Posted on: 16th Apr, 2009 03:13 pm
i want to add my son to the mortgage title of a home my wife and i own. the property in question was my old permanent residence which is currently lived in by my son. we want to refinance the property to reduce the rate, however, since my wife and i no longer live in the house the loan company views the property as investment property and will only loan 70% of the appraised value. question? the bank has suggested adding my son to the title of the property so i can refinance it as a permanent residence. does this sound correct? they suggested using a quick claim deed.
ken in wichita kansas
ken in wichita kansas
Hi kgable!
Welcome to forums!
Yes, you can use a quitclaim deed to add your son to the property deed. As he stays in the property, it will be considered his principle residence as well. Once he is added to the property deed, you can refinance the property to lower the rates.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, you can use a quitclaim deed to add your son to the property deed. As he stays in the property, it will be considered his principle residence as well. Once he is added to the property deed, you can refinance the property to lower the rates.
Feel free to ask if you have further queries.
Sussane