How to Refinance Our Home in a Trust

Placing your home inside your trust can provide it with many forms of protection, such as shielding from creditors and lawsuits. It can also provide specific directions about what will happen to your home if something happens to you. However, this does necessitate retitling your house. Therefore, the most convenient time to make this change is when you refinance.

Instructions

1. Contact a mortgage broker and begin the refinancing process. You will need to gather all of the necessary documentation and be prepared to pay the normal fees that are charged for this service.

2. Have your trust document finished and ready to use before you refinance. You will need to supply a copy of your trust to your mortgage broker or company. You may only have to supply the title and signature pages. (Whatever you do, don't give them the original document.)

3. Complete the mortgage application using the name of your trust as the owner. Be sure to include the correct date of the trust to avoid any possible loopholes in the protection your trust will provide you.

4. Inspect the title given to you at the time of closing to ensure that your trust is correctly specified as the owner. Notify the closing agent immediately if there is any kind of error. Bring a copy of your trust with you to prove this if necessary.

5. Check your first mortgage statement to make sure that it correctly reflects the name of your trust. Notify your lender immediately if this is not the case. You may have to send them a copy of the title and signature pages to correct this.

References

• Bi-Weekly Mortgage Association
• Bankrate.com refinance page