Refinancing without being on the loan

Posted on 11:33 AM | By Smart Wealth Advisory | In

If you and a spouse or family member are currently living together, but only one person is on the current mortgage it’s best to make the mortgage payments from a joint checking or savings account each month. This way, in the event that you need to refinance in the future and must use just the person who currently isn’t on the loan, you can do so without much hassle.

Banks and mortgage lenders often want verification that whoever is taking over the current loan has been making the mortgage payments for the prior 12 months. This also alleviates the need for title seasoning, so a borrower taking over the mortgage can simply be quit-claimed onto title at the last minute as well.

This issue often comes up when the primary borrower has a poor credit score and elects to use another person, often a spouse to refinance the loan to obtain more favorable financing terms. It can amount to big savings if the current titleholder/mortgagee has a low credit score and the spouse has a great score.

Comments (2)


Hello, I am Malissa Delh, currently living in New jersey city, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in April 2014 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Man of God a private loan lender who gave me a loan of $85,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact Mr James Lewis. He doesn't know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email: lewisloancompany@yahoo.com

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