What’s the process for refinancing on a home mortgage?

Tips and Deals Forums Home Mortgage What’s the process for refinancing on a home mortgage?

  • This topic has 3 replies, 3 voices, and was last updated 9 years ago by Anonymous.
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    • #203363

      My brother and I share a condo together and both of our names are on the deed. Next year I plan on moving. I know that we will have to refinance the loan to remove my name from the deed. Do I get any proceeds from the refinancing in order to purchase another home? Or will equity need to be taken out? Is this process treated the same as when a couple divorces and one moves out?

    • #267874

      First off, your brother will have to pre-qualify for the refinance without you.
      Secondly, there are no proceeds unless you do a cash-out and a cash-out is equity.
      If equity is cashed out it is added to the org loan amt + refi fees.
      Which in turn, would leave your brother with a higher loan amt and a slightly higher pmt but would allow you to walk with your money to invest.

    • #427477

      At least part of the problem lies in the definition of calc:

      void calc(float sellp, float anir, float loand, float downp, float amtl, float mortg, float* propt, float* mtot)
      *propt = sellp * (TAX_RATE/100)/12;
      *mtot = mortg + UTILITY_COST + *propt + INSURANCE_COST;
      calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg);

      return 0;

      calc() takes the three parameters in question as calls-by-value (not pointers), but hands them off to calcDplomo() as pointers. Pointers to what? Not the actual locations in the caller to calc(), but to the locations on the stack they occupy while in calc(). In other words, main() never receives the new values.

      Make those three parameters pointers in the calc() calling sequence rather than calls-by-value and I think this problem will go away.

      Hope that helps.

    • #427478

      How is this even running? You have return 0; and return mortg; in void functions. That should be an error, not a warning.

      Could you be “testing” an older version of your program that did compile once?

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