Trusts typically contain money or other financial assets (such as property) that are bound by specific rules for distribution to designated parties. The exact rules for distribution depend on the terms of the trust, which can vary based on the priorities and wishes of the trustor—the person who created the trust in the first place. We typically think of trusts in relation to inheritance or estate management, but they have other functions as well.
It’s possible to refinance a property that’s in a trust, but the process has a few extra steps and you’ll need the consent of the trustor. Before you can start the transactional process of refinancing, you need to temporarily transfer the title to the property out of the trust. This will allow you to close on the terms of the refinance in your name. Then you can transfer the property back into the trust after closing day. The cost for this process typically ranges between $150-$200. If you’re working with Better Settlement Services and financing with Better Mortgage, our affiliate teams can help you streamline the process.
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