by 
The Curious Bag
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When a borrower is looking to refinance, he tends to have different needs than when the home was originally purchased. Sometimes, one borrower needs to be taken off the loan. This can be done with a full refinance of the property.
Significance
Those who are going through a divorce, or a situation in which a spouse has significantly lower credit, may need to refinance to get a borrower's name off the loan. This can be done, but the lender needs to be notified of the reason.
Function
At the time of the refinance, borrowers select co-borrowers, if there are any. If there are none, the refinance is merely done in the name of the borrower. However, the sole borrower must be on the title of the home and on the original mortgage debt.
Time Frame
While there is no limit on the number of times a borrower can refinance, many lenders require the borrower be in the home at least six months prior to refinancing.
Considerations
Most of the time, borrowers looking to refinance into one name are going through a divorce. If this is the case, the lender will need a copy of the divorce decree and settlement.
Misconceptions
Sometimes, a borrower purchases a house with a non-occupant co-borrower to boost his application. Many times this is a relative, such as a parent. Unless the borrower's situation has improved dramatically, refinancing into one name may not be an option.
Source:
FederalReserve.gov: A Consumer's Guide to Mortgage Refinancing
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