Posted on: 30th Aug, 2013 12:36 am
My boyfriend wants to assist his parents in buying a property as they do not have a stable income at present. When will he be eligible to remove his name from the property and the mortgage? Will this hamper his chances of buying his own home?
Hi Kirk,
Your boyfriend will only be able to remove his name from the mortgage when his parents refinance the mortgage in their names. If his name is mentioned on the mortgage, he will not be able to get a new mortgage to buy his own home.
Thanks,
Jerry
Your boyfriend will only be able to remove his name from the mortgage when his parents refinance the mortgage in their names. If his name is mentioned on the mortgage, he will not be able to get a new mortgage to buy his own home.
Thanks,
Jerry
Hi Kirk,
Your boyfriend will be in a financial mess if his parents are unable to refinance the mortgage later on. He will not be able to qualify for any other mortgage to buy a new property unless he pays off the existing mortgage.
Thanks
Your boyfriend will be in a financial mess if his parents are unable to refinance the mortgage later on. He will not be able to qualify for any other mortgage to buy a new property unless he pays off the existing mortgage.
Thanks
What is their credit score? As without a good credit score, it is not possible to take out a refinance mortgage loan at a low rate.