Hi,
I own a 1 acre lot that I am preparing to build a home on. The title for the lot is in my trusts name. I am the sole owner of the trust. The VA builder recommended a specific mortgage company - which is fine. When I talked to mortgage company rep - he said that I could have a 3 1/2% Construction loan. When I told him that my land title was in my trusts name - he said that I would have to change title back to my name. Reason - he would have to change loan to a commercial loan at a higher rate - could not use the 3 1/2% loan. He recommended using a 'quitclaim deed' to move land title out of trust to my name and then reverse the process when home was finished and I had my CO.
A) Is using a quitclaim deed the best vehicle for doing this?
B) If not, what documents should I be using.
Thank you for your time & consideration, Jack
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