My father bought our current house while we sold our previous home. The deed is in my name. The money from previous home went to him and now we have a balance. Do I need to refinance or is it a first mortgage and how does that work? Thanks
What kind of mortgage do I need?
byu/campmars6089 inRealEstate
Posted by campmars6089
1 Comment
If the deed is in your name but your dad paid for it, you’d probably need to get a new mortgage in your name to pay him back. Most lenders would treat this as a purchase money mortgage even though you already own the house. Might want to talk to a mortgage broker about your specific situation since this is kinda unusual