Posted on: 26th Jan, 2009 07:15 pm
my friend and i bought a house together about 4 years ago, we were both single. since then she has moved out and is living in a different house with her boyfriend. i am solely paying the first mortgage and she gives me about half for the second mortgage. i would like to get the house in my name but not sure if i can afford the entire mortgage on my own. i can forsee myself settling down with my boyfriend in the near future and possibly wanting to buy the house only in our name. would it be best to do a quit claim and refinance in the near future or hold out? i have a 5.5% fixed rate on my loan and when i spoke with my mortgage broker a while back he mentioned that the rate i would get would be higher.
also, who should be getting the property tax refund?
also, who should be getting the property tax refund?
Hi pauls!
Welcome to forums!
You can ask your friend to quitclaim the property in your name. Once she does so, you can refinance both the mortgage into one. While refinancing, you may check out with other lenders and see who is offering the lowest rates to you and then refinance with that lender. When you refinance both the mortgages into one, you will have to pay for one mortgage only. But you will have to pay the closing costs while you refinance the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can ask your friend to quitclaim the property in your name. Once she does so, you can refinance both the mortgage into one. While refinancing, you may check out with other lenders and see who is offering the lowest rates to you and then refinance with that lender. When you refinance both the mortgages into one, you will have to pay for one mortgage only. But you will have to pay the closing costs while you refinance the property.
Feel free to ask if you have further queries.
Sussane