Message from @themiddleman🐸
Discord ID: 637799324960686091
another protip, usually you can refinance 6 months after you buy your house and get a better interest rate
If you inherit a house and land would you also inherit all related debts?
they give a better rate to you on refi because you've already shown you can be trusted to pay for a few months
no
totally depends on the will
What happens to the debts?
good question, depends on the laws
I've often worried about this
I might inherit my great grandfather's house
sometimes houses are immune from debts, but only in certain places like florida
Talking about this just reminded me that I'm the heir to my brother's assets and my father's assets
yeah i think usually they settle the estate, and creditors may get their cut of bills due
Ok
it really depends on your local laws
I need to research the law
I don't want to be fucked with debt
tell your grandpappy to not be such an irresponsible lowlife with his debts
well you can never inherit debts
Don't talk about my grandpa like that
worst case you just get zero inheritance
Also he's not irresponsible technically he just has some mortgage debt
if thats all he has, hes fine
I just don't know if I could afford that in the near future
you can do the math, a 30 year amortized mortgage payment is a lot smaller than you think
i thought i heard canada even does like 40 or 50 year mortgages
Yeah I just don't know what the payments are like, if there is interest and what the rates are like, if I can even inherit debt in the first place, etc;
1. pull up property on zillow
2. estimate the debt amount he owes
3. do mortgage calculator
Ok
Ty
It's actually kinda lit tbh
If I killed a few relatives I would have millions of dollars and two properties
Two dozen acres of land, a small farm and two four story houses
😈 🔪
based duck redpilling zoomers about economics
heres an example, if he owes 200k at 30 years, around 3.6% thats less than $1k/month