Author Topic: Re-finance recs (to add co-owner)  (Read 526 times)

mountainmama

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Re-finance recs (to add co-owner)
« on: November 04, 2019, 08:19:38 AM »
My partner and I are considering refinancing 'our' rental house. We've been together 11 years, have 2 kids, and built a house together, but aren't married. 'We' also have a rental house. I'm putting quotes because both of the houses are in his name. Mostly because life is crazy, and because I trust him, we've put off any legal issues with our set-up. (He definitely would NOT have either house without me.) However, now that our kids are both in school and the house we live in is almost finished, it feels like time to give me some extra piece-of-mind.

1) House 1 - we live here. The land is owned jointly between my partner and his sister. Owned outright. (Value? $175k)
2) House 2 - rented for the last 6 years, but renters just moved out. We're doing some minor renovations. Value, $275k, Mortgage balance $115k. Rate 3.375%
We were renting it at $1300, but the renters were close friends. New monthly income $1500-$1700.
3) 98% of cash and stocks are in my name. (~$100k)

 The deed for the home we reside in is complicated, since it's not just in my partner's name. I think the best solution is to add my name to the rental house. However, we'd have to refinance to add me as a co-owner.

Q1) How much would we have to lower the interest rate to make it worth it? We both have good credit scores, so I'm hoping we could get it down to 3.1%
Q2) Any recommendations for banks that are great and can offer the lowest rates?
Q3) Should we get a mortgage broker?

TIA