Posted on: 12th Jan, 2011 09:17 am
I have a house in my name alone. The payment is more than I can make and I am having trouble making it. I am married now and wondering if I could refi the house just in my husband's name. He has goo credit and would be a first time buyer. Is this possible so that we can get a better int. rate?
if you can not make the payment now with your and your husband's income, it is not likely your husband would qualify by himself.
refinancing allows you to add a name to the mortgage, but, does not allow you to delete your name. at least one person on the mortgage now must be on the new, refinanced mortgage. since you are the only person on the mortgage now, to refinance you need to still be on the new mortgage.
if you are refinancing, your husband is not a "buyer". he is not buying the house. he is just being added to a refinance. there is no "purchase" involved.
there is an exception:
you can be "off" a new mortgage refinancing and refinance only in your husband's name if he is related--and he is by marriage--as long as you have been married 12 months or longer and he has lived in the house 12 months or longer.
refinancing allows you to add a name to the mortgage, but, does not allow you to delete your name. at least one person on the mortgage now must be on the new, refinanced mortgage. since you are the only person on the mortgage now, to refinance you need to still be on the new mortgage.
if you are refinancing, your husband is not a "buyer". he is not buying the house. he is just being added to a refinance. there is no "purchase" involved.
there is an exception:
you can be "off" a new mortgage refinancing and refinance only in your husband's name if he is related--and he is by marriage--as long as you have been married 12 months or longer and he has lived in the house 12 months or longer.