Will i be able to take out more money from a refinance or by creating a new mortgage with my girfriend? (we are looking to buy house than put on an addition)
2007-12-05 12:02:23 · 3 answers · asked by Mr Yankee 1 in Business & Finance ➔ Renting & Real Estate
Refinancing IS a new mortgage. You and your brother cannot refinance it together, though. You and your g/f will have to get a new loan and buy out his equity.
Whether or not you can take out any equity will depend upon the numbers.
2007-12-05 12:11:13 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The "mortgage" really has nothing to do with it (unless both of your names are on the note).
It's the deed. First, make a personal agreement with your brother to buy him out. Then, go to a title company and simply remove his name from the deed. Both of you will need to be present to sign. After that, it's done. Costs somewhere between $20 and $30.
On the finance side, contact them and request to take his name off the mortgage. This way, his responsibility on the mortgage is gone.
2007-12-05 20:12:49 · answer #2 · answered by Scott D 5 · 0⤊ 1⤋
Never, never, never buy a home with a girlfriend or friend. Girlfriends come and go but the mtg is there for 30 years and I do not think she will be around for ever.
2007-12-06 18:32:49 · answer #3 · answered by Leo F 4 · 0⤊ 0⤋