My husband helped his mom take out a home loan. If she refinanced how does it Affect his credit.

About a year ago my lovely husband helped get his mom a house. He got the loan under his name but the house is under her name. We want to buy our own home now. So I understand that in order to do that she would have to refinance using her own credit so the loan can be put under her name is that correct? If she does refinance would it affect his credit at all? Would the loan appear as paid on his credit. I NEED HELP. I want to transfer the loan to this women ASAP!!
(0) | asked by: Sara Velazquez | share | 2 months ago | Report
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answer by Andrew Szaniszlo    |   Visit My Website   |   Contact Me
Yes this will show on his credit report as well. If she can qualify to refi on her own it would be better for you husband to get this off of his name unless their are other reasons not to...If he wants to buy another home it could affect him qualifying
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answer by Melinda Svastisalee    |   Visit My Website   |   Contact Me
If you have not contacted a lender,contact me and I will help you find one.
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answer by Karen Peyton    |   Contact Me
Mom will have to qualify for a new loan to pay off the existing mortgage in your husband's name. At that point the mortgage will show paid in full on his credit report, and the two of you will get your "buying power" back. Good luck!
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ACCREDITED LENDERS
answer by ACCREDITED LENDERS   
Do you need a business or personal loan? accredited lenders is a household name that have stand the test of time, contact me via my profile for details on how to qualify for loan.
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answer by Peggy A. Cain    |   Visit My Website   |   Contact Me
Unless your husband has enough income to support both mortgages his mother will need to secure a loan of her own. Does she have anyone else with ability to co-sign a loan with her? Your best bet is contact a loan officer that you trust. A good lender is the foundation to everything that you want to do; for both you and your husband AND your mother-in-law.
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2 months ago  |   Report   |   share
Andrew  Carpenter
answer by Andrew Carpenter   
Im not a mortgage broker so i actually don't know the answer to this question but IHDA has a program that offers $5k to cover refinancing costs on his mom's new loan. Homes dot com won't let me post the link so you'll have to Google it! This program could help you too with the down payment of your new home!
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answer by Edwin A Castillo    |   Visit My Website   |   Contact Me
Hi, if you and your husband can not income qualify to purchase the new home you are interested in then his mother would definitely have to refinance without him so that monthly mortgage payment will not be considered against him. Once she finalizes her refinance, this should not affect your husband's credit score and will show as paid in full and closed on his credit report. It sounds like this is of urgent importance to you and I hope your mother in law can qualify to refinance on her own. Feel free to reach out to me directly with any additional questions. Good luck!!!!
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