OK thanks for the info. Another scenario: Let's say they remove their
name from the title, but not the mortgage (good friend). Will the bank
make me re-qualify in that case?

If the friend agreed to keep the name on the mortgage (but not have to
make any payments), will that be a disadvantage for them if they go to
qualify for a new loan on their own? (assuming the existing loan stays
in perfect standing)

Is their a difference between a "co-signer" and what my friend
currently is on our mortgage? I am the first name listed on it. Not
sure if there is any distinction there, or if it is pertinent to the
above scenario?

Thanks,



Jennifer wrote:
wrote:
My friend has agreed to let me buy out their 1/2 interest in our house
we live in for X dollars. I will assume sole ownership of the deed and
mortgage. Currently our names are on both.

Question: Will my mortgage bank (well known national bank) most likely
allow me to keep the current terms, rates etc. of my mortgage even
though one person is dropping off the deed and the mortgage?..Or will I
need to re-qualify? We have a fixed rate loan and a heloc 2nd, with
about 15% equity. I'm hoping I do not need to re-qualify on my own. I'd
rather hear the bad news from you.

Sorry to be the bearer of bad news, but the only way to get the other
person off the mortgage is to refinance. You can't just remove his
name from the existing loan.

You will need to requalify based on your own personal information.

*I am not a loan professional, but I've been reading Bob Bruss' Real
Estate Mailbag for years, and somebody asks this question or a variant
every few months. The answer is always the same.
(http://www.washingtonpost.com/wp-dyn...071100610.html)

--
Jennifer