Posted on: 22nd Mar, 2009 01:18 pm
my mother "purchased" a home for my wife and i as a wedding present last year. she paid $20000 down and paid our first year insurance and other fees. there is a mortgage on the home currently in her name alone. however, my wife and i are on the deed for the home and we would like to get the mortgage out of my mother's name as we are the ones paying for the rest of the home and would like the mortgage to be in our names so that we can continue building our credit. as the actual "owners" of the home (as our names are on the deed) can we refinance the property or would we have to get a whole new home purchase mortgage? i don't see how we could have to "buy" a home with a new home purchase mortgage for a home that we are already the rightful owners of...
thanks for any help, in advance.
thanks for any help, in advance.
Hi verifeye,
You will be able to refinance the mortgage in your name provided you have a good credit score and income history. You can contact the lender and check out the rates and terms he is offering. You can even contact the other lenders and check out what type of rates they are offering.
You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you a fair idea about the rates and terms you can receive and the rates and terms prevailing in the market.
Thanks
You will be able to refinance the mortgage in your name provided you have a good credit score and income history. You can contact the lender and check out the rates and terms he is offering. You can even contact the other lenders and check out what type of rates they are offering.
You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you a fair idea about the rates and terms you can receive and the rates and terms prevailing in the market.
Thanks
I appreciate the response. However, my concern was not as to if we would qualify for a refinance on the property but as to, given the situation I described, that we would be in a position to refinance our home being that we are not on the current mortgage for the property. Sorry that I may not have been completely clear on my question earlier. Thanks again.
Hi verifeye,
You and your wife are on the property deed. Though you are presently not on the mortgage, you would still be able to refinance the property. I don't think you should face any issues while refinancing provided both of you have good income and credit score.
Thanks
You and your wife are on the property deed. Though you are presently not on the mortgage, you would still be able to refinance the property. I don't think you should face any issues while refinancing provided both of you have good income and credit score.
Thanks
That's what I was looking to find out. Thank you for your input. Just didn't want to go into the mortgage search phase without actually understanding what I was looking to accomplish. Appreciate it!
Hi
You do not have to get a whole new home purchase mortgage. You can simply refinance the existing mortgage in you and your wife's names. For this, you need to have the title in your names, which you have, and a good credit. If you have them, then the lender won't mind refinancing it in your name.
You do not have to get a whole new home purchase mortgage. You can simply refinance the existing mortgage in you and your wife's names. For this, you need to have the title in your names, which you have, and a good credit. If you have them, then the lender won't mind refinancing it in your name.
guest, you can also, at the same time, obtain a quit claim deed from mom, if that is your mutual desire; thereby eliminating her obligation from payments and providing you and your bride with sole ownership of the home. and yes, she'll always be your bride, no matter how long you're married! but that's just my opinion.
