How hard (and expensive) is it to change names on home mortgage/deed?
July 30th, 2009 by Lenny
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?
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Tags: duty army, mortgage, property tax, resident rate, state income tax, state resident
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I hate 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.