...so you deed them back on after closing.
No. You can't do that without the lender's permission. The mortgage contains a "due on sale" clause.
I recently encountered a transaction where the lender (in a non-FHA mortgage) required a non-borrowing spouse to be added to the title, thus eliminating the refinance discount (since, in New York, the current owner must be identical to the original borrower in order to get the refi discount). The borrower was a business acquaintance who owns several rental properties, and was refinancing them with two different lenders. One of the lenders required him the sign a deed to himself and his non-borrowing spouse in order to get the mortgage.
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