Question by Brett: How do I get my name off a mortgage without refinancing.?
I recently went in with my parents on a 5 year fixed mortgage. They could afford the house without me but I put my name on it to get a housing allowance from my company. I now want to buy my own home but require my name off the mortgage in order to get financing (on my own). The banker said that my parents would have to refinance the mortgage and pay a fine for canceling the 5 year fixed mortgage. We just wish to remove my name not redo the mortgage.
Answer by Judy
The only ways are to refinance in just their names, or to pay off the loan.
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