Refinance home mortgage loans [mortgageapproved.blogspot.com]
Question by Jules Z: For California, do both names on a mortgage refinance loan need to be on the house deed? I am in the process of refinancing my property with my father. Since both of our names will be in the mortgage loan, do CA laws required him to be on the house deed or title too? He does not want interest in the property. If no, is it possible to ask the title company to just have my name on it during signing? If yes, can I look into a Quit Claim Deed? Thank you. Best answer for For California, do both names on a mortgage refinance loan need to be on the house deed?:
Answer by chatsplas
Your father cannot give lender a security interest in the home when he does not own it. Consider whether your father is co-owner, co-borrower or just a guarantor. Discuss this with your lender.
Answer by Landlord
This is not legal, it is contractual, with the mortgage company. The mortgage company is not going to lend your father money for property he does not own. He will have to be on the deed.
Answer by JR
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Before you begin to refinance home mortgage loans you have to make a decision, what is your goal? What profit you are looking for? Note, that when you will refinance home mortgage loans, the refinancing will not pay your debts. It will lower the interest rate, merge the loans or change the terms.
1. Do You Want A Lower Interest Rate Or Lower Monthly Payments?
Most borrows, who want to refinance home mortgage loans are looking for a cheaper interest rate. But some like the lower monthly payments and want to make bigger the loan time up to 29 years. By the loan consolidation borrowers want to make the organization easier and to get the cheaper interest rate at the same time.
2. So What Is The Ideal Timing?
Is the home mortgages refinance more gainful during certain times? Yes it is, because the lenders market the different terms throughout different times. But it also depends on your current terms. If you had a fixed rate mortgage and the market interest rate is Cheaper, than what you pay, it may be value to refinance.
In fact, it is not wise to refinance, if you are going to live in your house for a short time and pay away the mortgage loan. The stats say that the average closing costs for a $ 200.000 loan are over $ 3.000. This amount does not include taxes, insurance or prepaid items such as earlier rated interest or property holder association dues.
More often than not people, who are going to refinance mortgage loans calculate, how many months it will take to reach the break even.
For instance, if your savings will be about $ 100 a month, it will take about 20 months to arrive at the break even with the average closing costs.3. What Is Your Status?
When you consider, whether to refinance or not, it is helpful to check your financial status right now. The loan interest rate, your credit score or has the loan a prepayment price? In fact, you should list all the financial things, which have an influence on the calculation to be able to measure up to the current and new terms.
4. How To Get Several Quotes Quickly?
The reply is, use the online assessment sites. They have in their databases hundreds of mortgage loan lenders, who are keen to give quotes. But keep in mind to ask also from your current lender, because he may have an interest to keep you.
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