My father and I purchased a home recently. We decided to go 50-50 on everything... down payment, monthly payment etc. However, we thought it might be smarter to take the loan out under his name to get a better rate. I have great credit and didnt apply for the loan with him because I was in between jobs. Both of our names are on the title but only his is on the loan. Is it possible for me to be added to the loan so I can share the tax benefits if any?
2006-12-27 13:35:08 · 7 answers · asked by jerngab 1 in Business & Finance ➔ Renting & Real Estate
If your name is on the title, your name is on the mortgage too. Perhaps not the promissory note, but on the mortgage. The only way to change this is to refinance. Still, because your name is on the mortgage, you might want to check with your Dad to see how the mortgage statements are written such that you may already be able to share the tax benefits with Dad as it stands now.
2006-12-27 14:27:41 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
This option will work for you in six months. Start making mortgage payments for him from a checking account you have with your name only on that account. Open a checking account at the bank, if available, he makes his payment too. Make sure your father's name is not on the account, needs to be in your name only. Then make the payment on his loan for six months (you need to show 6 months of mortgage payment history - by either doing an automatic withdrawal (EFT-ACH) from that account or by writing a check). You can then refinance that property with a local bank (Wells Fargo, Washington Mutual, etc.). If he doesn't have impound accounts (part of the mortgage payment includes taxes and insurance) - I would also start paying the taxes and insurance (keep copies of your cancelled checks). I've done this several times before (I'm a mortgage lender). Remember this, if you credit score is high enough, you don't even have to prove your income with pay stubs (680 and over). To improve your credit score even more at this point, opt out of pre-screened offers. Here is the website, it's free, I've seen it improve scores in 30 days:
https://www.optoutprescreen.com/?rf=t
You are considered less of a risk to lenders if you don't want pre-approved bank offers.
2006-12-27 23:08:56 · answer #2 · answered by Martini Babee 4 · 0⤊ 0⤋
If your credit is great and you are again employed there is no reason you can't get your name on the loan. Just get a hold of the firm.
Good Luck
2006-12-27 21:49:57 · answer #3 · answered by statue 2 · 0⤊ 0⤋
The lender will want to qualify you based on your credit. Call them directly and see what they are willing to do without having to refinance. Hopefully minimal costs for you.
2006-12-27 22:06:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
get refinanced .....it's the easiest for you .......write in details at kishaloy_bhowmick@yahoo.com
regards,
kish
480.751.4125
2006-12-28 02:39:58 · answer #5 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
unless you refinance, usually not.
2006-12-27 21:42:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no
2006-12-27 21:37:34 · answer #7 · answered by cork 7 · 0⤊ 1⤋