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cubbear
09-14-2005, 10:22 AM
I am in the process of refinaning my home. The title is in my name. Now hubby is going to give the money so he can be on the title. Can the loan still be under my name but the title under both names?
andrew&shannah
09-14-2005, 10:35 AM
Our house is set up this way. My husband is the only person on the loan but we are both on title. I would check with your real estate attorney to be sure but I don't see this would be a problem.
cubbear
09-15-2005, 09:59 PM
thank you! i think it is possible also, since hubby's credit is not as good as mine and dont want to go through the hassle of bank stuff.
Hello Kitty
09-16-2005, 06:05 AM
Yes, it's possible. When we (okay I like to say I :D) bought our house I was the only person on the loan b/c I was the only one with income. It was something my real estate attorney took up at closing - everything else as far as 'getting' the loan involved me & my name.
cubbear
09-16-2005, 09:30 PM
hubby works too but he has some other loans and had credit card debt. i mean he still has 'good' credit but i'm more in the 'great' credit. if i remember correctly i think you live in ca?
Hello Kitty
09-18-2005, 06:26 AM
I understand. DH is in school and has our car loan in his name, so adding him would have really hurt our mortgage terms.

I'm in IL. DH had to sign some disclosure stuff on the mortgage (I guess it's an IL thing, and not sure if that applies to a re-fi or not) but he was added to the title somehow. Something like 'joint owner not financially responsible'...
cubbear
09-20-2005, 09:01 AM
that is interesting in the disclosure info. my refinance will be funded this coming monday and then hubby & i will just need to go to record when we change the title.
RobynScott
10-07-2005, 11:21 AM
Trying to decide if there is any reason for us *not* to re-finance. We currently have two loans, a 30 year fixed and an adjustable HELOC - which keeps going up every month!

If we re-fi, it will likey be at 5.75% for a 30 year fixed (same as our current 30 year fixed) - payments would be close to the same as they are now - but we would not have to worry about the variable rate.

Our house appraised for a lot more than we paid (10 months ago) - so we could re-fi with 80% equity in the house - guess I just want to make sure

1) it makes sense to incur the closing costs of re-financing and

2) 5.75% is still a good rate for 30 years (no points)

Thanks for any and all help!