Q: How do I switch primary residence if the mortgage is under my name but title shared between me and my parents?
I bought my first house about 8 months ago. I am the only one on the mortgage but I have myself and my parents listed on the title. I am looking to buy another home as a primary residence for myself. What options do I have to change my primary residence to the new home. Do I need to form a rental agreement with my parents?
A: You don't need anyone's permission to move to a new residence. It's possible that if you're applying for a mortgage on the new house, you'll want to have a rental agreement with your parents to show the new mortgage company that you're receiving income from the first property.
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