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re: Can I get some advice on cosigning a mortgage refinance?
Posted on 9/7/16 at 7:57 am to CAD703X
Posted on 9/7/16 at 7:57 am to CAD703X
Just curious, what's the current rate and where is he at in repayment? Also, what's the value of the home?
It may be easier and cleaner for you to just buy the house, you rent it out and he can have some/all of the profits. Also make him the benefactor of the house. Idk, it's getting a little complicated, but if the rate is like 7% or something it would be worth it.
Consigning is a mess and may not even be a help.
ETA: If the rate is decent, just help him by paying the note perhaps.
It may be easier and cleaner for you to just buy the house, you rent it out and he can have some/all of the profits. Also make him the benefactor of the house. Idk, it's getting a little complicated, but if the rate is like 7% or something it would be worth it.
Consigning is a mess and may not even be a help.
ETA: If the rate is decent, just help him by paying the note perhaps.
This post was edited on 9/7/16 at 8:01 am
1
Posted on 9/7/16 at 8:13 am to TigerDeBaiter
Interest rate is like 7%
It's his house that once my dad passes he will likely return to
House is worth around 250 according to Zillow. It's very close to UTSA making it a rental magnet.
I'm not coming here with a solution looking for support, I'm honestly trying to help him out so all advice welcome.
With interest being cut in half along with his monthly note the rental income generated would be more in his favor and he wouldn't have to let it go.
He dropped a lucrative IT career to care for our parents full time so I owe him.
Still considering all options.
It's his house that once my dad passes he will likely return to
House is worth around 250 according to Zillow. It's very close to UTSA making it a rental magnet.
I'm not coming here with a solution looking for support, I'm honestly trying to help him out so all advice welcome.
With interest being cut in half along with his monthly note the rental income generated would be more in his favor and he wouldn't have to let it go.
He dropped a lucrative IT career to care for our parents full time so I owe him.
Still considering all options.
This post was edited on 9/7/16 at 8:16 am
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