Home refinance....with a twist.

So hive, I have a question.

My fiance and I live at my place, mortgage long gone. She still owns her place, a conventional suburban 3 bedroom rach. She owes @$90k and it's worth @$130k. She's currently dragging in a very meager income as a part time medical tech while studying for her masters degree.

We would like to refinance the place to get the monthly outlay down. Can we do this jointly, what with me already owning a home, since her current income level would have any mortgage agent laugh her away?

Refinancing it would require both names on the mortgage to get the best rates but I see no reason why not. 30 fixed can be had for 3.875 when I checked them last week in Ohio.

When are you getting married? What do you plan to do with the houses when you get married?

Any particular reason she doesn't sell and put the $40k in an interest bearing account? Keeping her options open in case you don't work out?

If you plan to marry her - do that first.

Then sell the house you like least. Or rent it out now and let it pay for itself.

Close the deal first = marriage. Otherwise, she is on her own.

Although, you do have your own place free and clear. So worse case is you have another mortgage to deal with until house is sold.

Sounds like low risk, but I still would do it yet.

get those little mini handcuffs for your ring fingers first. its very risky to marry your financial lives and not your personal lives.

-J0N

Seriously if you have assets of any kind and its moving that way get a bloody prenup as well.

Do you have a plan for getting rid of one of the houses? Or using it for income? If so, and refinancing is part of your long term financial plan together, have at it.
You've agreed to marriage. Marriage is a team sport. Figure out where you are headed together and work together to get there.

I just this morning locked in 3.25% on a new house/shop. Good time to be financing or re-financing.

We plan on keeping her house as a rental, and living in mine.

Well...I suppose we should expedite the marriage thing then

3.25% would be considerably better than we're paying now.

I wonder if a 'second' home could get that rate?

mthomson22 wrote: 3.25% would be considerably better than we're paying now. I wonder if a 'second' home could get that rate?

No, it won't.

spitfirebill wrote:

mthomson22 wrote: 3.25% would be considerably better than we're paying now. I wonder if a 'second' home could get that rate?

No, it won't.

Rental property rates are slightly higher too! If you re-fi while she is living there, you may be able to get around that.

trucke wrote:

spitfirebill wrote:

mthomson22 wrote: 3.25% would be considerably better than we're paying now. I wonder if a 'second' home could get that rate?

No, it won't.

Rental property rates are slightly higher too! If you re-fi while she is living there, you may be able to get around that.

That is correct, but if the mortgage holder finds out they can raise the interest rate. Look at the fine fine print. We went through all of this when we bought a home for our daughter to live in. I think for us, not primary residence had the same interest rate as a rental property, because that is how they look at it.