Zillow Advice: Refinance - How should we proceed on getting a mortage on a house that we paid cash for? http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ Zillow Advice | Zillow Real Estate I would recommend that you ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ I would recommend that you sell the property to your son.&nbsp; You can sell at current market value or the value that you paid cash for.&nbsp; Your son will have to have the mortgage in his name.&nbsp; At closing your name will be taken off of the deed and you will be handed a check for the selling price to your son.&nbsp; Contact a real estate attorney to best be advised.<br/><br/>Charlie Chorman - REALTOR - Jacksonville FL Sat, 27 Aug 2011 20:45:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-27T20:45:00Z Good info from all.&nbsp; ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ Good info from all.&nbsp; Thanks!&nbsp; I will definately get in touch with a realestate attorney and our bank together.&nbsp; Just to clarify, we've had the house a year next month--knew that we would have to wait at least 12 months to refi after purchase.&nbsp; It was a bank owned foreclosure and we had to move fast to get it when it went up for sale thus givin gus&nbsp;no time for him to work&nbsp;a mortgage and we got a great deal on it.&nbsp; In retrospect, the only thing I might have done differently is to have put it solely in my name but I think it will all work out.&nbsp; Mon, 29 Aug 2011 17:33:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-29T17:33:00Z Some portfolio lenders allow&nbsp;a ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ Some portfolio lenders allow&nbsp;a cash recapture loan up to 75% of the purchae price if it's been less than 90 days from the date on your HUD-1. <br/>Happy funding, Rudi Mon, 29 Aug 2011 16:17:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-29T16:17:00Z PEW: I think you may have ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ <p>PEW: I think you may have two ways to address the loan element.&nbsp; Your son could acquire an equity line(if you are just looking to cashout on your portion of the purchase price) which would give your son a very aggressive interest rate and low closing costs versus a refinance transaction however I would only suggest this if your son has a short term gameplan(three years or less) to pay the debt off.&nbsp; The other option would be to refinance the property in&nbsp;your son's&nbsp;name solely to roll in the closing costs.&nbsp;<br/><br/>I personally would suggest you conduct a refinance transaction(in the event he wants to take out more than just the costs to repay your investment in the property) and get quit claimed off the title at closing.&nbsp; Hope this helps.&nbsp;</p> Mon, 29 Aug 2011 04:13:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-29T04:13:00Z Lance - bravo - thumbs up ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ Lance - bravo - thumbs up from me<br/><br/>PEW - I am just curious -&nbsp; since this seems to be part of your bigger plan -&nbsp; why didn't you ask these questions, and&nbsp;plan this out before buying the home... so that you'd know exactly where you stood?? Sun, 28 Aug 2011 18:48:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-28T18:48:00Z How do you sell a house to ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ How do you sell a house to somebody that already owns it? Even if they could, why pay sellers Title, excise tax and the lot?<br/><br/>I think you will find you are going to be held to cash out time&nbsp;restricitons, and if/when you can, quit claim off the loan.&nbsp; Sun, 28 Aug 2011 18:10:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-28T18:10:00Z Let us know how it goes butI ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ Let us know how it goes but<br/><br/>I think you're going to find out you gave Best Answer for what you wanted to hear and that Lance actually gave you the Best Answer.....<br/><br/><br/>&nbsp;<br/> Sun, 28 Aug 2011 05:06:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-28T05:06:00Z It is going to depend also ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ It is going to depend also on how long you have owned the home. Lenders may vary, but what I'm hearing is that until six months or a year has gone by, they will cash out 80% or something on the lower value of its current appraisal or the purchase price. After a year, if it appraises higher, I believe they can use that value.&nbsp;<br/><br/>But honestly, rather than take my or anyone else take on it, sit down with an experienced lender in your area, and see what your options are.&nbsp; Sun, 28 Aug 2011 03:56:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-28T03:56:00Z Marc,I am not sure what is ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ Marc,<br/><br/>I am not sure what is more humorous, your last statement or the fact you put an exclamation point on it.<br/><br/>The fact that you and Charles are absolutely incorrect is not humorous.&nbsp; Two great examples of why real estate agents should leave the lending to the lenders. Sun, 28 Aug 2011 03:43:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-28T03:43:00Z Charles is exactly correct:"I ... http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ Charles is exactly correct:<br/>"I would recommend that you sell the property to your son.&nbsp; You can sell at current market value or the value that you paid cash for.&nbsp; Your son will have to have the mortgage in his name.&nbsp; At closing your name will be taken off of the deed and you will be handed a check for the selling price to your son.&nbsp; Contact a real estate attorney to best be advised."<br/><br/>There is little more that needs to be said! Sun, 28 Aug 2011 02:53:00 GMT http://www.zillow.com/advice-thread/How-should-we-proceed-on-getting-a-mortage-on-a-house-that-we-paid-cash-for/413428/ 2011-08-28T02:53:00Z