When I was in college, my mom bought me a condo in her name. After I graduated, I turned it into an investment property and have been renting it since. The mortgage was an ARM so now the rate is awesome and the payments are low. My mom died several years later and I transferred the condo from her estate (trust technically) into my name with a quit claim deed. I notified the mortgage company of her death and they changed the name on the mortgage to "Susan Smith" Estate. I've been making the payments ever since (all along, actually). I am thinking about transferring it for two reasons: one, to improve my credit. Would it help my credit in the long run to assume the mortgage and have it transferred to my name? I'm not planning on making any major purchases any time soon, but I do have a mortgage on my personal residence in my name, and high credit card debt that is dampening my score. Also would the payment history since the inception of the loan (2007) be reported on my credit or just from when I transfer it? The second reason is I have trouble with the bank understanding my role as trustee of a trust whenever I try to make any changes to the loan; I've had to explain how trusts work DOZENS of times to them. It's really hard to get them to talk to me about the loan. I'm fairly certain they cannot recall the mortgage because it is prevented by federal law when a property is inherited by a relative. But I can see why they'd want to if they could; the interest rate is currently 2.625%. Any thoughts?
