How Do You Transfer A Mortgage To A Single Cosigner?
Mortgage financing is the process by which a homeowner secures a long-term loan for the purchase or refinance of real property. If you currently have mortgage with two signers and you’d like to switch it to just one signer, you must refinance. It’s impossible to remove someone from the obligation of a mortgage without refinancing. Pull a current copy of your credit report. Consider getting a copy of your FICO score. Calculate your debt-to-income ratio (DIR). Divide the sum of your monthly credit-reportable bills by your gross monthly income. Most lenders want to see a DIR under 40 percent. Calculate your loan-to-value (LTV) ratio. Divide your mortgage balance by the appraised value of the house. Excellent LTVs are below 80 percent. Research lenders based on your credit score. Stick to banks and credit unions (and maybe mortgage brokers) if you have excellent credit. Broaden your search to finance companies as well (like CitiFinancial) if you’ve had credit problems. Make sure any new mo
