant Tuesday about doing exactly this.
I like this idea, will talk to my accontant Tuesday about doing exactly this.
Goof luck. I know a few people that gifted houses to their children by co-signing loans and paying them, but I'm not sure how they get their name off the title without tax consequences.
Goof luck. I know a few people that gifted houses to their children by co-signing loans and paying them, but I'm not sure how they get their name off the title without tax consequences.
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