Best way to refinance mortgage/home equity line and remove co-borrower?

Typically your monthly debt should not exceed 40% of your gross and housing should only be 28%. They do make exceptions based on value of home and credit scores and if you are established with the financial institution you are going thru. Depending on the state you are in you will need some sort of quit claim deed signed by your ex to have hime removed for the refinance.

Well if you are affording the curent payments on your loans, the new payments on the changed situation you descibe will probably be a little higher (since you will have about 35k new debt and since you may not be able to get the 5.6% rate that your main loan has) but not to much higher.

Also, so long as you have no other major costs (you said these were your only debts so that sounds like the case), it sounds like you have enough income to afford the new loans. The bank probably won’t lend you more than 80% of the homes value without other costs (PMI and fees) so 517K borrowed on a 650K house is about all you would want to borrow (very close to 80%).

I’d advise going to your current bank (the one with the 300K mortgage) and telling them the whole situation and asking them if they will write the loans you describe. They will tell you if they can do it, and also will give you a “Good Faith Estimate” of what the approximate costs to do this would be. You may want to also go to a few other lenders to compare costs.

I’d go to the bank first ($ 300k loan). You should be able to get a loan for all the loans and remove your ex from the mortgage.

Make sure the total of the bills will be lower.