Mortgage. Refinance and retitle questions?
My soon to be ex and I own house (joint title). We have been seperated 2 years, but are both on mortgage and equity loan.
I would like to refinance the entire loan to get him off as a liable party.
But, I am confused about title? We have agreed on a settlement amount that I will pay him over time, so no $ $ issue right now.
If I apply to refinance in my name only does he need to quit claim to me to have the deed of trust changed?
If I decide to apply jointly with another person does that need to be addressed now in the quit claim?
Or do I apply with new co-borrower, have the ex quit-claim to me and then add my co-borrower on the deed of trust later?
I guess I am confused about what order things need to happen? I drew on equity line to give the ex 50% of his payment, so I may need co-borrower to support the increased mortgage payment/or to get better rate.
Mortgage now is about $ 3K per month and my gross is only about $ 8K month. Credit is VG not quite EX
Only other debt is car note. Probably role that onto the equity loan to consolidate everything. That would make all debt I have about maximum 78-80% LTV on the house value.
Since I would exceed conforming $ 417K at about $ 495M probably have two loans. Conforming and Installement for remainder. My rate today is 5.62 on conforming and about 6.25 on remainder so hoping to stay sub 6% if possible. We shall see! And not filed divorce yet….
If I decide to refi on my own, could I add someone to title later? What type of fee is that?