My parents are old. They have this rental property that is financed by an ARM that will go floating soon. Obviously the rate will be worse cuz of the environment. Basically I want to pay down the mortgage for them and then give them a fixed rate and lend to them. I’m just going to fixe the rate at the rate they were paying before it goes floating. The only thing is I’m not sure how to do all the paperwork and make sure it’s done correctly. I’m in California. Does anyone have guidance?
FYI: I don’t want to purchase the property just cuz I don’t want to have the liability at this juncture in my life.
submitted by /u/cgnuoy213
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My parents are old. They have this rental property that is financed by an ARM that will go floating soon. Obviously the rate will be worse cuz of the environment. Basically I want to pay down the mortgage for them and then give them a fixed rate and lend to them. I’m just going to fixe the rate at the rate they were paying before it goes floating. The only thing is I’m not sure how to do all the paperwork and make sure it’s done correctly. I’m in California. Does anyone have guidance? FYI: I don’t want to purchase the property just cuz I don’t want to have the liability at this juncture in my life. submitted by /u/cgnuoy213 [link] [comments]
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