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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Question about refinancing - not HOME related
DH and I currently have a 6% rate on our home.
I have not so fantastic credit. Dh has great credit.
If he takes me off the mortgage we can get a rate of 4.5. This would save us almost 500 a month.
I would STILL be on the title of the house.
What do you think?
Message edited 10/9/2010 3:33:29 PM.
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Posted 10/9/10 3:33 PM  |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Question about refinancing - not HOME related
Posted by Diana1215
DH and I currently have a 6% rate on our home.
I have not so fantastic credit. Dh has great credit.
If he takes me off the mortgage we can get a rate of 4.5. This would save us almost 500 a month.
I would STILL be on the title of the house.
What do you think?
Are you worried about not being on the mortgage should something go downhill in your marriage? I think as long as you're on the title you should be fine...
And I would CERTAINLY refi to get the payments down that much. It seems silly not to...
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| Posted 10/9/10 4:16 PM |
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MissJones
I need a nap!
Member since 5/05 22139 total posts
Name:
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Re: Question about refinancing - not HOME related
We're refinancing at the moment. I will be the sole person on the mortgage, but DH's name will be on the deed/papers, too.
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| Posted 10/9/10 5:22 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Question about refinancing - not HOME related
I would be fine with that - but you should weight the total of what it will cost you over the life of both loans & with the fees & closing costs.
In some cases, it may not be worth it.
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| Posted 10/9/10 5:28 PM |
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Re: Question about refinancing - not HOME related
Keep in mind as well that a lot of lenders will require 2 people on the mortgage for income purposes. I also think these days especially, they worry about one person losing their job.
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| Posted 10/9/10 5:49 PM |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
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Re: Question about refinancing - not HOME related
The name on the title is irrelevant if the house was purchased during the marriage. It is still a marital asset regardless of whose name is on the title.
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| Posted 10/9/10 5:57 PM |
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Re: Question about refinancing - not HOME related
I am not on the mortgage but I AM on the deed
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| Posted 10/9/10 6:27 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: Question about refinancing - not HOME related
Posted by SecretTTCer
The name on the title is irrelevant if the house was purchased during the marriage. It is still a marital asset regardless of whose name is on the title.
Interesting! How about if it was purchased three months before the marriage?
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| Posted 10/9/10 6:51 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: Question about refinancing - not HOME related
Posted by KittyGags
Posted by Diana1215
DH and I currently have a 6% rate on our home.
I have not so fantastic credit. Dh has great credit.
If he takes me off the mortgage we can get a rate of 4.5. This would save us almost 500 a month.
I would STILL be on the title of the house.
What do you think?
Are you worried about not being on the mortgage should something go downhill in your marriage? I think as long as you're on the title you should be fine...
And I would CERTAINLY refi to get the payments down that much. It seems silly not to...
Yes, exactly - you just never know what can happen and I want to make sure I'm covered. Spoke to my parents and they also said it's fine to do!
Thanks 
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| Posted 10/9/10 6:52 PM |
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MaMaTeenie
Party of 5
Member since 4/08 6489 total posts
Name:
Mommy
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Re: Question about refinancing - not HOME related
As long as you are on title, being on the mortgage doesn't effect your ownership/right to the house in the slightest. And if you need a mortgage lmk
Eta: the bank doesn't care if there is one borrower or 2, if your DH qualifies on his own that's all they care about.
As PP said if the house is a marital asset it doesn't matter if you are on title but there is no reason not to be on title, even if you are not on the mortgage
$500 a month is a heffty savings that's $6000 a year. Even if your closing costs are 6000 your loan (the refi)will have paid for itself in a year.
Message edited 10/9/2010 11:33:23 PM.
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| Posted 10/9/10 11:28 PM |
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Sweets13
Bella Bambini
Member since 5/05 9300 total posts
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Re: Question about refinancing - not HOME related
I would do it...no doubts about it all.
Where is James going anyway?!?!?
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| Posted 10/10/10 8:10 AM |
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Re: Question about refinancing - not HOME related
If you are on the deed, you must be on the mortgage. I think what they mean though is that your DH will be on the credit application and only he would sign the note, but if you are remaining on the deed you will also have to be on the actual mortgage. The deed and the mortgage have to match. Good Luck!
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| Posted 10/11/10 4:16 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Question about refinancing - not HOME related
Posted by Diana1215
Posted by SecretTTCer
The name on the title is irrelevant if the house was purchased during the marriage. It is still a marital asset regardless of whose name is on the title.
Interesting! How about if it was purchased three months before the marriage?
It doesn't matter. NY State isn't a 50/50 state anyways. In the case of divorce, it doesn't matter if your name is on the title/deed or not.
Assets would be distributed equitably and you would get the same percentage of the house you would be entitled to whether you were on the deed or not.
As SecretTTCer said, it's a martial asset. If you were on the title three months before the mortgage and remove yourself from the title now to re-fi you still would theoretically "own" part of the house.
If he can qualify on his own credit, just put it in his name. Joint accounts are bad in general anyways. If somebody slips and falls on your property, now only he can be sued and not both of you. That's a GOOD thing.
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| Posted 10/11/10 6:35 PM |
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