Question:
>> I’ve recently married, and my husband owns a house. In order to have my > name included on the deed, do we have to re-apply for a mortgage? > K. Schmidt
Kitty, this is not a flame, but you should also consider joining into the debt and mortgage as well. Adding your name to the Deed alone makes you a "partner" with him in the equity in the house, but you would have no liability to make up a shortfall in the event the home is sold at a loss. Let’s assume a divorce happens: The home may be sold at a profit. You and hubby would divide the profit equally- or at least you would likely have some claim to them. If sold for less than the debt, hubby alone would be nailed for any deficiency. Having you placed on the Deed shouldn’t affect the lender (assuming its permitted), since in the even of a default, the lender’s rights under the DOT or Mortgage would supercede any later interest your might have. Be sure to check the terms of your Mortgage or DOT to be sure that the property can be transferred (put you on the Deed) without becoming a technical default. Tom
Response:
: >> : >> I’ve recently married, and my husband owns a house. In order to have my : >> name included on the deed, do we have to re-apply for a mortgage? : >> : >> K. Schmidt : > : Kitty, this is not a flame, but you should also consider joining into the : debt and mortgage as well. Adding your name to the Deed alone makes you a : "partner" with him in the equity in the house, but you would have no : liability to make up a shortfall in the event the home is sold at a loss. i hope kitty’s husband had a prenuptual agreement to prevent her from stealing his house. : Let’s assume a divorce happens: : The home may be sold at a profit. You and hubby would divide the profit : equally- or at least you would likely have some claim to them. If sold for : less than the debt, hubby alone would be nailed for any deficiency. now does that sound fair? kitty’s husband gets screwed either way. — charlie please post all responses. my email address on this post is incorrect in hopes of thwarting the efforts of the bulk-emailers to send me unsolicited and annoying email. if you must email me, my correct address is charlie at dolphins dot ssc dot nasa dot gov
Response:
I’ve recently married, and my husband owns a house. In order to have my name included on the deed, do we have to re-apply for a mortgage? K. Schmidt
Response:
> I’ve recently married, and my husband owns a house. In order to have my > name included on the deed, do we have to re-apply for a mortgage? > K. Schmidt
I shouldn’t think so. State laws may differ but here in NJ it’s done frequently. Check with your attorney. The only technical glitch may be what’s known as a "due on sale" clause which is generally part of every mortgage document. Technically when you draw up a new deed to add your name it’s considered a sale/transfer even though the consideration is nominal, ($1.00). The "due on sale" is a condition of default to protect the mortgage holder in the event the seller attempts to sell the property out from under them. Your attorney may be able to get the mortgage company’s permission for the transfer in writing. Just make sure all your t’s are crossed.
Response:
If interest rates come down, below what I have now, how do I go about getting then lowered. Go to my bank or a diferent one. Another question: If I need money to repair the house, or even to pay for college, and the house has enough value to cover it, what do I ask for, refinancing? How do I do about it? Thank you Tony
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Just tried that, and found out that it’s almost impossible to get your current mortgage company to simply lower the rate on an existing mortgage. We shopped around and ended up with the same broker that we had originally dealt with when be bought the house. He gave us a good rate, a good 0.5% lower than the mortgage company we were with would offer on a refinance. So, shop around for the best deal with lowest rate AND lowest closing costs, don’t pay any points and tell them you want cash out. Good luck, Lukas Louw – Hide quoted text — Show quoted text -> If interest rates come down, below what I have now, how do I go about > getting then lowered. Go to my bank or a diferent one. > Another question: If I need money to repair the house, or even to pay for > college, and the house has enough value to cover it, what do I ask for, > refinancing? How do I do about it? > Thank you > Tony
Response:
>If interest rates come down, below what I have now, how do I go about >getting then lowered. Go to my bank or a diferent one. >Another question: If I need money to repair the house, or even to pay for >college, and the house has enough value to cover it, what do I ask for, >refinancing? How do I do about it? >Thank you >Tony
If you really don’t get a good answer, e-mail me your phone number and I’ll call you to talk about it. I’m not a mortgage broker or anything. Just someone who will help. Trip
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> If interest rates come down, below what I have now, how do I go about > getting then lowered. Go to my bank or a diferent one. > Another question: If I need money to repair the house, or even to pay for > college, and the house has enough value to cover it, what do I ask for, > refinancing? How do I do about it? > Thank you > Tony
Tony, That is a great question.. You possibly can apply for a loan with cash out to cover the things you indicated, provided that you have the equity available. Please email direct for additional information, if you desire. It is not good to discuss personal info in a public forum. Respectfully, I Remain At Your Service, Samuel Stovall Mortgage Banker Home America Mortgage, Inc. Lawrenceville, GA 30045 EOL, EHL
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>Just tried that, and found out that it’s almost impossible to get your >current mortgage company to simply lower the rate on an existing mortgage.
