Buy Out

Feinixaway · 2022-09-09T12:50:14+00:00

It's my understanding that home equity loans have lower interest rates.

I would talk to your bank and discuss options.

jimsmythee · 2022-09-09T13:22:51+00:00

One question is this; Is her name on the mortgage?

If her name is on the mortgage, then you will have to refinance to get her name off of the loan. No other way to do it.

If her name isn't on the loan, and you have a super good interest rate, then do a home equity loan to buy her out.

NothingIsEverEnough · 2022-09-09T12:18:02+00:00

If the loan is in both names, You’ll need to refinance it to get one name of the loan.

Otherwise, it’s a cost calculation. Rates will keep going up for a bit.

dday_throwaway3 · 2022-09-09T12:56:26+00:00

Only you can solve that personal calculus.

MonthIndividual8699 · 2022-09-09T13:06:23+00:00

I just went through this. You have to refi to get her off the title and loan if you keep it or sell and split.

gnackered · 2022-09-09T15:30:34+00:00

Depends on the context. If you have a 500,000 house, a 400,000 mortgage at 2.5% and you need to pay her $50K - take out a HELOC.

If you have a $1M, a mortgage of $100K at 2.5% and you need to pay her $450K - you probably need to take out a new mortgage because HELOC rates are variable and you probably aren't paying $450K in a couple years.

PurpleTacoTuesday · 2022-09-10T06:10:55+00:00

HELOC

david10277 · 2022-09-17T12:45:56+00:00

I'm in the same boat..

Mortgage and title is only in my name.

I'm selling the house and cashing out. Then buy her out.

Find a new place , new energy , new life The matrimonial home served its propose. Next chapter

Title	Buy Out
Author	WorkingItOutSomeday
Upvotes	2
Comments	20
Date	September 9, 2022 12:08 PM UTC (3 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/x9tspg/buy_out/
Archive Link	https://theredarchive.com/r/Divorce_Men/buy-out.1131663 https://theredarchive.com/post/1131663

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