0
If you add a person to your home's deed can that person refinance the home for you?
Wiki User
∙ 11y ago
If your credit record is too poor or your income inadequate to refinance on your own you could add a co-owner to the property who has good credit and who can qualify for a mortgage. In this scenario, your co-owner would become an equal owner of the property and would be fully responsible for paying the mortgage. Before you act you should discuss the issue with an attorney who can explain the consequences and draft a deed appropriate for your jurisdiction.
A reputable lender knows it must have a full interest in the property in case of a default. Therefore ALL the owners must join in the mortgage. If only one owner signs the mortgage and then defaults, the lender can only acquire their half interest by a foreclosure. A half interest is hard to value, and sell even in a good real estate market. Many inexperienced "lenders" granted mortgages on proportionate interest in some areas during the real estate boom simply by mistake and sometimes just to add another mortgage to the bundle. Many of the sloppy practices that were abundant during the sub-prime boom no longer take place.
You shouldn't plan on a new co-owner being able to finance the property without your signature.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
How does a quitclaim deed work on refinancing your home?
A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.A quitclaim deed doesn't figure into the procedure to refinance your home.
How do you refinance home after death of spouse?
The best place to start is updating the deed. Once your deed is updated, you can refinance your home with ease.
Do you need to redo the deed to refinance?
You will need your deed to refinance your home. If you no longer have it, your mortgage company should be able to get it for you.
How can one refinance his mortgage?
A person who wants to refinance their home needs to find a mortgage company to do so. The person will need to discuss options of their home, credit and bank information pertaining to the refinance.
If a deed is in three names and two of the names belong to a married couple how can they take their names off the deed and put the deed in the third person's name only?
The two people can sign a quit claim deed and record it, effectively putting the deed in the third person's name only. HOWEVER, if there is still a mortgage on the property then the lender has to agree to this. If the couple co-signed for the home, this may not work until the third person can afford to refinance alone.
Where is it possible to refinance a home mortgage if someone has bad credit?
There are many places a person can go to refinance a home mortgage if they have bad credit. Bad Credit OK and Quicken Loans are two websites a person can use to help refinance their home mortgage.
If you want to refinance your home and your grandmother is on the deed also but you pay the taxes and insurance can you refinance by yourself since you live there?
Depending on what state you are in you should be able to refinance the house yourself. I would consult the new mortgage company you plan on going to and advise them that your grandmother is on the deed sometimes it doesnt even matter and you should be able to go through with everything.....Good luck!
Are there any discounted loans for a separated person to refinance existing home?
Not available.
How do you get co borrower off your home loan?
You will have to refinance the debt with your creditor, and qualify for the debt on your own merit. The co-signer will have to file a Quit Claim Deed.
Can I refinance a jointly owned home without the consent or signature of the other person who jointly owns the property and is also on the deed?
You can only encumber your own interest in the property. You cannot affect the co-tenant's interest in the property without their consent.
How do you transfer 2 graves from a deed to another person?
If the graves are deeded, then just deed them to the other person. If the gravesites are really owned by a funeral home, then contact that funeral home.
When you refinance a property does the original basis change?
The original loan amount, interest rate, program, etc will change if you decided to refinance a property. A new deed of trust is recorded with all changes made. Veronica Rodrigues Voyage Home Loans