Right you are, and if this was a surprise then you don’t realize how the mortgage business works. If it was just that Bill owed Joe money, well Joe might easily agree to change the interest if Bill asked. But mortgages are packaged up by the thousands in mortgage backed securities. There are originator entities which get the loan set up and then sell it on the secondary market to investors. Then the originator has more money to lend, and they originate more loans, which they again sell and so on every day. You will not be able to find the ‘person’ who now owns your loan to simply get them to change it. A thousand persons own a thousandth of your loan together with a thousand others. You just pay off the old loan by its terms, and get a new one. Even if it is the same broker or bank likely it would only be coincidence if the same investor ended up owning it.
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Well, we live and learn….. – Hide quoted text — Show quoted text ->Just tried that, and found out that it’s almost impossible to get your >current mortgage company to simply lower the rate on an existing mortgage. > Right you are, and if this was a surprise then you don’t realize how > the mortgage business works. If it was just that Bill owed Joe money, > well Joe might easily agree to change the interest if Bill asked. > But mortgages are packaged up by the thousands in mortgage backed > securities. There are originator entities which get the loan set up > and then sell it on the secondary market to investors. Then the > originator has more money to lend, and they originate more loans, > which they again sell and so on every day. > You will not be able to find the ‘person’ who now owns your loan to > simply get them to change it. A thousand persons own a thousandth of > your loan together with a thousand others. You just pay off the old > loan by its terms, and get a new one. Even if it is the same broker > or bank likely it would only be coincidence if the same investor ended > up owning it.
Response:
If your house requires repair, i would suggest you study up on the work required and try to tackle it yourself. Contact friends etc. for support and advice also. Do your best to avoid re financing as the interest rate will be high. As for your mortgage, most have a yearly 10 per cent no penalty pre payment clause. That means 10 per cent of the ORIGINAL mortgage amount may be pre paid on the anniversary date. That is the best way to get rid of the mortgage early. Every dollar you pre pay saves at least 5 if paying over the mortgage life. Do not fall into the re financing cycle just because you think you have equity. When re mortgaging before term expiry date, you really have quite a few fees to pay. Even to re appraising the property.
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>…… Every dollar you pre >pay saves at least 5 if paying over the mortgage life. Do not fall into >the re financing cycle just because you think you have equity.
Personally, I too tend to want to pay off my house. Though I felt differently at age 25 (when I had no intention of staying in that particular property very long) than I do now about 20 years later, when I plan to stay put. Investment property I will leverage, though a friend who now (after many years) has all his apartment houses paid off, is REALLY enjoying the cash flow! However, the ironic thing is that on this NG we often hear lectures from those who say it is stupid to have high home equity, and that one should always finance as much as possible so as to have more money to invest in the stock market. interesting… -v.
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- Hide quoted text — Show quoted text ->…… Every dollar you pre >pay saves at least 5 if paying over the mortgage life. Do not fall into >the re financing cycle just because you think you have equity. >Personally, I too tend to want to pay off my house. Though I felt >differently at age 25 (when I had no intention of staying in that >particular property very long) than I do now about 20 years later, >when I plan to stay put. Investment property I will leverage, though >a friend who now (after many years) has all his apartment houses paid >off, is REALLY enjoying the cash flow! >However, the ironic thing is that on this NG we often hear lectures >from those who say it is stupid to have high home equity, and that one >should always finance as much as possible so as to have more money to >invest in the stock market.
Such advice comes primarily from young and inexperienced investors who have never experienced any market conditions other than the long and vigorous bull market of the 90s, and were until recently under the mistaken impression that the market can move only up and never down. Right now, investing in stocks looks like a pretty poor idea. Instead, I plan to put most of my extra funds toward paying down my mortgage. When the bull market returns, as it someday will, I’ll get back into the market. — dlmiller/at/netdirect/dot/net Ted Kennedy’s car has killed more people than my gun.
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> I have 3 mortgages. Two of them are in the mtg market merry go around, > been bought and sold, another one is with the Credit Union. The CU > never sold theirs, and I refinanced it once, but had to pay a about > $1500 to do so. Deeds of Trust have to be recreated, new surveys done, > credit checks, etc.
My CU also doesn’t sell their loans (though they won’t guarantee that they won’t in the future). It’s much nicer dealing with someone local instead of the mortgage company of the week. — Bill Seurer Work: seurer AT us.ibm.com Home: Bill AT seurer.net
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