My wife and I recently got married but have been living together for the last 8 years. She purchased a house (FHA Loan) that we are currently paying a mortgage on. Her name is the only name on the Deed. We are trying to sell our house with in the next year or two. With that being said we would like to lower our mortgage payment in the mean time before close a deal to sell it.
My question is, is it beneficial to find ways to lower our payment by refiancing? Should I put my name on the deed in hopes my credit score helps us get a lower payment? Or should I just wait it out until we sell our house and not deal with any changes to our loan?
You won't recover much in savings in the next year two, to off set the costs of refinancing. I'd stick with what you have.
@Jerry Moore you have a couple questions here.
1) Should you refi - you have to look at the closing costs to refinance and see if you will recoup in 12-24 months - my guess is not. If you are needing a lower payment and cant make the current payment work for the next 12-24 months refinancing is the best way to do that, assuming you have the equity needed - not knowing the rate doesn't matter too much because a new 30 yr will lower the payment. Also know that being 8 years into a loan you are getting some principle pay down - which you will not get much of in the first few years of a new loan. A lot to look at on this.
Putting your name on the deed - if you are going to add value to the refinance -income, credit, assets- then it probably makes sense to do so. You don't need to do it right away, the title company can prepare the paper work at closing. One thing to consider on the refinance and adding yourself to the loan is if you plan to buy a house when you move, if you haven't sold your current property it could be challenging to get another loan. Again not knowing anything more than you shared in your question.
Thank you @Travis Sperr and @Wayne Brooks.
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