My boyfriend and I are getting married in a year. He and his brother own a house. His brother wants to go, and we want to stay. How do I get the brother off the house and pay him his share of the equity, without holding up his credit to buy another property, and stop us from having to pay a higher mortgage, or higher taxes?
isn’t there a way to get out of refinancing? Like filing a quit claim, or a touch?
Contact the bank where the mortgage is.
You’ll need to get a new loan. Just do a refinance…
Unfortunately, you don’t. A mortgage isn’t a deed, which can be altered by the owner with small fuss. A mortgage is a loan contract. The only way to change it is to pay it off or replace it with a new loan that will pay the ancient loan off (more likely). Sometimes, the bank currently holding the mortgage is willing to do the new loan, so that it feels like you are just changing the mortgagors. Good luck!
if the mortgage company feels that your boyfriend has enough credit they will redone it it force cost but check.
Quit Claim will take him off the title, but mortgage is nearly impossible. Talk to your mortgage company. Most likely, you will need to refinance.
I’m in a similar situation. My fiance and I just bought a house together. Our lender screwed up the paper work and left her off the loan. We found out 2 days before close and it was too late to have her added in time. So my name is the only one on the mortgage and title at this point. Anyways, what I’ve found out is the only way to have someone added to a mortgage is to refinance, like everyone was saying. You can use a quitclaim to get your name on the title of the property, but the mortgage will remain in the brother’s name. I suppose if you trust each other and the brother’s got enough credit, the mortgage could remain in his name while you make the payments. If anything happens, it can make for a terrible situation though.
But refinancing usually costs a few thousand in closing costs, even if they are just included in the loan so you don’t pay anything upfront. Not to mention interest rates have only been going up, so you’re sure to get a higher rate than before.
There won’t be any affect on property taxes either way. But the only way to really do it, is to spend $$ on refinancing. In fact if you refinance and end up paying more in interest you’ll have a small larger tax deduction. No where close enough to make up for the added costs though.
go to a title company. Request a quit claim deed to take the person off the title and a warranty deed to place some else on. No need to do a refi
If both people have signed on the security instrument (mortgage or deed- depending on your state) then you cannot remove one of them from the mortgage. You must refinance and re-qualify with just the one person. If you are only wanting to remove that person from the title work- then a quit claim deed or a warranty deed would work- but you will BOTH still be reliable for the payment.
Quit claim him off and either take out a Home equity loan to pay him off, or have him carry a note secured by the property in following position.
Regards…