Posted on: 11th Jun, 2009 09:39 am
i am trying to purchase my first home and i have been prequalified but not for an amount that will allow me to purchase a 3bedroom (i have a child and my mother will be living with me since we relocated to this area and have no family for her to stay with. she is also retired). is there a way to have her added as a co-borrower but not placed on the title and then have her removed from the loan after a period of time if all payments are made in full and ontime without having to refinance?
first time homebuyer
welcoem to the forum.
if your mother is goign to be co-borrower then her names needs to be on the title. but you cna remove her name later by askign for quit claim deed.
but to remove her from the loan later, you will need to refinannce.
good luck and feel free to ask
welcoem to the forum.
if your mother is goign to be co-borrower then her names needs to be on the title. but you cna remove her name later by askign for quit claim deed.
but to remove her from the loan later, you will need to refinannce.
good luck and feel free to ask
You will still face the same problem of qualifying for the mortgage by yourself for the refinance.
what brian has noted is correct, of course. hopefully, your ability to increase your income would be sufficient that in the future you'll be qualified to undertake that refinance transaction.
theoretically, your thought process is fine. the key element is that refinancing aspect of the overall deal.
theoretically, your thought process is fine. the key element is that refinancing aspect of the overall deal.
