Any mortgage or real estate pros out there, need some advice what we can do!?
3 years ago, before I moved to his town, my boyfriend purchased a home with both his money as well as a large downpayment from his father and his brother. I ended up moving into that house.
I have now decided that if I am to continue living there, I would like the house to be in my name and that of my boyfriend only since we have started a family together. We like the house and don’t really want to move. What is the best way to “pay off” his father and brother without selling the house? How do we know how much to pay them off (principle + interest) if the house will not be sold?
Is there any way of doing this rather than just selling the house and starting off together in a new one, when we like this house?
(I would like us to be financially independent from his family. At this point, we don’t have enough money to pay them off just like that, without a loan etc.)
I would like to add that the house is in my boyfriend’s name only (his father co-signed for it.) I would like to contribute a small amount, get my name as well on the house and his dad and brother paid off as quickly as possible.
Would we need a 2nd mortgage or try to get a loan to pay them off?
I have not made any financial contribution to the house thus far, but would like to.