Posted on: 18th May, 2011 05:41 pm
my father owns a house he used to live in and now rents. i will be renting from him this year.
he would like to refinance but it is no longer his primary residence, so he would have to pay a commercial rate.
if we refinance together in a joint mortgage as joint debtors, and the place is my primary residence, but my name is not on the deed, are we eligible for a reduced rate?
he would like to refinance but it is no longer his primary residence, so he would have to pay a commercial rate.
if we refinance together in a joint mortgage as joint debtors, and the place is my primary residence, but my name is not on the deed, are we eligible for a reduced rate?
Hi carlyhodes!
Welcome to forums!
Unless your name is mentioned on the property deed, I don't think you'll be able to claim it as your primary residence. Thus, you may not get a reduced rate when you refinance. Nevertheless, you can contact a real estate attorney and check out if it will be considered as your primary property though your name is not mentioned on the property deed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless your name is mentioned on the property deed, I don't think you'll be able to claim it as your primary residence. Thus, you may not get a reduced rate when you refinance. Nevertheless, you can contact a real estate attorney and check out if it will be considered as your primary property though your name is not mentioned on the property deed.
Feel free to ask if you've further queries.
Sussane