Posted on: 30th Apr, 2009 01:07 am
i bought a condo last year and would like to refinance.
since i was applied under non-verification income loan, i am not eligible to refinance unless my husband who has better income to be the co-borrower.
i just wanted to know if once the co-borrower signed the loan/mortgage, is his name going to be in the title/deed automatically? if so, how can i get him involve only in mortgage and not as in title.
since i was applied under non-verification income loan, i am not eligible to refinance unless my husband who has better income to be the co-borrower.
i just wanted to know if once the co-borrower signed the loan/mortgage, is his name going to be in the title/deed automatically? if so, how can i get him involve only in mortgage and not as in title.
Hi mileni
As far as I know, the title of the property should include the co-borrower's name. Moreover, while refinancing the mortgage, the lender will check the co-borrowers credit report and income.
Once your credit score improves, you can refinance the loan in your name alone and remove your husband from the property deed.
Thanks.
As far as I know, the title of the property should include the co-borrower's name. Moreover, while refinancing the mortgage, the lender will check the co-borrowers credit report and income.
Once your credit score improves, you can refinance the loan in your name alone and remove your husband from the property deed.
Thanks.
thanks , but what is quit claim deed functioned in my situation?
Hi Mileni!
Welcome to forums!
You can include the co-borrower's name to the property deed with the help of a quitclaim deed. Once you fill out the quitclaim deed, you will have to notarize it and record it at the county recorder's office.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can include the co-borrower's name to the property deed with the help of a quitclaim deed. Once you fill out the quitclaim deed, you will have to notarize it and record it at the county recorder's office.
Feel free to ask if you have further queries.
Sussane