Can You Refinance Into Another Name?
I live in a home owned by my grandparents who still have a mortgage on the property (but no mortgage on their own house.) My husband and I would like to own the house in our names only. We have been here for 2 years and can prove payment of the full mortgage to my grandparents for all of those months. Can we transfer ownership through a new company as a refinance? Can anything be done to avoid closing costs since this is between family members?
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asked 2 years ago
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You could do a rate and term refi,which would take your grandparents name off of the loan and put your names on.
Regarding closing cost the mortgage company have cost that the borrower must pay, but normally in a refi there is enough equity to pay the closing cost as well.if there is not eough equity to avoid closing cost you could possibly take a higher interest rate to absorb the cost,ask your loan officer.
Regarding closing cost the mortgage company have cost that the borrower must pay, but normally in a refi there is enough equity to pay the closing cost as well.if there is not eough equity to avoid closing cost you could possibly take a higher interest rate to absorb the cost,ask your loan officer.
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