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#1688774 - 04/13/12 06:55 PM Not a Banker - Question on Quit Claim Deed
Anonymous
Unregistered

Girlfriend moved in a year ago...I'm wanting to refinance my house and include her as an owner since she is putting money down to reduce the mortgage and get our equity equal. I read that I should do a quit claim deed. Is that correct? Am I required to do that before the refinance, or what should the process be?

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#1688776 - 04/13/12 07:01 PM Re: Not a Banker - Question on Quit Claim Deed Anonymous
Beagles22 Offline
Power Poster
Joined: Jan 2004
Posts: 3,626
State of confusion
If you are refinancing you should ask your banker before you do anything. Each bank has different rules, they may want all owners to be on the loan, or may have some other issues with your doing that so just to be safe you should check with your lender first.

There may also be issues adding her to the title if she were to have any blips in her credit history that may tie to the title if you deed it to her that may limit your ability to refinance.

Just thinking of all the things I have seen happen to people and want you to make an informed decision.
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#1688796 - 04/13/12 07:44 PM Re: Not a Banker - Question on Quit Claim Deed Anonymous
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
Giving ownership to someone requires you to understand what you are doing and the legal impact. Besides the credit part that BQ mentioned -

She may be giving you some money now, but you are giving her equal ownership of the house. You break-up, she still owns part of the house. You want to sell, you need her written permission. You want to get a loan without her later - she still needs to sign the mortgage.

Check with a banker or lawyer.
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#1689356 - 04/17/12 02:41 PM Re: Not a Banker - Question on Quit Claim Deed Anonymous
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
Anon, if you follow up on your question and want more info, please take it to BankingQuestions.com. This site is for bankers to share info with each other. BQ is dedicated to getting bank customers answers.
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