Posted on: 13th Feb, 2009 12:21 pm
Will a lender add co-borrowers to an existing mortgage without a refi?...My wife and I are helping out a family member who is out of work in exchange for a percentage ownership of their home. Will the lender add us to the current mortgage so we can take the interest deduction? Or would we have to do a complete re-fi?
you would have to do a refinance do be on the mortgage. are you going to be taking 50%?
hi rcubedor!
welcome to forums!
the lender will ask you to refinance the mortgage in order to add your name to the mortgage. you may check out the option of novation with the lender which is also a way to transferring mortgage from one person to another but lenders always prefer refinance over novation.
feel free to ask if you have further queries.
sussane
welcome to forums!
the lender will ask you to refinance the mortgage in order to add your name to the mortgage. you may check out the option of novation with the lender which is also a way to transferring mortgage from one person to another but lenders always prefer refinance over novation.
feel free to ask if you have further queries.
sussane