Putting Your Stamp On It

John has a question about doing a refinance to get his name on his new wife's house.

QUESTION: John just got married, and his spouse already had a house on a 30-year note. They owe $59,000 on it and it’s worth $160,000. Should they refinance to put his name on it? Dave doesn’t think that’s necessary for the reason they are saying.

ANSWER: It doesn’t serve any purpose or help anything to put your name on it. If you are going to stay there, you can probably get a 5.5% interest rate on a 15-year fixed rate mortgage o lower your interest rate. It’s a small enough mortgage that you won’t have people lining up to do it for you. You might talk to a credit union about a no closing cost, 15-year fixed rate and see what rate they would give you. This is about like a large car loan that you’d be asking for.