I need to have a cosigner's name removed from 5 investment property mortgages. One lender will allow me to use a release of reliability form, along with a $550 fee, to remove it. The other lenders do not allow this. It seems refinancing is the only option. The rates my lender is quoting are around 4.5% with total closing fees around $5000-6000 for each of the 4 loans. They can roll this into the new mortgages.
Are there any tricks I'm missing to solve this problem?
The whole process makes me a little nervous so I wanted to make sure I'm thinking about this correctly.
Thanks for any comments or suggestions!