My brother and I own a home in IL. He is selling his interest to me. I live in CA. It will be investment property. How do I get mortgage?

Asked by Sharon O, Palatine, IL Tue Mar 8, 2011

There is currently a mortgage on the home in my brother's name. We need to get a title change and refinance it in my name. I have never owned property and have no idea how to go about this. Do I consult a real estate attorney in IL for the sale and then find a lender in IL? I've hired a property management company to get it rented and have consulted with the property insurer about the insurance requirements. I don't know how to transfer title to just myself and get financing.

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Dallas Texas, Agent, Dallas, TN
Tue Mar 8, 2011
Only way for this take place is

1. Contact a mortgage broker complete a loan application determine if you can qualify for the home
2. Submit the sales contract to title company who handles all the closing documents pay of brothers lender AND transfer title in your name.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Mar 8, 2011
Sharon,

There may be a number of ways to accomplish what you seek, but the first question I would have pertains to the current vesting of the title. If you and your brother are on title together at this point, there should not be a transfer of title involved, but only a deed to remove him at the time of the refinance.

Whenever I talk about the financing on a rental property, I feel it is prudent to ask about the financing on the primary residence (or any other property held). Sometimes, more cost/rate-effective solutions can be found with those alternatives too, and since I'm in CA as well, I might even be able to assist you with that directly. Certainly get in touch if you'd like to discuss this more.

Thank you,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
Anna Niklarz, Agent, Arlington Heights, IL
Tue Mar 8, 2011
Yes, you might want to consult with an attorney in Illinois.

I can recommend couple in the area that I have worked with for many years:

Michele Ohlson, 847.398.1040 - micheleohlson@aol.com

Martin Ptasinski, http://www.ilrealestatelawyers.com mplawoffice@gmail.com

Good Luck! Anna
Web Reference:  http://www.annaniklarz.com
0 votes
Bonnie Rooney, Agent, Arlington Heights, IL
Tue Mar 8, 2011
You are on the right track. First, I would consult a mortgage rep to make sure that you are qualified to purchase the property. Then, contact a real estate attorney in Illinois to help facilitate the sale/title change. If you need recommendations for mortgage representatives and attorneys, let me know and I can give you a few names.
Web Reference:  http://www.BonnieRooney.com
0 votes
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