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re: Can I get some advice on cosigning a mortgage refinance?
Posted on 9/7/16 at 8:13 am to TigerDeBaiter
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
3
Posted on 9/7/16 at 9:43 am to CAD703X
In either case it's going to be a non-owner occupied mortgage and those rates and terms will apply.
Posted on 9/7/16 at 9:44 am to CAD703X
What you are doing is great, but it's odd to me he doesn't work at all and very poor financially for him not to have refinanced already. Rates have been under 5% for many many years, why he hasn't already refinanced worries me and why he doesn't work 10-20 hours in a field that is very easy to work from home worries me more.
He could always sell the house. I think what you are doing is great, but it's not his only option. I just feel like you should see if another option makes sense before doing this.
If anything, I think I would look into owning 1/2 the property or something and maybe not even worrying about the income but just the equity. It just seems like to me, you are teeing yourself up to be screwed when there are other options that are not bad for your brother.
He could always sell the house. I think what you are doing is great, but it's not his only option. I just feel like you should see if another option makes sense before doing this.
If anything, I think I would look into owning 1/2 the property or something and maybe not even worrying about the income but just the equity. It just seems like to me, you are teeing yourself up to be screwed when there are other options that are not bad for your brother.
Posted on 9/7/16 at 10:03 am to CAD703X
Oh yeah, with a rate up there something needs to be done ASAP.
Depending on how much rent the property commands and how critical cash flow is you could go with a 30 or 15 year. Some approximate numbers are as follows:
15 year at around 3% would be about $550/month
30 year at around 4% (you can likely do better) will put you under $400.
I never like the idea of consigning personally. If it were me, I'd rather just take the risk on and be in charge too. That's just my opinion and has nothing to do with your relationship, etc. I also like the idea of turning this into a joint investment for you both, but you'd have to seek out the legal/business structures from some others on here.
Good luck with whatever you do.
Depending on how much rent the property commands and how critical cash flow is you could go with a 30 or 15 year. Some approximate numbers are as follows:
15 year at around 3% would be about $550/month
30 year at around 4% (you can likely do better) will put you under $400.
I never like the idea of consigning personally. If it were me, I'd rather just take the risk on and be in charge too. That's just my opinion and has nothing to do with your relationship, etc. I also like the idea of turning this into a joint investment for you both, but you'd have to seek out the legal/business structures from some others on here.
Good luck with whatever you do.
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