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Can a borrower refinance a mortgage for a non-primary residence?
Wiki User
∙ 14y ago
Yes you can refinance a non owner occupied property. The rates are higher than a primary home as the bank view it as more of a risk and there are separate guidelines for the bank. Best bet is to contact a representative to better assist you with a quote to confirm it would be a benefit.
Veronica Rodrigues
Voyage Home Loans
Wiki User
∙ 14y ago
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How do you remove co-sign on mortgage?
By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.
What is the advantage of a convertible adjustable-rate mortgage?
This type of mortgage vehicle gives the borrower the benefit of a low initial rate with the option to refinance to a fixed-rate mortgage at about half the typical refinance cost.
How do you get a co-borrower off a mortgage?
You need to pay off the mortgage and refinance in your own name if you are the sole owner of the real estate.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
Can you add a co-borrower to an existing home loan?
No, you have to refinance the mortgage. The person you want to add to the loan needs to apply with you on the new one.
How do you remove someone as a co-borrower on a mortgage?
Refinance the lending agreement without the person's being a participant.
How do you remove co-sign on mortgage?
By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.
What is the advantage of a convertible adjustable-rate mortgage?
This type of mortgage vehicle gives the borrower the benefit of a low initial rate with the option to refinance to a fixed-rate mortgage at about half the typical refinance cost.
How do you get a co-borrower off a mortgage?
You need to pay off the mortgage and refinance in your own name if you are the sole owner of the real estate.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
How does no cost mortgage refinance work?
No-cost mortgage refinance refers to a situation where a borrower pays no closing costs on a mortgage that is refinanced. Typically, this is done because the new lender will pay the original lender the closing costs, and will still make a profit at the lower mortgage rate.
How do you get your mortgage payments counted on your credit score if you are on the deed but not on the mortgage?
Refinance the mortgage with you listed as a borrower. You will not be reported to the credit bureaus by being listed on the deed since you have no obligation to pay the debt.
Can you add a co-borrower to an existing home loan?
No, you have to refinance the mortgage. The person you want to add to the loan needs to apply with you on the new one.
When you have a reverse mortgage who is the homeowner?
The borrower on the home remains the homeowner, the reverse mortgage lender will have a lien against the property, just like other mortgages. Your home ownership rights remain the same as before with one exception, that you cannot rent out the home and must keep it as your primary residence. if you move you need to sell the home or refinance it to a forward conventional mortgage or you could be in default of the mortgage agreement.
If you are married and refinance a primary residence in Florida does your wife have to go on the mortgage?
Yes. Your wife will have to sign the Mortgage. She will be on the Deed, the Title and the Mortgage. You however, if you are the only one that is borrowering the funds, will be the only on the Promissary Note.
Is there a clause that would allow you to rescind a first mortgage?
not if you're purchasing, but if it's a refinance, yes. You only have 3 days. Only refinance transactions secured against the borrower's primary residence have a three day right of rescession period. Purchase transactions and refinances secured against second homes or investment (non-owner occupied) properties have no rescession period.
What if reverse mortgage holder gets married?
The marriage is no problem, however the new spouse is not protected in the reverse mortgage unless a refinance is done into both of their names. As a result if the borrower passes away the new spouse will have 6 months to sell the property or refinance it... or to turn it over to the lender.
