Can I remortgage my parents' house?
A home loan is by far the largest financial commitment for most people around the world. Reducing that financial commitment a bit can mean significant savings on your monthly payments. A remortgage allows you to switch to a more attractive home loan than your current home loan. In this article we talk about when you should consider a remortgage in Curaçao and what advantages and disadvantages it brings.
This is a question that only you can answer, as your situation is unique to everyone. Here we summarize 5 points why you should or should not consider a remortgage. If you want to know more about each point, later in this article we delve into each topic.
CONNECT allows you to easily assess whether a remortgage is something you should consider. All costs mentioned are taken into account and broken down for you, with no surprises down the road. Since CONNECT is free, why not apply online and find out how much you can save over the term of your mortgage? You will get the best offer on the island in 2 working days. Find out at a glance how much you can save and make an informed decision based on this. Don't you like what you see? No problem, don't take the deal, it's free anyway, no strings attached.
How to help your child buy a house
So you have decided that you would like to buy a house. Maybe you've tried contacting a real estate agent, who probably told you to call back when you've been "pre-approved." Immediately, the question arises: “How do I start the process of obtaining a mortgage loan?”.
If you're a first-time homebuyer, the home loan process can be confusing and unfamiliar. You may be wondering, “Is my credit score high enough to qualify for a loan? How much time is needed? Where do I begin?".
The first step we recommend to any homebuyer is to get mortgage pre-approval. The idea behind a pre-approval is simple: Before you check out what's on the market, make sure you know how much a lender will lend you.
As you may have already seen, without pre-approval, real estate agents aren't going to spend much of their valuable time with you (especially in a seller's market). They work on commission, and they may not take you seriously - and neither will the salespeople - until you can show them a pre-approval letter. For more detailed information, read about our verified approval process here.
Buy a property with your parents
We advise you on all aspects, such as donations, inheritance advances, tax advantages/disadvantages and disability/death coverage. An in-depth analysis of your financial situation, your goals and personal preferences allows us to plan the optimal financing strategy.
To verify a financing application, banks need documents relating to the property in question and its current financial situation. Any missing documentation will delay the process, so please have the following documents handy.
Can I pay my children's mortgage?
Once again, you will need to submit a new mortgage loan application to co-own the home and you will need to pay stamp duty to transfer or change title to include yourself.
Since both you and your parents are listed on the title of the mortgage, you will be responsible if your parents are unable to continue paying the mortgage for any reason, including in the event of your death.
In some cases, old age can bring forgetfulness and senility, which is a problem if your parents have been making mortgage payments manually. The simplest solution may be to help your parents direct the bank account so they don't have to worry about it.
If it's clear that your parents are struggling with payments or there's no way for them to continue working and earning past retirement age, you can help them by trying to keep them from coming home all the time.
For example, if your father passed away a few years ago and you have been helping your mother pay off the mortgage loan for a long period of time until she also passes away, the property could revert to your new partner, rather than to you as children. .
