Investor · St. Louis, MO · Member since 2019 · 55 posts · 18 votes
Hello,
So I have a situation where a family member wants to purchase a house for us and pay its mortgage. We eventually want to rent it out when we move out of it in a year or two. At this point, I would like to take over the mortgage and own the property myself. My question is whether this is possible, and, if so, how much it will cost to transfer over the title and mortgage into my name?
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
7y
As far as I know, not since the late 80’s/early 90’s. You could certainly put all your names on the mortgage but you won’t be able to remove the other parties until the loan is paid off or refinanced.
Be careful in states with mortgage transfer taxes as even a refi will be hit with a tax.