The lender should not have an issue with you coming off title and the mortgage. They may however want a new mortgage drawn up. If that is the case and you lose a good interest rate I would just take myself off of the title.
Question about mortgage and house title
Hi Guys,
I recently accepted a job offer overseas, and for tax purposes need to prove "non-resident" status. One of the criteria is showing that you don't have any property in Canada.
I own a house along with a relative of mine, and both of our names are on the mortgage and the home title. I am wondering, is it possible to have the mortgage transferred to his name only, and then the home title as well?
He has enough income to qualify solely for whatever is remaining on the mortgage. Any thoughts?
I recently accepted a job offer overseas, and for tax purposes need to prove "non-resident" status. One of the criteria is showing that you don't have any property in Canada.
I own a house along with a relative of mine, and both of our names are on the mortgage and the home title. I am wondering, is it possible to have the mortgage transferred to his name only, and then the home title as well?
He has enough income to qualify solely for whatever is remaining on the mortgage. Any thoughts?
1 - 3 of 3 Posts
Thanks Shayne. Yeah I would have to come off the title as well regardless. I'll let you know what the bank says.The lender should not have an issue with you coming off title and the mortgage. They may however want a new mortgage drawn up. If that is the case and you lose a good interest rate I would just take myself off of the title.
1 - 3 of 3 Posts
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