All Forum Posts by: Robert Ross

@Elise Marquette Thank you for the valuable information. I did get added to the deed a few weeks ago so I will just have to ride out the 6 months (July) before I can refinance. Paying 8% interest these days are ridiculous. Hopefully interest rates will not increase too much by then.

@Elise Marquette Thank you for your response. The only thing I am not sure about is do I need to be on the deed in order to refinance? Or are you talking about purchasing the home outright and just having me on the loan while they stay in the home? Also, if I purchase it outright, do you know if I can use some of the equity as my down payment?

Hi All, 

My parents are retired and currently live in south texas. They have a 1st mortgage with a balance of $60K. The home is currently worth $190K. Their interest rate on the current loan is 7.5%. Since they are on a fixed income & their credit is not the best (sub 500's), they will not be able to qualify for a refinance. Also, since they are in their late 70's, they want to add me to the deed. Ultimately, the goal is for them to get a lower interest rate, pull some equity out for bills, add me to the deed in the event they pass away, & still live in the property. I'm not sure what is the best route to go with this. I currently have an FHA loan on my personal home and have great credit. What would be the best route to take that would be best for this situation?