Refi - mom no income, don't want to co-sign

[Bob Milen]

Hello all - I have enjoyed the wealth of knowledge associated with this website. I'm in an interesting situation and in need of a creative solution. My father owns a rental unit and a residential property. The rental property was transferred to my brother and I when my father passed away earlier this year. This income property has no debt, generates ~$110k revenue/yr.

The residential property which is in my mother's name has $380k debt with an LTV ~ 45-50%. The interest is very high - 6.8% for 23 years left on a 30 yr. I need to refinance however, the only way I can think of would be having my brother and I co-sign. We each have very stable, well paying day jobs. My mother has never worked, she is a housewife.

I have no problem co-signing however, this limits my future purchases. I currently live at home and would like to buy something in the next 2-3 yrs. With the $380k debt, it would be difficult to find someone that would lend to me correct?

What would you do in my case? refi? or stay with the current mortgage structure but increase payment/faster?

Your advice is appreciated.