Question: I did purchase new house on March last year 2003. At that time I purchased the house, my old son just graduated and make little money. So I put only my name on the home loan. And just myself, I was approved because I have 700+ score and no credit cards and have small business for 10 years at the same place.
Now, my old son is making about 50k per year. And since he has been helping me paying some utilties or mortgage. He want to put his name on the my home loan. The loan amount is about $270,000.
Is it possible to make amendment to the exist home loan so that my son’s name is on as cosigner?
I know I can try to refinance, but I am asking this without refinancing process. Just adding my son’s name on my existing loan.
If it is possible that both names can be on the loan contact, is it possible for my son to get tax benefit instead of me? I heard that only one person can get tax benefit for a house.
Thank you for your help,
Answer: Are you sure you understand him correctly? Does he want his name on the property’s TITLE or on the LOAN, because having his name on the loan (only) makes him responsible for the entire loan, but gives him no ownership interest. Maybe he wants his name on the HOUSE not the LOAN?
It is family, so its possible, if not sensible.
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