If I want to remove or add a name to home loan is this only possible during refinancing? Also, are there any restrictions on removing/adding a name to home loan?
In general, the only way to remove a name from your mortgage will be to refinance or pay off the debt. This is also true when trying to add names to the mortgage. Mortgage lenders will not
add nor remove names from such an obligation without the opportunity to ensure that the other borrowers have the ability to pay.
- What is a home equity line of credit?
A home equity line of credit is a type of second mortgage that allows homeowners to borrow money using their home as collateral.
- What is a home equity loan?
Homeowners with equity in their property can take out a home equity loan that uses their home as collateral.
- What is a rate and term refinance?
Homeowners have a variety of reasons for refinancing and each reason can indicate that one refinance option or another makes the most sense.
- Is a home equity line of credit tax-deductible?
One of the benefits of homeownership is the availability of a tax deduction for the interest paid on a mortgage.
- Are ten-year fixed-rate mortgages (FRM) available anywhere?
Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings.