Question for mortgage experts

[bulldog999]

When I bought my first home, I had a person co-sign with me to make sure I was approved for my loan. I now want to be the sole person on the mortgage. Is there any way to do this other than re-finance? I have a great interest rate that I couldn't get today and I don't want to end up paying more per month.

Thanks.

[DrewDevil]

You will have to ask your lender, but they don't really have any incentive to let your co-signer off the hook. Why would they?

If they agree, you'll probably have to basically apply for a new loan, with new applications and new credit checks, etc.

Why do you want to change this if your interest rate is great and your payments are low?

[ScottieK]

[ QUOTE ]
When I bought my first home, I had a person co-sign with me to make sure I was approved for my loan. I now want to be the sole person on the mortgage. Is there any way to do this other than re-finance? I have a great interest rate that I couldn't get today and I don't want to end up paying more per month.

Thanks.

[/ QUOTE ]

If the original loan required a co-signer, I don't think you can get your lender to make you the sole borrower on the mortgage without refinancing. If your financial situation has improved, maybe refinancing will work out for you anyways. I'm guessing you've built up some equity in your home and have demonstrated a good track record of payment. If your lender is willing to refinance your home, you should get a lower rate than what you're currently paying.

Mortgage co-signer question

ScottieK

[deadbody]

I'm betting co-signer wants to borrow some money and can't because of the mortgage.

Bank no let you off hook.

[MrMon]

If your mortgage is assumable, it's possible you could get the co-signer off without losing the interest rate. Many recent mortgages were assumable, you have to check the fine print and conditions. Other than that, you probably are out of luck.