How hard (and expensive) is it to change names on home mortgage/deed?
Renting & Real Estate
originalidaho asked:
My husband and I recently purchased our first home. My husband is active duty army so he does not need to become a resident to get the resident rate for property tax purchases. Since my name is on the mortgage papers we are not able to take advantage of this. I do not want to become a state resident because of other tax reasons (We are residents of Idaho for tax reasons-no state income tax on out-of-state military residents). Just wondering what is involved with taking me off the mortgage to save about 1200+ dollars a year? How much does it cost?
Kansieo.com
My husband and I recently purchased our first home. My husband is active duty army so he does not need to become a resident to get the resident rate for property tax purchases. Since my name is on the mortgage papers we are not able to take advantage of this. I do not want to become a state resident because of other tax reasons (We are residents of Idaho for tax reasons-no state income tax on out-of-state military residents). Just wondering what is involved with taking me off the mortgage to save about 1200+ dollars a year? How much does it cost?
Kansieo.com
September 30th, 2008 at 7:33 pm
I **** to say it, you can’t. Once you are on the mortgage, the only way to get you off is to refinance in his name only. This is even the case when a couple gets divorced: even when one person is awarded sole rights to the home, the other person stays on the mortgage until they refi.
When you sign final mortgage docs you are locked in for 30 years or until you pay that mortgage off (either through selling, refinancing, or simply paying off the total). I’m sorry, but you are stuck on there until you do one of the above.
And I can’t say for sure without looking at your entire situation, but I think I can safely guess that it will cost you a lot more than $1,200 to refi.
October 2nd, 2008 at 1:28 pm
There are advantages to being in the military and having a state of record for tax purposes. You can exercise the same as long as you file a state tax in Idaho.
If you work where you purchase the house, you must file a tax as a non-resident.
If all you are concerned about are your taxes you should contact a tax consultant. Normally the base or the unit in which your husband is assigned will have a tax expert to answer your tax questions. You and your husband should set up an appointment with this individual.
Since you have already signed the loan docs the only way to get off the mortgage is to pay this mortgage off through a refinance and then put your husband on the mortgage alone.
I hope this has been of some use to you, good luck.
“FIGHT ON”