There are many situations in which removing a wife's name from a mortgage is the best course. One of the most common reasons is divorce. Mortgages are designed to protect lenders from not having a responsible party to collect from if a loan defaults. This means that to remove a name from a mortgage, a new mortgage agreement must be made. This is done by refinancing the home under a single name.
- Skill level:
- Moderately Challenging
Other People Are Reading
Things you need
- Internet connection
- Terms of current mortgage
- Mortgage lender contact information
Determine which type of refinance is best for the situation. The four main types of refinancing options are: cash-out or cash back, shorter-term, longer-term, and low fixed-rate. Each one has advantages and disadvantages.
Contact the current mortgage lender to determine your eligibility for a refinance. The debt to income ratio, credit score, paid points, loan size and the time left on the current loan will all influence the terms of the refinance.
Conduct research on additional mortgage lenders and contact each one to determine how it compares to the offer made by the original mortgage lender.
Request all information in writing so there are no surprises at closing.
Estimate the payment and other terms of the refinanced mortgage. Use an online refinance calculator to determine what the terms of the refinanced mortgage will be. Use the Yahoo! Finance calculator (see Resources) or a similar calculator from a trusted website.
Choose the best offer and refinance the home without the wife's name on the new agreement.
Changing the Names on the Mortgage
Tips and warnings
- Some banks allow certain mortgages to be "assumed"; contact the lender to determine if this is an option.
- Simply removing the spouse's name from the mortgage is not the same as removing her from ownership of the home. She must sign a "quit claim deed" to remove her name from the deed and, therefore, ownership of the house.
- 20 of the funniest online reviews ever
- 14 Biggest lies people tell in online dating sites
- Hilarious things Google thinks you're trying to search for