How to put deed on an LLC if I have a mortgage under my name?

Question

From my experience, the banks will not give low rate mortgages under an LLC. How do I protect myself for properties that I have mortgages under my name? I can see transferring the deed for cash owned properties to an LC.

Any advice or am I missing something?

Michael K. · Answer

I have a big umbrella listed with all the properties under my personal insurance.

I have homeowners with the typically 100/300k.. (umbrella goes up from there).

Yes, there are banks that will do it under an LLC, but have not found any that will do low rate mortgages like the fannie mae type.

Are most people keeping the deed under their name personally? Or is it possible to put under an LLC (or trust) with me as personal guarantor?

Alex S. · Answer

You can refinance the properties under LLC, but not all banks do that.

John Underwood · Answer

The mortgage itself is protection as the bank owns most of the property.

Insurance should be your second line of defense.

You can get an umbrella policy for another layer of protection.

How to put deed on an LLC if I have a mortgage under my name?

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