Author Topic: quitclaim deeds and mortgage refinance  (Read 783 times)

ctuser1

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quitclaim deeds and mortgage refinance
« on: March 04, 2020, 11:50:58 AM »
The mortgage rates are inching closer to where I will consider refinancing. Hopefully, by next week they are all in the solid 2-3% territory - like I remember seeing when first looking for a house in 2016.

As of now, the house is in my name only, as is the mortgage. Is there an easy and cheap way, preferably DIY, to transfer ownership of the house to my wife, and have her take a mortgage when I am ready to refinance?

The reason I want to do so is to get a credit score bump for DW. After I paid the mortgage for a couple of years, my credit score jumped above 800. For DW - it is still hovering around 750ish. I *think* (not sure) that having a higher score will make it easier to do our yearly CC churning.


cchrissyy

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Re: quitclaim deeds and mortgage refinance
« Reply #1 on: March 04, 2020, 12:06:13 PM »
the deed doesn't matter for credit scores it's all about whose name(s) are on the loan account

Sibley

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Re: quitclaim deeds and mortgage refinance
« Reply #2 on: March 06, 2020, 06:16:39 PM »
Yes, the name on the deed doesn't matter.

However, your wife would be a fool if she allowed her name to be on the mortgage without being on the deed.

ctuser1

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Re: quitclaim deeds and mortgage refinance
« Reply #3 on: March 06, 2020, 06:47:07 PM »
Yes, the name on the deed doesn't matter.

However, your wife would be a fool if she allowed her name to be on the mortgage without being on the deed.

Her eyes glaze over on these long term financial stuff. I am quite sure I can get her to sign pretty much anything :-D....

Every time we have a fight over anything, she says she wants to divorce me, and comes with a pen and paper to understand "all the financial stuff". I go into a lot of detail with gusto, her eyes glaze over, and she seems to lose her enthusiasm for the said "divorce". 

But that said, I don't like these sorts of complicated situation myself. So I'd be very interested if you can point me to how to do this whole quitclaim business as a DIY. Ideally I would want the house transferred to her name *only* and the mortgage in her name *only* as well.

ChpBstrd

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Re: quitclaim deeds and mortgage refinance
« Reply #4 on: March 08, 2020, 07:30:01 PM »
The reason I want to do so is to get a credit score bump for DW. After I paid the mortgage for a couple of years, my credit score jumped above 800. For DW - it is still hovering around 750ish. I *think* (not sure) that having a higher score will make it easier to do our yearly CC churning.

I was shocked to discover my DW's score had dropped to 688. She was on the mortgage and had some utilities in her name, nothing was ever late, but she had zero credit cards (her last one dropped her for lack of use). We had no trouble at all getting her two selective cards with high cash bonuses and cash back incentives. A score of 750 is still in the "excellent" range, and I think you'll have no troubles.