Posted on: 10th Dec, 2012 11:11 pm
I currently have a live in boyfriend and we purchased a home together. Actually, the mortgage is in my name. Our house is worth about $40K more than when I bought it after two years. As I said the loan is in my name because he had horrible credit, but I put him on the deed because he did pay half the closing costs and down payment and pays half of the mortgage. Things aren't working out now. If I refinanced and bought him out, wouldn't I have to get a loan for what the house is worth now? This is my first home and I don't know a lot about it.
Hi Jacintha!
Welcome to forums!
When you refinance the loan, you will get a loan depending upon the value and equity that you have in the property. You should contact the local lenders and start applying for a mortgage refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
When you refinance the loan, you will get a loan depending upon the value and equity that you have in the property. You should contact the local lenders and start applying for a mortgage refinance.
Feel free to ask if you've further queries.
Sussane
You can gain from your mortgage refinance, if you opt for a bit higher monthly payment (as per your affordability) and refinance the existing loan into a shorter term loan.
Hi,
Your loan amount is going to depend on the value of the home, and how much cash out you would like to take from the equity. Good luck!
Your loan amount is going to depend on the value of the home, and how much cash out you would like to take from the equity. Good luck!
