HOME REFINACE QUESTIONS?

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Question is:  If I bought my home, as a single person, and refinanced it, after I had gotten married, does my spouse " own " the property, or have rights to half ?
I bought my house in 1990.  I pay 9.2% interest.  I owe 26K .  I married in 2008. I want to take advantage of a lower rate.  If I re-finacnce I'm not sure how my name would be listed on new documents-- maiden or married name, and if my Husband could "take" my house,I had 17 yrs. before I even met him. 
This is a very serious question -- and PLEASE only answer if you truly know .. I'm not in a bad relationship--- other hand, I'm cautious --single Mom, Son grown--22 last week -- completely established -- great feet for a single Mom -- my house means everything to me.  It's what kept my Son's life "stable and normal", without a Father-figure. I can't risk refinancing, and with my name change, I loose my house--IF something where to happen.  I really want to take the oppourtunity -- which I thought about 4 yrs. ago -- but, I'm afraid.  I would love serious input on this.

I'm from San Diego, but moved to Louisiana in 1986.  I bought my house in 1990.
For anyone who knows/cares: I live less than a mile from Willie & Jase, from Duck Dynasty...  Yes.. I see them, not often, but I do.  I see Si most often, at Shell station--early morning -- no tea cup, buying coffee

Lauren F · Accepted Answer

Louisiana is a community property state so you may want to talk with an attorney about any real estate transaction you take before doing them.  You should take the time to understand how to properly title the deed and record any loan.  If you don't put your husband's name on the deed, he wouldn't directly have rights to your home, and he generally cannot be on the loan if he is not on the deed.  Therefore any refi you do would have to be in your name alone.  

Plus - you also need to consider what would you want to have happen with the house if you died before your husband?  Would you want him to have the right to stay there either for a short period of time or as long as he wanted?  Or would you want your son to inherit it (risking the possibility that your son might want to sell the house and take the money and put step-dad out).  

So, this question while this question is a refi question - it is also a chance to think about your will and your estate plan.

Your name change due to marriage will not be a big deal - you simply have to have a deed filed with your city or county land record office showing the name change from Ms. Mary Single to Ms. Mary Married.  

You are not obligated to add your husband's name to the deed.  But if you choose to, then it is possible depending on how the title is written (e.g. joint tenancy with rights of survivorship, or tenancy in the entirety) you might then give him right to half of the house, especially in a community property state.  Again -get a lawyer - this is not something to do lightly.

Refinancing such a small amount might be difficult - banks don't really like making mortgage loans for less than $100,000.  One option you could consider is taking a home equity line of credit which often have no fees and very low rates and using that to pay off your mortgage.  A bank I especially like for this is Pentagon Federal Credit Union (penfed.org).  It will have the effect of refinancing without going through a full new mortgage.  The only bad thing is the interest right might only be fixed for a couple of years, so make sure you know if you can repay the balance of the loan pretty quickly if interest rates start to go up quickly.

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HOME REFINACE QUESTIONS?

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