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How do we refinance my father's home with us as cosignors?

Dad currently has a 15 year loan with a balloon payment at the end. 7.0% interest. Want to be able to keep the home if he passes away. How do we do this? His home is in Jenks, OK. We live in Northern Virginia.
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February 04 - US
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Answers (5)

Wetdawgs is correct about cosigning won't make sure that the house will go to you. There are 2 separate issues here. The first I guess would be the high interest rate that your Dad is paying. Also, it sounds like this is a 30 yr loan with a 15 year balloon. I'd like to discuss with you what would be the best option for your Dad (I assume that he is still making the payments). As far as the deed goes, you may want to discuss that with an estate attorney.
Let me know how I can help,
Paul
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February 08
Hi Kmlcandm

you can cosign for your dad but it will not solve keeping the property (Want to be able to keep the home if he passes away.)  you may need to get who will inherits the home in his will or other legal  document (such as trust). loan qualification you may need to contact local loan officer ask for to apply Freddie mac conventional loan not Fannie Mae.

Good Luck

Omar Khamisa
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February 05
Well if you are seeking a refinance, that would be a good way to add yourself onto the mortgage. This means that you would be cosigners making you just as responsible to pay the mortgage if anything happened to your father. Also, you should consider a refinance to seek out a lower interest rate that can save your family money. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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February 05
Profile picture for wetdawgs
"want to be able to keep the home if he passes away".    Get him specify clearly who inherits the home in his will or other legal  document (such as trust).      Co-signing on a loan does not mean the house will go to you when he passes.
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February 04
I had a client's daughter recently do this for her father.  Besides refinancing to a lower rate, they wanted to ensure there were no issues later when he passed so they held Title as Jointly with Right of Survivorship. 

Are there any issues with your father qualifying for the mortgage on his own or are you just looking for relief from the balloon payment and a way of holding Title that prevents issues later on?
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February 04
 
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