The only way really to get your sister off the loan and put yourself on it is with a refinance. All refinances come with cost, ALL REFINANCING COME WITH COSTS! You have bank related expenses and title related expenses.
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
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax