Interest rate change
Hello BP,
I am hoping you could help us. I am working on trying to keep the interest rate at 2.5% on my mom’s house that we are inheriting now. The property is in a trust but the loan was taken out in my mother’s name. I am the executor. The lawyer talked about notifying the lender about the passing. We are keeping the property. I am concerned that the lender will call the loan due or make us qualify for a new loan at today’s interest rate as non-owner occupied property. If anyone has gone through this or anyone knows what we should do, we appreciate anything you could help with.
Thank you,
Jack