Author Topic: Re-finance recs (to add co-owner)  (Read 1098 times)

mountainmama

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Re-finance recs (to add co-owner)
« on: November 04, 2019, 08:19:38 AM »
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« Last Edit: September 09, 2023, 12:18:49 PM by mountainmama »

mountainmama

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Re: Re-finance recs (to add co-owner)
« Reply #1 on: June 06, 2020, 09:15:53 AM »
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« Last Edit: September 09, 2023, 12:19:01 PM by mountainmama »

waltworks

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Re: Re-finance recs (to add co-owner)
« Reply #2 on: June 06, 2020, 09:44:27 AM »
No, if you're not occupying it, it'll be considered an investment property regardless of your other liabilities.

I'd sell it, $275k tied up to make $1800 a month is not a good property.

You can legally have your name added to the title (process will vary depending on the state you live in but it's not hard/expensive) without doing a refi. That's what I'd suggest.

-W

mountainmama

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Re: Re-finance recs (to add co-owner)
« Reply #3 on: June 06, 2020, 08:33:11 PM »
Thanks. I suggested we sell it when our last renters moved out, but he really wanted to keep it. I read the current mortgage, which I think made it clear that the name on the title couldn't be changed, but maybe that only means his name can't be taken off. I'll have him call to find out.

GizmoTX

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Re: Re-finance recs (to add co-owner)
« Reply #4 on: June 06, 2020, 08:51:43 PM »
Do you each have current wills & powers of attorney for health decisions & finances in the event of incapacitation?

cchrissyy

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Re: Re-finance recs (to add co-owner)
« Reply #5 on: June 06, 2020, 08:55:02 PM »
you can get added to the deed without involving the bank or a new mortgage. that's a job for the county recorder's office.

as a separate matter, if you do proceed on a new mortgage then yes you should expect to get investment property rates not the lower owner-occupied rates.

mountainmama

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Re: Re-finance recs (to add co-owner)
« Reply #6 on: June 06, 2020, 09:03:35 PM »
Do you each have current wills & powers of attorney for health decisions & finances in the event of incapacitation?

We have them ready, but not signed yet. Unfortunately we were just finishing getting them ready when SIP was ordered in our state. So we've been waiting for things to lighten up in order to find a notary.