What costs should I expect to quit claim a house and refinance a mortgage?
My partner and I are splitting up and she will be quit claiming the house to me. I would like to take her off the mortgage (there are 2 mortgages). Is re-financing my only option? What costs should I expect to pay for the quit claiming and the refinance (unless I can do this without refi)? I haven’t the first clue how to go about this.
Yes, refinancing is really your only option.
The cost of your partner filing a quit claim is minimal. It’s the cost of refinancing that will be a bit more significant – these are going to be mostly comprised of an appraisal, title fees, and escrow (or closing attorney) fees. But if you increase your total loan amount a little, you’ll be able to cover these costs with the new loan without having to pay for them out of pocket.
I think the only big question for you is whether you can qualify to cover the payments for the new loan (paying off both existing loans plus closing costs) on your income alone. I say this because you probably qualified previously using both your incomes. However, if the new monthly payment totals less a third of your gross monthly income, you shouldn’t have a problem. Good luck.