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.
Best answer:
Answer by Judy
The only ways are to refinance in just their names, or to pay off the loan.
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Unfortunately the banker is correct on this one. A loan is a contract between parties that once signed no party can change legally. I am not sure about the fees or anything, you can check with another mortgage company to see what their rates and things are.
You may want to see if your parents current loan as a prepayment penalty on it. If not then a loan through another lender for them would work.
In any case there is going to be the documentation fees for redoing the loan.
Sorry for the not good news.
You’d have to die. Otherwise you have no options.