Mortgage financial help?
I currently have a mortgage on my house. The mortgage is in my and my brothers name. I want to remove his name and put my wife on the loan. I am being told that i would have to go thru the entire mortgage process, pay closing cost and loose the low interest rate. Is there anything i can do?
Tagged with: brothers name • closing cost • interest rate • mortgage
Filed under: Mortgage financial
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YOU DONT ALWAYS HAVE TO REFINANCE…. THEY LIED TO YOU
ALL YOU HAVE TO DO IS A QUIT CLAIM FROM YOUR BROTHER
AND PUT YOUR WIFE IN TITLE
UNLESS YOUR BROTHER WANTS SOME MONEY FOR HIM TO GO OUT YOU REALLY HAVE TO REFI AND GET THE MONEY
SHOT ME AN E-MAIL FOR FURTHER QUESTIONS
fnfssandoval@yahoo.com
It depends on the lender. I assume your brother is on title - is your wife on title? In recent months, have all the payments been coming out of your checking account? A joint checking account with your wife? Your brother’s checking account?
Who was the primary borrower when you purchased the home, you or your brother?
Even if the payments are not directly linked to your wife in any way, many lenders will allow a spouse to be added to the mortgage. However, many may also need to verify that YOU have been responsable for making the payments, not your brother.
If, for whatever reason, your current lender will not allow this, the other option is to refinance. If you have been paying down your mortgage and/or your home has appreciated, you may not be "loosing" a low interest rate. Also, you credit score may very likely be higher now due to your mortgage history. So, the combination of a lower LTV, higher credit score, and the low rates currently available MAY even give you a better rate and mortgage program. And I would not automatically jump back on board with your current lender.
Hope this helps, you can contact me with further questions.
Depends on the rules in the state you live in. They are different everywhere. Most times that is true though that you have to do the whole thing over. Its not a simple process.
Call your current lender and ask if you could do an assumption, where your wife assumes your brothers place on the financing.
You would both have to "re-qualify", pay a few hundred bucks, but it would allow you to keep your current rate and avoid a full set of closing costs.
Assumptions aren’t completely gone. The banks will do them sometimes, like in divorces, etc…
I would think that as long as one person remains on the loan through the process, there’s a good chance they’ll do it.