Risks of removing name from Mortgage

My husband and I are refinancing our mortgage in his name only but keeping my name on the title. Am I loosing anything or taking any risk by doing this?

1 Answer

Hi Karen,

Only downside for you would be that you'll no longer have the mortgage reporting on your credit, so (depending on how many other tradelines you have) your credit score could potentially go down. Do make sure you're still on title, as that proves you have 1/2 ownership in the property regardless of who is responsible for the mortgage. If (for any reason) you ever wanted to purchase another property, not being financially responsible for your current home could be an advantage as well.

Hope that helps!