Buying a house but already on another mortgage

You have two options. The first is to have those remaining refinance the house without you. Rates are amazing, so that is a good options. The second option is to just go ahead and buy the new house. There are many rules that you would need to follow for option two, so be sure to sit down with a local licensed Loan officer (not a bank), and allow them to get a full application, so they can zero in on your best option.

So long as that loan is open, your name will continue to be on it... if the payments are paid late, it will reflect on your credit report.. The only way to remove your name is to have that loan paid off.. Either refinance it or just pay it off... as far as qualifying for another mortgage.. the lender will look at your debt, your husband's debt, and both your incomes... if your Debt to income ratio is within industry standards, you will be ok... if not, then if you can prove that someone else has been making the payments on the townhouse with 12 canceled checks, then your lender will remove that mortgage payment out of your debt to income equation, and open up more income to qualify for your new home.. This is very basic stuff for a qualified mortgage professional... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

There are some additional details needed for a final answer. Give me a call and we can review the options available for you . Mark 800-485-1387 Extension 107

You need to refinance your name off the first house if you are on the loan. The other family members will have to have enough income and credit to carry the mortgage without you. If not your income will have to be sufficient to carry both the current and a new mortgage. As for down payment there are lots of different programs some with no down payment. I would be happy to go over your options 443-624-9398

Give me a call I would need more details. But since you are in Maryland you are no longer a first time home buyer. This sounds doableJoyce 301 915 5644

I would have your named removed from the deed. If you didn't you would be considered a 2nd home owner.

If you can qualify with both payments, you probably won't have an issue. If you don't, then you'll likely need to have the remaining parties refinance you off the loan or somehow pay off the loan altogether. There are a few other scenarios, like the other parties requesting a qualifying name-delete assumption from the servicer (which is basically a refinance but keeps your current loan terms), or if there is some kind of court order stating the other parties will pay...If you signed more as non-occupying co-borrowers, like a parent for a child, then you may just have to demonstrate the other parties have been covering the payment themselves for the last 12 months. These may help you qualify, but you're still a responsible party to the loan until it is paid off. If you stay on the loan, then you'll have to address your occupancy status, etc., depending on the details of your transaction. Speak to a mortgage broker in your area; he/she can work through the details with you and give you the best advice from there.

You can do a quit claim deed to have someone removed from the mortgage and then refinance it with out that person. Ofcourse the bank would have to approve the quit claim deed. Besides the obvious why do you have so many people on the loan?