Posts tagged coborrower

Question : Best way to refinance mortgage/home equity line and remove co-borrower?
1st = $ 300K @ 5.62%
2nd = $ 50M @ 6.20%
Home equity is $ 125K @ 7.2%

Hoping to have just two loans. Conforming $ 417K and Home equity that would allow up to $ 512M in total debt so Home equity loan = $ 95M.

Something like that. House is worth $ 650 or so…….

I want to get my husband off all the mortgages…

What kind of debt could gross income of $ 8K per month support?

Is this a bad idea. We have been seperated 3 years but never divorced — he is willing to stay on mortgages, but I would rather stand on my own and be able to change the title too.

I think too that would allow him to more easily purchase another home. I made 100% of the original downpayment on the one I am discussing.
Home equity loan was used for new roof, new windows, car note repayment, and debt consoldiation. Debt free except these mortgages/and the Heloc
best refinance mortgage

Best answer:

Answer by linda m
Typically your monthly debt should not exceed 40% of your gross and housing should only be 28%. They do make exceptions based on value of home and credit scores and if you are established with the financial institution you are going thru. Depending on the state you are in you will need some sort of quit claim deed signed by your ex to have hime removed for the refinance.