Q: How can we qualify for a new lower rate, fixed mortgage? We are a family of 9 (all relatives) living in Grandmas house in GA. We all contribute to the mortgage payment. Grandma has good credit and got a mortgage in 2007 through a mortgage broker under the "loose" regulations. She did not need to prove income. She had to show a city business license. The family’s contribution is made up of employment (taxed), social security and cash (not taxed) sources. We have faithfully paid, are current on the mortgage and have never been late. The current mortgage is at 8 ¼% and we are paying interest only.

A: Your grandma would have to refinance in her name. Financial institutions generally don't allow others to help qualify for the new loan, unless their name is on the title of the house even if they have been paying towards the mortgage. Your grandma should call her lender and ask if they will refinance the home loan to a new lower rate. Otherwise your names can be added to the title and you will need to wait approximately six months to one year (depending on the lender) to help refinance the home loan.

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