You cannot simply give your house to your son so that he can refinance your mortgage. There are all sorts of financial and legal issues to consider such as federal gift taxes owed and proper asset titling procedures. You mention "we" so we are assuming you mean that you own your house with a spouse or partner. If your credit is bad, perhaps you can apply for a new loan in the other co-owner's name alone assuming that he or she has good credit. The idea that you are proposing could be complicated, so professional advice from an attorney or certified financial planner is recommended. We would like your feedback on this Personal Finance Frequently Asked Question.

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