Posted: Fri Jan 25, 2008 1:51 am Post subject: Quit Claim in Washington
Hi,
Sorry if this has been covered, I've read what I could find on the site but still a bit confused.
Girlfriend and I have been together for many years. She has a condo that I help pay on and since we share it we decided to add me as an additional on the Mortgage to share equity and the credit benefits. We figure in another year we will buy a new place and here and I both having stellar credit will definitely help with the increasing pressure on loan requirements.
My question is
How much can we expect to pay to add me to the loan? I saw 1.78% for Washington (in the county I am in) so would that mean 2400$ on a 200,000 condo?
Would it be do in 2008 taxes or at time of filing?
I feel there is some kind of misunderstanding here. A quitclim deed will not help you add your name to the loan. That can only be done if you refinance the loan into both of your names or request your lender for novation.
Please refer to a previous discussion on Can Quitclaim transfer mortgage debt for more details. _________________ Procrastination is the enemy of your financial sucess
"How much can we expect to pay to add me to the loan? I saw 1.78% for Washington (in the county I am in) so would that mean 2400$ on a 200,000 condo?"
I can't get what you are trying to say here - is the 1.78% the rate by which your payment will increase if your name is added to the loan?
Now that I am looking back on this my math was a bit off. Should have been close to 3500$.
No I thought when doing a quitclaim you had an excize tax which was the 1.78% for Washington.
So if a refinance is the only option I'll look into that. Is there no other ways to get added to a Mortgage outside a refinance? This may be more hassle than it is worth.
Other than refinance you can think about either novation or mortgage assumption. But lenders do not always allow novation.
If in the mortgage document, it allows to mortgage assumption, then you can do it. So I think you should talk to the lender ASAP and what option he can allow you.
Feel free to ask if you have any further questions.
akureyrika
