Transferring property title to an LLC
I'm trying to transfer my personal property to my LLC (a property I rent). I was told to contact lender and transfer property title to my LLC. Which I'm planning to do because apparently banks don't transfer mortgages to LLC.
Every broker I talk to is pretty much clueless about transferring mortgages to an LLC.
Is transferring title to my LLC while still having the mortgage under my name beneficial for when I go applying for another home loan? Or will that scare away banks?
Most Popular Reply
@Carmen Alvarado, if you want to transfer title, a RE lawyer is the place to start. This isn't something that an agent would typically deal with.
If you transfer title to a LLC, you will likely have to get a commercial loan when you refi. Those terms will not be as good as a residential mortgage.