Updated almost 3 years ago on . Most recent reply
Can a person be removed from a conventional loan?
Hello,
My business partner in one of my short term rentals wants to be bought out. We have a conventional loan one the property at 4%. I don't want to refinance into a new loan because that would mean taking one today's rates. Wondering if its possible to just removed my partner from the loan so I would be the only one on it.
Most Popular Reply
Like everyone above, your best bet is to reach out to the bank. Since it is conventional, it will be hard to completely remove their name in other ways besides a refinance. But banks can be lenient. So I would say call, and don't give up after the first denial. Call a few times, since other people on the line might be more willing to help you