Ask Experts Questions for FREE Help !
Ask
    link1234's Avatar
    link1234 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 21, 2010, 11:56 AM
    My finacee owns a home, can I refinance it in my name only? Looking for lower rate.
    My financee owns a home. We are looking to lower the rate. Can I refinance the mortgage in my name only?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #2

    Jul 21, 2010, 12:08 PM

    No you can't refinance her house in your name only. Firstly, that would be taking the house away from her. Is that what you want to do? I am sure she wants to keep her interest and equity. She can refinance for a lower rate. She has to ask her bank.

    Tick
    link1234's Avatar
    link1234 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jul 21, 2010, 12:10 PM

    Right but she has two mortgages on it and we were thinking if I put it in my name we could just get one mortgage?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #4

    Jul 21, 2010, 12:23 PM

    You can't just put her house in your name. You would have to buy the house from her and go through the usual mortgage channels in order to do this; then it would be in your name only. Get a lawyer and discuss if you want to do this before marriage, but why not wait until after you are married, go to the bank and you both can negotiate a lower rate to get rid of the two mortgages. That is far more attractive to the bank because they know (I hope) both of you are working so there are two incomes, right ?

    Tick
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Using points to lower the rate [ 1 Answers ]

I'm looking to refinance. I found out from a local bank this morning that for a 30-yr. fixed rate mortgage, I can get a rate of 5.375% with 0.875 discount points. I assume that I have excellent credit. Would I be able to buy an additional 1.125 points, for example, to get the rate down to 4.25%?...

Mortgage refinance, rate lock [ 3 Answers ]

I am attempting to refinance my home with a mortgage broker. I "locked" the terms of the loan(interest and points), with a 30 day lock. All papers were signed, and accepted by the mortgage broker within the 30 day period. I received notification from the broker that all was going as planned, and...

View more questions Search