Updated over 5 years ago on . Most recent reply
Question for loan officers
Hello,
My husband and I are hoping to purchase our first rental property this year but need some guidance. Here is our situation...
When I was in my mid 20’s my parents helped me buy a home (before I was married) so the title and loan are under mine and my parents name. My parents and I have recently discussed refinancing and possibly just changing the loan into mine and my husbands name if we qualify. The only think is that we have also been boosting our credit scores to purchase our rental property. So the question is which should we do first? Which would we benefit from more?
Thank you in advance!
Most Popular Reply
If your name is currently on the loan for your home from before you were married, then you're already obligated on it in terms of qualifying. It wouldn't really matter what order you do things in because it sounds like the property is already accounted for.