If My Name Is On The Deed But Not The Mortgage Can I Refinance?

Let’s say your name is on the deed but not on the mortgage and you want to refinance the home.

Here are the general steps you would need to follow:

• Obtain Consent: Since you’re not on the mortgage, you will need to get the consent of the person who is, since the existing mortgage needs to be paid off with the refinance loan. If they are not willing to do this, then you won’t be able to proceed.
• Check Your Credit Score: Check your credit score to ensure that it meets the lender’s requirements for refinancing. A higher credit score generally leads to better interest rates.
• Gather Required Documentation: This will include your income proof, bank statements, tax returns, and anything else that a potential lender would need to verify your income and your ability to repay the new loan.
• Apply For The Loan: You can approach either the current mortgage lender or any other lender to apply for a refinance loan. Compare rates and terms from different lenders to ensure you get the best possible deal.
• Undergo Underwriting Process: The lender will then process your application, which will include verifying your income, credit history, and the value of your property. This often involves a property appraisal.
• Approval and Closing: If approved, you’ll move towards closing. This will involve paying off the old mortgage with the new loan, signing new loan documents, and possibly paying closing costs, which can often be rolled into the new loan.
• Register New Mortgage: The new loan will need to be registered with your local registry of deeds or a similar government office, which the lender or a title company will typically handle.

Read More: Tax Implications Of Adding Spouse To Deed