by ~ Gaye Jones, AnnieMac Home Mortgage

Before you purchase a home, transfer ownership in a home, build a new home or refinance your current home, always talk to a professional first.

Generally, if you don’t work in the industry, you probably don’t know all the guidelines and making a move prior to getting expert advice could destroy your plans and, in some instances, could cost you your entire investment. Here are a couple examples.

Transferring a property (either through inheritance, divorce, private sale, etc). You should be talking to a title company to make sure there are no heirs or liens that are not readily known, and you should speak to a mortgage professional about future finance plans.

Once the property is transferred there are waiting periods that must be met before you can finance. It also means instead of a purchase you are now looking at a refinance which has different guidelines you must meet.

Building a new home on land you own. If there is already a home on the land, you must first sub-divide the land with a new survey, tax assessment and deed.

We cannot finance property that has two homes on one parcel. If you own a multi-family home and decide to build an “accessory unit” ie: garage apartment or a she-shed, you have now rendered the property “un-financeable”.

Homeownership is still the leading way most people build wealth and you want to assure yourself that you are not limiting what you are able to do with the property.