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DO I NEED TO REFINANCE HOME TO ADD MY WIFE TO MORTGAGE

Posted on: 13th Jul, 2009 04:24 pm
my wife has a quit claim on the house, but she isn't on the mortgage aspect. the mortgage payment has been coming out of her checking account ach for a long time. what i want to know is will this cause a problem for her at the time of my death ?

i don't want to refinance when i've paid 15 years of interest already and so close to just paying principal. i have wells fargo for the mortgage.
There is no way to add her without refinancing. You should just leave everything alone. If you happen to pass away, she can continue making the payments even though she is not on the mortgage.
Posted on: 13th Jul, 2009 04:43 pm
Can I refinance my mortage loan, take myself off the loan, keep my mom on the loan and add another person as a co-debtor.
Posted on: 06th Jan, 2010 04:49 pm
Jlbruening,
I'm sorry to say but, you would have to refinance to add your wife to the mortgage.
Bubba,
You can refinance to take yourself off the mortgage but, you need to make sure they can qualify without you.
Posted on: 06th Jan, 2010 04:52 pm
Im getting married and my fiance is worried about my bad credit affecting us. If we were to sell our house and buy a new one, does the bank have to take a look at my credit if my husband can afford the loan on his own? And if something happens to him, do I get to keep the house as long as I can make the payments or do I have to refinance into my name?
Posted on: 15th Mar, 2010 05:52 am
It depends the state you live in. If you're buying in a community state then you'll have to incorporate your debts into the DTI (which might cause a problem).
Posted on: 15th Mar, 2010 09:51 am
I'd like to remove my name as a co-owner on a house, however, with the economy like this, would banks allow it? If i could refinance, can I go to other lenders to seek better rates? If I can't, are there other alternatives on removing my name?
Posted on: 02nd Jun, 2010 11:15 pm
I'd like to remove my name as a co-owner on a house, however, with the economy like this, would banks allow it? If i could refinance, can I go to other lenders to seek better rates? If I can't, are there other alternatives on removing my name?
Posted on: 02nd Jun, 2010 11:17 pm
Hi,

You have not mentioned whether the property is in joint name or not? If it is a joint property then tell the other owner to sign a quitclaim deed and remove you from the property and tell the person to re-finance the mortgage in his/her name. However, it is absolutely up to the lender to accept or reject the re-finance. Consult with a good attorney to know detailed information.
Posted on: 03rd Jun, 2010 08:04 am
rita,

it is a joint property with my brother that we purchased the house together before i was married. now that i'm married and would like to purchase my first home, i'd like to remove my name. my understanding of the quit claim deed is that my name will be removed; however, if he happens to default, then i will still be responsible for the payments. i do not that responsibility; however, i understand that the quit claim deed may be the only solution if we cannot refinance the house. please correct me if i'm wrong about this. thank you for your assistance!
Posted on: 04th Jun, 2010 02:00 pm
Quit claim will remove you from title but you will still be liable for the loan. The only way to remove yourself fromt the property completely is a quitclaim and refinance.
Posted on: 04th Jun, 2010 02:09 pm
Hi, I'm back with more questions regarding refinancing on a home mortgage. I spoke to a lender at the bank, and I was told to go through with a mortgage assumption to remove my name from a loan with my brother vs refinancing in case the value of the home is too low. I received the application, and as I read the questions, it mentioned that an appraisal may be necessary if the house stays as a primary resident. If that's the case, wouldn't it be best to refinance since we'll still have to pay for an appraisal fee? Aside from that, is this the best and safest route to go about removing my name? I don't want this to come back and hurt us in the future. Please advise!!! Thank you.
Posted on: 28th Jun, 2010 01:49 pm
Hi PL!

Welcome to forums!

The other co-borrower of the loan will have to refinance the loan or assume the loan in his or her name to release you from the liability of paying it. If the co-borrower goes for a mortgage assumption, then he or she won't have to pay the closing costs. In case of refinance, apart from the property appraisal fees, he or she will also have to pay the closing costs even.

Both mortgage assumption and refinance are safe ways to transfer mortgage from one person to another. However, in most cases, the lenders prefer refinance over assumption.

Feel free to ask if you've further queries.

Sussane
Posted on: 28th Jun, 2010 11:42 pm
Hello,

I’d like to purchase a home in california. With a 20% down payment my DTI alone will be about 50%. My parents have offerend to help puchase the home. They have very little debt. So I’m curious is it possible to purchase it jointly with both our names on the title. Will the DTI be calculated using the combined debt and combined income number OR does each party on the loan/title have individual DTI requirements number? They are thinking that down the road when my income increases I will be able to refi and remove their names from the mortgage. Thank you all.

Truman
Posted on: 13th Jul, 2010 11:22 am
Truman, you can apply with your parents being "non-occupant co-borrowers", and as long as you have 20% down then with Freddie Mac underwriting guidelines your and their income (as well as debts) would be combined to determine if you qualify or not. Fannie Mae has different guidelines and requires the occupant borrower to still qualify on their own, which is why Freddie Mac is the preferred route to go. When you interview lenders ask if they offer Freddie Mac conforming loan programs, and if so, then you should be able to accomplish what you are looking to do.
Posted on: 13th Jul, 2010 06:05 pm
My husband and his sister own a home they inherited. His parents bought it outright. I live there with my husband and wish to buy his sister's half. She's fully agreeable and we have an agreed amount. There has never been a mortgage. What is the best way to change the deed and get a mortgage? We were advised to get a refinance loan. How is this possible without a current mortgage? Is there a better idea? Thanks.
Posted on: 09th Sep, 2010 10:48 am
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