Posted on: 04th Feb, 2013 01:03 am
I currently have a live in boyfriend and we purchased a home together. The mortgage is in my name. The house is worth 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?
Hi Kathy,
First and foremost, you should note that unless you have equity in your property, you won't be able to refinance your mortgage. Moreover, you have mentioned that the mortgage is in your name. The boyfriend is only on the property deed. In such a situation, you don't have to refinance the loan. Rather you can ask him to sign a quitclaim deed and transfer the property to you.
Thanks,
Jerry
First and foremost, you should note that unless you have equity in your property, you won't be able to refinance your mortgage. Moreover, you have mentioned that the mortgage is in your name. The boyfriend is only on the property deed. In such a situation, you don't have to refinance the loan. Rather you can ask him to sign a quitclaim deed and transfer the property to you.
Thanks,
Jerry
Hi Kathy!
Welcome to forums!
I agree with what Jerry has said. There is no need to refinance if the mortgage is solely in your name. Moreover, with no equity in your property, none of the lenders will be ready to refinance the loan. You will have to give money out of your own pocket if you wish to refinance the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Jerry has said. There is no need to refinance if the mortgage is solely in your name. Moreover, with no equity in your property, none of the lenders will be ready to refinance the loan. You will have to give money out of your own pocket if you wish to refinance the loan.
Feel free to ask if you've further queries.
Sussane
you need to determine whether or not your house has equity, because if not, i am afraid that you would not be able to refinance your mortgage. furthermore, you made it clear that the mortgage is under your name and that you put your boyfriend only on the property deed, fortunately for you, there is no need to refinance the loan if you wish to buy him out. you can simply ask him to sign a contract stating that he is quitting the deed and will transfer the property solely to you. if you need more details regarding this, i would suggest that you visit "badcredithistories.com/looking-to-refinance-dont-let-bad-credit-stand-in-the-way/".
since there isn't any equity in the property, none of the lenders will agree to refinance your mortgage loan. moreover, the mortgage is in your name and your boyfriend's name is only on the property deed. in such a situation, you can ask him to put his signature on a quitclaim deed. the property will be transferred in your name.