Wednesday, August 07, 2013
I talked to my son's mortgage company today. They say they cannot approve a loan unless everyone on the loan is also on the deed. They say it is a Freddie and Fannie restriction, but that is absolutely not true. I know many people who have names on deeds that aren't on loans (to their sorrow but that's another story), and the mortgage company is making it up. My poor son has already put over $1000 into trying to refinance, and now he can't. I can't get off the deed without incurring a big gift tax, and I am not willing to co-sign their loan. No problem in 2006 or 2009, just now.
So he cannot refinance because of a stupid lender who doesn't even understand how it works. That 1.5% would have been worth nearly $200/month. They have perfect credit, a house that appraises, good jobs, and the lender they currently have their mortgage with are morons.
I can be more sanguine about my own money issues than my kids'.