FAQ Friday: Mortgages with Ida Reis
On Friday, November 11th, Special guest, Ida Reise discusses: Mortgages for Trusts and Estates.
Ida Reis is one of our trusted partners. She is a senior loan officer for Primary Residential. She assists us and our clients with special mortgage issues.
We are going to answer three questions that are commonly applicable to our clients.
Question 1: I have a Trust, how do I buy a home and get the mortgage into the Trust name? If they are applying for a new mortgage, we would want to see the document to work it into the process. The clients would take title in the Trust, though the clients would still be the borrowers.
Question 2: My sister and I are receiving my mom’s house in the Will. I would like the house, but I would need a loan to buy my sister out. How do I get a mortgage when it’s still in probate? We would need a copy of the Will and documentation of the Personal Representative of the estate. We would have to do some research. An application would need to be completed by the person wanting to take title. We would want to avoid paying the transfer tax twice by involving the title company. The funds from the purchase would go to the estate first before being distributed.
Question 3: My husband and I want to buy a vacation home in another state that could eventually become a retirement home. Is there a way to get financing before moving out of state? We could look at a pre-approval or pre-qualification to do this, however if this is potentially a second home, we need to look at where the assets are coming from for the down payment. There are ways to be creative and strategize this. The letter that comes from a pre-qual can be submitted with an offer.
It is possible for the estate to pay closing costs sometimes. We have had a great improvement in interest rates. Ida Ries can be contacted at 410-707-9235 (cell) or my website www.idareis.com which has all my alternative contact information.
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