Quitclaim or refinance

Hi Bevan,

If you want to remove a co-borrower from the loan, you will have to refinance it. Quitclaim deed will not serve your purpose.

Thanks,

Jerry

Hi Bevan!

Welcome to the forums!

Quitclaim deed can help you in transferring property from one person to another. It will not help you in removing a person from mortgage. For that, you will have to refinance the mortgage.

Feel free to ask if you've further queries.

Sussane

In order to remove a co-borrower from the loan, the best option for you is to refinance your present mortgage.

You can refinance the existing loan into a new loan and not include the co-borrower. If the co-borrower is an owner, the co-borrower will have to sign a couple of the mortgage documents.at closing.

First call your existing lender and ask under what circumstances a co-borrower can be removed from the existing loan. We do not know your situation and there are situatioins where a co-borrower can be removed from an existing loan without refinancing.