Buying or Selling a Home/Question about mortgages?

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Question
Good morning, Ms. Hisert. I reside in Texas and am interested in purchasing a home for my granddaughters. I found several mortgage lenders to which I can apply, but before I go forward, I was wondering if they would be willing to provide assistance for someone who wants to put the home in their names. Is this possible? Thanks.

Answer
Hello Susan.

Thank you for your question. I'm not sure if you mean 'their' names as in your own, or, 'their' names as in your granddaughters'. Perhaps, this will help: There different options when choosing a mortgage lender.

Your local bank will promote and provide their mortgage products only. A mortgage broker will have at least several options of different lenders -- thus, providing more options on available products, fees, and interest rate structures. There are also 'hard money' lenders who act as brokers for privatized money -- this is the lending of private party money at higher rates, more risk to the borrower and less qualifying factors. Then there are mortgage brokers who are not only private banks, they are also mortgage brokers.

This is the type of mortgage agent I would recommend you seek out. Reason: A private bank can hold a mortgage in their portfolio versus selling it to Fannie Mae and be restricted by their guidelines, ie., who can or cannot be listed on title. Why this is especially important to you: If a lender insists that if the homes are only listed in your name they must be investment properties, the interest rate and down payment requirements will be higher.

The best way to know which type of lender you'll be dealing with is to ask them question directly.

'Hope that helps! Good luck. Your granddaughters are lucky girls!

My best,
Kathryn

Buying or Selling a Home

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Kathryn Hisert; Realtor

Expertise

Everyone deserves an answer! My rounded background will provide you with information beyond ‘just’ buying and selling. I can answer questions regarding short sales, foreclosures, deed-in-lieu, home staging, vintage home related concerns, most mortgage related questions, and divorcing couples’ housing options. I am a research oriented individual who strongly believes in connecting all the dots and providing as much, or as little, information and communication my clients want or need. My expertise is in San Diego and Santa Clara Counties.

Experience

After 25+ years in the Financial industry, Sales and Marketing, I came to the real estate industry as a mortgage loan agent. From 2002 to 2010 I was my clients' Realtor and loan agent. Since 06/10 I have been strictly a Realtor.

Organizations
N. San Diego County Assoc. of Realtors California Assoc. of Realtors National Association of Realtors

Education/Credentials
CDPE (Certified Distressed Property Expert) CREDS (Certified Real Estate Divorce Specialist)

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