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Does the person need to be on the deed in order to refinance the mortgage on the property?
The answer depends on the circumstances.
The bank won't give a mortgage to someone who doesn't own the property. Therefore you can borrow money on a house if you're not on the deed.
On the other hand. A person who is not on the deed should not sign the mortgage as a co-borrower with the owner. They have no interest in the property and shouldn't promise to pay for it. A co-borrower has the full responsibility to pay the mortgage if the owner defaults on the payments.
What else can I help you with?
How do you refinance a life estate property?
Generally, in order to refinance the property the owner of the property AND the life estate holder must both sign the mortgage. If you are only a life estate holder you cannot refinance the property. A lender will grant a mortgage to the owner of the property only and the life estate holder must sign their consent. See related question link.
How can you refinance your home for a mortgage?
In order to refinance your home, you should look for a reputable mortgage broker. Work with the broker to find a good plan to refinance you home by looking at you current mortgage.
What needs to be done in order to refinance a mortgage?
A homeowner needs to apply for a refinance in order to refinance their mortgage. Various documents comprise the application, and the process isn't the shortest one around. Banks can decline a refinance application, though.
My husband and i live with my mother we have a life estate on our deed for her protection. In order to refinance the mortgage we have to remove it. Can we put it back on after we close.?
Probably not, check your mortgage for what can be done with the property. Lenders do not like property encumbered with life estates.
Save Thousands With A Mortgage Refinance?
Saving money by refinancing your mortgage is an overlooked strategy that can easily save you thousands of dollars every year.How To SaveMany homeowners choose to refinance their home loans in order to receive a more favorable interest rate and reduce their monthly mortgage payment. Some property holders refinance in order to obtain cash out for home renovations and repairs, college tuition, or to pay off high interest rate credit card balances. Another way people cut costs through a mortgage refinance is by eliminating private mortgage insurance or paying off a second mortgage with a higher interest rate.
Do I have to refinance in order to remove PMI from my mortgage?
No, you do not have to refinance in order to remove PMI from your mortgage. You can request to have PMI removed once you have reached a certain level of equity in your home, typically around 20.
Can I get home equity with Mortgage Refinance Debt Consolidation?
I think you probably can get home equity with mortgage refinance debt consolidation. You will need to sit down with your lender in order to get the refinance done. It's almost like applying for a mortgage all over again.
Can you sign quitclaim deed if you still owe mortgage company?
Quitclaim deeds do not release the person quitting claim from their obligations under a mortgage, although a quit claim deed is a step in the right direction. In order to remove the party who quits claim from the mortgage, you must refinance the mortgage in the name of the party to whom title or interest in the property has been conveyed. The credit scores, income and assets of the party quitting claim can no longer be used for the mortgage, and this has traditionally meant trouble for borrowers seeking to refinance to remove the party who quit claim. Quit Claim deed refinancing can be a complex situation, which requires sensitivity and specific expertise in handling refinance transactions pursuant to quit claim deeds.If you have received property or plan to receive property through the execution of a quit claim deed, for example in case of divorce, the only way to finalize ownership of property and mortgage in your own name is to refinance the mortgage once the property is deeded to you, however the overwhelming majority of lenders will not allow you to refinance property unless you have been on title to the property for at least 12 months..
Do you need to refinance in order to remove PMI from your mortgage?
No, you do not necessarily need to refinance in order to remove PMI from your mortgage. You can request to have PMI removed once you have reached a certain level of equity in your home, typically around 20.
What banks provide the best mortgage refinance services?
TopConsumerReviews released its top mortgage refinance companies of 2013 and selected (in order) Lending Tree, Quicken Loans, Loan App, Mortgage Search 123, and Lower My Bills.
How can one get a refinance mortgage loan in Spain?
In order to refinance a mortgage in Spain, a consumer must have the proper documentation and be the same as when the mortgage was originally applied for. The documentation would include passports, documentation of income and have a good credit rating.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
