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CA: Refinance and new names on mortgage

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busselle Joined: 01 Apr 2009 Posts: 1 1.88 Dollars($)	Posted: Fri Apr 10, 2009 10:39 am    Post subject: CA: Refinance and new names on mortgage Like 0 Dislike 0 Good afternoon! Thanks in advance for your help. I searched the forums and could not find my particular set of facts for a California situation. (If there are brokers in the San Francisco area who are familiar with this situation, please let me know if that is acceptable on these boards - I'm looking for a mortgage broker to do this transaction.) 2003 - My parents bought a condo - my credit wasn't good enough for a good rate. I've always paid the downpayment and monthly payments, and taken the mortgage interest deduction. $635k condo, $500k loan, 30 year fixed, 6%. Deed in their names only. 2008 - I'd like to refinance and put the new mortgage in my name (as well as the deed). What steps do I take? Should I call bank that did the original mortgage (wells)? Should I call a broker - are most familiar with this type of situation? What are the consequences of changing the name on the deed - will I have to get it reappraised and start paying higher property taxes (it's appreciated a bit)?
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Fri Apr 10, 2009 7:45 pm    Post subject: Like 0 Dislike 0 Hi busselle, You will have to ask your parents to transfer the property deed in your name. They can use a quitclaim deed in order to do so. Once the deed is filled up, you need to notarize it and record it at the county recorder's office. After the property is transferred in your name, you can contact your lender and refinance the mortgage. However, when you refinance, the lender will check your credit report as well as the equity in the property. If there is no equity in the property, then the lender will not refinance it. Yes, before refinance, you will have to appraise the property. If the property value increases, then you'll have to pay higher property taxes. Thanks

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