Adding Partner to Loan and Title in Refinance
Hello BP!
I have a silent partner on a property that I own solely and am simply wondering what steps are involved in getting him added to a new loan, as well as, Title in a refinance. While also removing myself from both. Essentially we would be looking to swap ownership in the property through the refinance, with me cashing out. The cash-out amount would be a separate agreement between us, aside from the refinance.
I'm really just trying to wrap my brain around the logistics of how he'd be added to both the loan and Title, while simultaneously removing myself. I'm probably overthinking a simple answer, so any insight is appreciated!
Thanks!
Most Popular Reply
If you are NOT taking your name off title, you can just tell the bank that you are adding your partner to title. OR you can record a new deed gong from your name individually to both your names. This way you are both on title. NOW go to the bank for a refinance. They will look at both your credit and backgrounds. Just file a new deed.