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Refinancing your existing mortgage might be a possible solution if your current lender won’t release your co-borrower. Again, you’ll need to have good credit and sufficient income and equity ...
Another reason to refinance is when you have a mortgage co-borrower, such as an ex-spouse, that you want to remove from a home loan instead of selling the property. Cash-out refinance:
Refinancing and adding a borrower: Refinancing your mortgage and adding a second borrower lets you adjust the loan’s terms and rate. It may be easier to add another borrower by refinancing.
The credit-qualifying route is required in certain circumstances, such as when you want to remove a borrower from the mortgage or if changing the repayment term will increase your payments by more ...
A co-signer takes on all the rights and responsibilities of a loan along with the borrower. This means that if the borrower can’t make a payment on the loan, the co-signer is responsible.
When you co-sign to help somebody else qualify for a mortgage, the relationship between you and the primary borrower taking out the loan doesn't matter, as long as it's fully explained and documented.
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