Financing in 68127>Question Details

Tc, Other/Just Looking in Omaha, NE

Is it possible to refinance my house with my girlfriend. Divorced and need to get it refinanced to get my ex

Asked by Tc, Omaha, NE Wed Apr 29, 2009

off the mortgage. Currently my appraisal came in too low so we are working on getting stuff done to the house to increase the appraisal (paint the outside, finish off the basement and shower downstairs. should add some sq ft to the total and there are minor repairs we need to do as well. It's either refinance with her, or sell the house. I prefer keeping it, but need the appraisal to come in high enough to cover closing costs. Thanks...

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Dean Uhing’s answer
Does your ex still appear on title?
Caution on the appraisal. Normally an appraiser is to determine value of the home if sold on the market today. Adding in the closing costs in an appraisal does nothing to increase the value of the home. Are
you working under the assumption that by doing all these things, your appraisal will be higher? Who was
willing to promise you that in writing? How good is your credit rating compared to your girlfriend? Whoever
has the lower credit rating is the one the bank will be looking at in making final determination in giving a loan.
Remember both the property and th borrower have to meet the qualifications required to get the loan. As one repairs the home, one has to maybe repair the credit. I'm hoping you are working with a reliable lender.
Because what the loan officer is promising you has little significance unless his/her word is backed by the underwriter of the loan.
Good luck.
Dean Uhing
Prudential Ambassador Real Estate
0 votes Thank Flag Link Thu Apr 30, 2009
I understand your desire to get your ex off of your existing mortgage. It sounds like you are doing the right things. I assume you are working with a lender (who ordered the first appraisal). They can guide you as far as interest rates and what you and your girlfriend qualify for. You're smart to make improvements on the home as well. Can you hang onto the house for a bit without worry that your ex will make an issue of it, or do you need to get her off the loan asap? I had a girlfriend keep her ex on her mortgage for 5 years with the agreement that when interest rates went down, she would refinance and get his name off. Maybe it would give you time for your house to go up in value a bit more? Just some thoughts..
0 votes Thank Flag Link Wed Apr 29, 2009
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