Can you change the name on a mortgage without refinancing?

Asked by: Mariela Kuhic  |  Last update: February 28, 2024
Score: 4.5/5 (32 votes)

If you need to remove your ex's name from a mortgage without refinancing, you could request a quitclaim deed (a legal document that allows you to transfer interest in real estate as a grantor to a grantee). In this situation, you are asking that your ex-spouse sign the quitclaim deed in front of a notary.

Can you transfer a mortgage to someone else without refinancing?

The short answer is yes, you can transfer your mortgage to another person, but only under certain circumstances. To find out if your mortgage is transferable, assumable or assignable, contact your lender and ask.

Can you remove one person from a mortgage without refinancing?

Removing a name from your mortgage: Can it be done without refinancing? Yes, it is possible to take sole responsibility for a home that you're currently sharing without refinancing, even if your ex-spouse or another co-borrower or cosigner is currently on the mortgage.

What happens to my mortgage if I change my name?

Call your mortgage company and let the representative know that you'll be using a deed to change the title into your new name. Request any relevant information from the mortgage company. This is important to do as soon as possible — and it's best done before you change your name.

Can you change the terms of mortgage without refinancing?

There is one way you can get a lower mortgage interest rate without refinancing, however. A mortgage modification allows you to change the original terms of your home loan due to a financial hardship. Your lender may adjust your loan by: Extending your loan term.

Why You Should Never Pay Off Your House

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How do I take someone's name off my mortgage?

Removing a cosigner or co-borrower from a mortgage almost always requires paying off the loan in full or refinancing by getting a new loan in your own name. Under rare circumstances, though, the lender may allow you to take over an existing mortgage from your other signer.

Can I remove myself from a joint mortgage?

The process of removing yourself or someone else from a joint mortgage is relatively simple and straightforward—as long as everyone is in agreement and wants the same result.

Can you transfer a mortgage into someone else's name?

You can only transfer your mortgage to another person if your mortgage lender allows it. If you have a conventional loan, you probably won't be able to transfer your mortgage unless you have an allowed exception, such as if you're going through a divorce.

Does it cost money to change your name on your mortgage?

There is no specific home title transfer fee in California.

Does the name on the mortgage need to match the deed?

The two documents that are recorded in the county – the Deed and the Mortgage – must match exactly. Both Jane and John's names would be included on both of these documents. The Note, however, may be different, and acceptable for the lender to only require Jane's name and signature.

How do I get my name off a mortgage with my ex?

There are 2 ways to remove a spouse's name from the mortgage:
  1. Release of liability – You can ask your lender for a release of liability. This is a document that releases a borrower from their obligation to pay back the loan. ...
  2. Refinance – The only other option is to refinance the mortgage.

Can you transfer a mortgage to a family member?

You may be able to transfer a mortgage to an immediate family member without activating the due-on-sale clause. The mortgage still has to be assumable in the first place, though. If you wish to transfer a non-assumable loan, the first step should be to contact your lender.

Can I sue my ex for not refinancing the house?

File a motion for contempt: You can file a motion with the court that handled your divorce to enforce the terms of the divorce decree. This may involve requesting that your ex-wife be held in contempt of court for failing to comply with the order to refinance the home or obtain a new loan.

How do I take over a family member's mortgage?

How To Assume A Mortgage
  1. Ask The Lender If The Mortgage Is Assumable. The current mortgage's original lender has to approve the new buyer before it will sign off on the assumption. ...
  2. Make Sure You Can Cover The Upfront Costs. ...
  3. Submit Your Mortgage Loan Assumption Application. ...
  4. Complete The Underwriting Process.

Can a child assume a parent's mortgage?

Yes, you can, and you don't need to disclose this to the lender either. As long as the mortgage repayments are being made and the property title hasn't changed, the lender is happy.

How do I transfer a joint mortgage to one person?

If you both decide you want the mortgage to be transferred to one person, you do this through a legal process known as a 'transfer of equity'. A transfer of equity is when you transfer a joint mortgage to one of the owners, or to a new person.

What happens to my mortgage if I get married?

Home » FAQ » I just got married, do I have to put my spouse on the mortgage? No, you do not have to have both spouses on a mortgage. Married couples that are buying a house or refinancing a current home do not need to both be on the mortgage.

Does it matter whose name is on the mortgage?

When there are two names on a title deed, it means that there are joint owners of the property and each person owns an equal share of the property. The mortgage does not need to include both names to be valid. Even if the mortgage only lists one spouse, it does not affect the share of the ownership of the property.

What happens if I can't refinance after divorce?

If you and your ex-spouse's name are on the mortgage, you will both be held liable for the mortgage unless you refinance it out of their name.

Can I take over my parents mortgage after death?

Assume the mortgage: Federal law allows heirs to assume a decedent's mortgage loan in many cases. As long as you're a qualified successor in interest — someone who inherited or otherwise acquired ownership as a result of the homeowner's death — you can take over the loan once the deed is signed over to you.

Can I take over my friend's mortgage?

An assumable mortgage allows you to take over someone else's home loan. An assumable mortgage allows you to take over someone else's home loan, often at a lower interest rate. Here's how it works: You're able to get a lower interest rate than the existing borrower.

What happens when you break up with a joint mortgage?

If both partners have signed the mortgage agreement, they both technically still own the property and are both equally liable for the mortgage payments. This joint responsibility remains in place until the mortgage is either refinanced or paid off.

How do you split up with someone you have a mortgage with?

You have a few options if you and your partner separate and you have a mortgage between you.
  1. Buy out your partner and stay living in your home. ...
  2. Sell the home and split the money. ...
  3. Keep a share in the property. ...
  4. Pay off the mortgage.

Can I remove my name as a cosigner on a mortgage?

The Bottom Line

Fortunately, you can have your name removed, but you will have to take the appropriate steps depending on the cosigned loan type. Basically, you have two options: You can enable the main borrower to assume total control of the debt or you can get rid of the debt entirely.

How much does it cost to refinance a mortgage?

The cost to refinance a mortgage ranges from 2% to 6% of your loan amount, and you can expect to pay less to close on a refinance than on a comparable purchase loan. The exact amount you'll have to pay depends on several factors, including: Your loan size. Your lender.