Refinancing as joint mortgage for primary residence rate when name not on deed
My father owns a house he used to live in and now rents. I will be renting from him this year.He would like to refinance but it is no longer his primary residence, so he would have to pay a commercial rate.If we refinance together in a joint mortgage as joint debtors, and the place is my primary residence, BUT my name is not on the deed, are we eligible for a reduced rate? by dueuvermark from Chester, West Virginia. May 19th 2011
Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions
Short Answer: no. Longer Answer: Since you are not currently an owner of the home you cannot refinance it. Your right, your dad would have to refinance as an investment property. The rates are a little more, but not as much as you might think. However,It may be possible for you to purchase the home with a no money down program. Something to think about.Ron Pippin801.628.7667Ron@HelpMeWithAMortgage.com
MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions
Hi there: One option is to have you added on title (quick claim) and then pursue a refinance as primary residence or have your father sell the property to you as a purchase. I would be glad to look up guidelines for Fannie and Freddie for you which lenders basically follow but there are always overlays.Mike (703 505 5300)
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