Question: What's the process for refinancing on a home mortgage? 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?

Answer: First off, your brother will have to pre-qualify for the refinance without you. \nSecondly, there are no proceeds unless you do a cash-out and a cash-out is equity. \nIf equity is cashed out it is added to the org loan amt + refi fees. \nWhich 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.
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