Mortgage Loan Officers Please give me some advice?

Question by misstrini1020: Mortgage Loan Officers Please give me some advice?
If there any loan officers out there that tin delight give me some advice i would really appreciate it. My son has a house that is currently being rented and I rent an apartment. Although he pays his mortgage on time he has bad credit and I have selfsame good credit. His score if 560 and my score is 740. He wants to refinance and put my name on the mortgage since I have good credit. Will the bank allow this? If so how will it be done. Some people are saying he has to add me to the deed and wait 3 months, I have also heard he can just add me to the title and do it flop away. I have heard some banks allow you to refi as long as you are just added to title. What is the difference between the two? I am trying to get a clear answer. Also, being that the house is rented do we have to get an investment property rate which is much higher than if it were owner occupied? The tenants that live in the house now are leaving and I am planning to leave my apartment and live there.

Best answer:

Answer by Mortgageman
Each bank is different as to their guidelines on how long you need to be on entitle before you refinance. And it varies depending on whether or not you need cash reveal. If you get quit claimed onto entitle and can result that you live there, you can get primary nonmigratory interest rates. Good Luck.

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