Posted on: 17th Apr, 2010 12:55 pm
my roommate/ legal domestic partner inheritated some money and would like to buy into my house. I owe 101,000 and my partner wants to put 60,000 into it. Do we refinace to do this and get a co-loan and put both of us on the title? Or in other words, how do we go about this? We live in oregon and have original loan through B of A
hi atone,
your partner and you can refinance the mortgage in both the names. if you've equity in the property, you should contact your lender and apply for a refinance. depending upon your credit scores, debt to income ratio and financial situation, you would be able to qualify for a refinance.
take care
your partner and you can refinance the mortgage in both the names. if you've equity in the property, you should contact your lender and apply for a refinance. depending upon your credit scores, debt to income ratio and financial situation, you would be able to qualify for a refinance.
take care
at the same time you transfer title to the two of you and transfer the funds from him to you, you can do the refinance transaction. your lender, or any other lender you may wish to use, ought to be able to coordinate all this activity and accommodate your desires. you'll undoubtedly want to engage an attorney's assistance in this. check into the need for wills, if you don't have them done already, to ensure that both of your wishes for disposition of the property are taken care of for perpetuity.
no matter the legal domesticity of your relationship, you are lacking protection under the law unless you spell out your desires in a will (and perhaps other legal documentation, depending on your locale, of course). by all means, check with an attorney for your utmost protection.
no matter the legal domesticity of your relationship, you are lacking protection under the law unless you spell out your desires in a will (and perhaps other legal documentation, depending on your locale, of course). by all means, check with an attorney for your utmost protection.
all things considered, this sounds like a very nice occurrence.