Changing Borrowers on a Mortgage

Asked by Libby, Green Bay, WI Sun Sep 21, 2008

If my mom and significant other sign up for a mortage (I'm a student)...how can we down the road change this to being between my significant other and I?

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Other/Just L…, , Fleming Fitch Grant, Holly Hill, FL
Mon Sep 22, 2008
Lender answer:

You will need an Assumable mortgage.

Assumption is a process in which one or more new borrowers are added to an exisiting mortgage in place of one or more old borrowers. The lender must approve of the substitution... which will be just like the process of application and approval of the original borrowers.

FHA loans are assumable. Other mortgages can be made assumable if they include a "Novation" clause. "Novation" is a legal term meaning substitution of parties.
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Jed Lane, Agent, Petaluma, CA
Sun Sep 21, 2008
You would apply for a loan, you and your SO then when approved you deal with title to the property. YOu might be able to assume your Mom's loan if she set's up the loan that way.
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