have a situation where either you or DH owned a house prior to marriage? My DH owned his home for about 5 years before we married. When he originally bought it, he bought it jointly with his Dad just so he could get a better interest rate (since DH had a short credit history at the time). Now that we're married, we want to remove DH's Dad from the deed and add me.
We already know how to do this, but what we need to know is whether we will be forced to refinance the mortgage as a result? Is it possible to either: a) remove DH's father from the mortgage without refinancing and add me; or b) remove DH's father from the mortgage so the mortgage remains in DH's name alone?
TIA!
Mrs. Bernabe
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Re: Did anyone else...
I owe a house and wanted to get my father out (he helped me for a better rate). I was told I could get his name off the deed but that does not take him out of the mortgage. For that you would have to refinance and if your DH does not have enough credit on his own he would have to join you or else he can not refinance. Once he refinances he can take his dad out.
kimNanthony
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Re: Did anyone else...
If his dads name is on the mortgage they are not just going to let him off easily. You probably have to refinance BUT if you have good credit and make as much as DH father it is worth a shot to see if they will replace him.
ETA: I definitely don't think removing his father and having only DH is an option because the bank would be opening themselves up to more of a possibility of not being paid. They would only have one person to look to for payment instead of the two they currently have.
BNBride60
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Re: Did anyone else...
Posted by kimNanthony
If his dads name is on the mortgage they are not just going to let him off easily. You probably have to refinance BUT if you have good credit and make as much as DH father it is worth a shot to see if they will replace him.
ETA: I definitely don't think removing his father and having only DH is an option because the bank would be opening themselves up to more of a possibility of not being paid. They would only have one person to look to for payment instead of the two they currently have.
Yeah, DH has now owned the house for 5+ years so his credit history now is definitely long enough to get the mortgage alone in terms of credit, but I understand what you are saying about liability issue. I have a good credit history, but have student debts. I make more than FH's Dad though, so hopefully that means they'd be willing to add me and release his Dad. DH also makes substantially more than he did when he took the mortgage out.
I really don't want to refinance b/c I don't want to pay closing costs!!!!!!!!!
