Mortgage assumption process?
My husband and I bought a house almost two years ago with my father as a co-signer. He wants off the mortgage and when I call the lender the suggested a assumption process instead of re-financing. What is this and is it a good idea?
This is not really an "assumption" since you are already on the mortgage. That means that it can be an easy process. It is actually called a "novation". Dad will be removed from any liability. He will be happy. They already have all your loan applications from 2 years ago. They might not require anything else if your payments have been on-time for 2 years. The only question you have to ask your lender is "How much will you charge in fees for the loan transfer". If you do not get a clear answer, do not continue. Get it in writing. You are not being difficult when asking this.
The Assignment & Assumption Agreement 1/3
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