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It isn't a big deal to change who's on a loan. Since you're basically paying off the old loan and all it's considerations, the new loan is exactly that, it is a new loan. If grandpa is also on the property deed, it will also be a little more paperwork. If your grandfather is still married, the bank may require a quitclaim deed from grandma. I believe this is to protect them from your grandma from filing a claim against the bank that she still has a fiscal interest in the property.
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