The only to put ownership of the house in your name is to do a deed from your sister to you. This involves having a lawyer prepare the deed and have it recorded in the public record. While this is not free, the cost is relative ly minor.
Licensed Real Estate Associate Broker
450 7th Avenue Suite 1501
New York, NY 10123
All the previous answers are good, but quite frankly you should speak to a good real estate attorney to help you with that. You do not want to make a mistake.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
So there are several different things you need to consider. Not only are the costs involved in a refinance something you need to worry about, but also depending on when you purchased this house, there is a possibility that the rate today could be higher than what you have now. So what are the costs? What are the rates and your new payment? These are things that you'll know when you take the time to meet with a Loan Officer and allow him/her to go over all the necessary documents and run the #s.
There is just too many things that come into play. Consider meeting face-to-face with a Loan Officer and go from there. I run into people with the same exact situation from time to time. Sometimes they think their relative has to come off so that their relative can qualify for a mortgage of their own, and that's not always true.
I'm always available to meet in our Brooklyn or Queens offices if you're in need of a reliable Loan Officer. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
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(631) 659-2011 Office
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I think the only way to put the mortgage in your name is to take out a new mortgage.