Question? My fiance' and I are trying to determine what the best course of action is for our situation:
Here are the details... First - we are getting married 
not yet but soon. I rent, she owns. She owes around $122,000 give or take, home values for around $135,000 and she has 25 years left on mortgage. Her interest rate is 7.99% which sucks I know but she can not refinance because her changed job situation has put her well over the allowable debt to income ratio. I on the other hand make good money still (xing fingers). I am pre-approved to buy at 4% on a 30 year fixed. We thought about buying a new place and selling her place but selling her place is going to take a while and I'm happy with it as is except it means a longer trip to work from where I live.
So here are my options... 1) Get married and move into her place, keep mortgage as is and continue on with things as they are until we sell it or get used to living there. 2) She sells house to me at 4% for 30 years, saves us $350/month but extends the loan out 5 more years and takes longer to build equity. 3) She sells house to me at ~4% maybe less on a 15 year fixed, nearly same payment but pays off 10 years sooner, also builds equity faster than the current loan. 4) See if we can refinance with me on the loan, considering my income, not sure of rate we would get, we both have nearly the same FICO scores.
What does the community think?
Any other options I am not seeing here?
Many Thanks,
What area do you live in? Is it in an area where it could possibly be rented out? She could use the income from the rent to pay down the mortgage.
