Want to get co-signer off morgage

[Joe Wittman]

Hello All,

I bought a house back in 2016 with my father as the co-signer and he is wanting off it now that it's a rental. It's cash flowing well and have great tenants. He's just wanting off the mortgage. 

My issue lies that a remortgage at this point is "expensive" not only for the fees and such but also will be back in the high interest percentage payments in the amortization.

I also am married now and don't want the wife on the morgage and that seams to be a thing in Florida.

is there a way I can get my father of the morgage and deed without refi? I have excellent credit not sure if that helps.

[Tony Severance]

@Joe Wittman  Think of it from the bank's point of view...The lender originally wrote the loan based on you and your father's combined ability to make on-time payments.  It is not in their best interest to simply remove one of the borrowers because that person doesn't want to be on the loan any longer.  To get that person removed from the loan (and the obligation to make payments on that loan), they will need to completely re-underwrite it to make sure you can make the payments on your own.  This typically only happens when you refinance out of the original loan into a new one.  

Regarding you and your wife being on the new mortgage...She does NOT need to be on the loan, even though the property is in Florida.  She would be considered a non-borrowing spouse, which is VERY common.  She also does not need to be on title because it is investment property.  I suggest you consult with a Real Estate and/or Estate Planning Attorney on that matter.