Posted on: 16th Dec, 2012 11:49 pm
when i met my wife, before our wedding, she already had a property with a mortgage on it. it was her first and she was naïve. her income and credit was not good and thus the interest rate is 10.9%. the rate continues to be the same to this date. the house and the loan still continue to be in her name and presently we rent it out. i’m now thinking of lowering the interest rate. my wife has been unemployed now for close to 2 years and her credit is not good and the mortgage continues to be in her name only. so, she can’t refinance the loan. so, i will have to refinance. i have a good income and credit score. but do i need to stay in the property for 6 months in order to get a refinance? or could i just get a mortgage loan on my own for the remainder payoff amount and basically buy it from her without having to go thru real estate agents etc and start clean, which i am thinking is the best idea. if anybody can give me there advice…
As far as I know, in order to get a refinance in your name and remove your wife's name, you will have to have the property in your name for six months or more. Some of the lenders may even want you to remain in the property for 8-12 months. Prior to that, I don't think the lenders will give you a mortgage refinance.
Hi Golf!
Welcome to forums!
I will suggest you to get in touch with a real estate attorney and check out his opinion in this regard. He will let you know whether or not you will have to stay in the property for the next 6 months in order to get a refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I will suggest you to get in touch with a real estate attorney and check out his opinion in this regard. He will let you know whether or not you will have to stay in the property for the next 6 months in order to get a refinance.
Feel free to ask if you've further queries.
Sussane
You may not be able to refinance the mortgage, if you're not staying in the property for six months or more. As stated above, some lenders may even want the mortgage and the ownership to be 8-10 months old in order to refinance it. But again, there is no harm in asking the lender. You can contact the lender and request him to let you refinance the loan. However, you and the property should meet all the required criteria of the lender.
Most lenders will let you do a refinance, if it is not cashout, after 6 months. If you would like to discuss, our contact information is below.