Take Over House Payments: How to Assume the Mortgage for a Family Member
Make sure that you keep everything in writing when forming an agreement to take over a relative's mortgage payment. If you are looking to take over house payments from a relative, you need to have all of your ducks in a row. If you can make a deal work, then you can save many costs that would otherwise eat up your budget. Here are the steps to assume the mortgage for a family member.
The Low Down on Down Payments
DETERMINE YOUR DOWN PAYMENT - Don't make the mistake of looking at all your assets and concluding that’s how much you have for your down payment. First, set aside 2 to 5 percent of the purchase price for closing costs. Then, set aside an additional $5,000 to $10,000 (depending on where you live) for relocation expenses, moving costs, furniture and short-term improvements, and unforeseen costs.