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Can You Add Someone To Your Mortgage Loan Without Refinancing

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Can You Take A Name Off The Mortgage Without Refinancing

5 Mistakes I made when refinancing my home mortgage

It may be possible to take a nameoff the mortgage without refinancing. Ask your lender about loan assumption andloan modification.

Either strategy can be used toremove an exs name from the mortgage. But not all lenders allow assumption orloan modification, so youll have to negotiate with yours.

If neither is allowed, a refinance may be your best and only bet.

Can I Keep My Spouses Name Off The Title

If you live in a common-law state, then you have the freedom to leave your spouses name off of the houses title. The title is different from the mortgage in that the name on the mortgage shows who is responsible for paying back the loan. The name is on the title dictates who owns the property. Some might consider leaving their spouses name off the house title in order to keep their finances separate, to personally manage their life estate, or to protect their home from lenders if their spouse has a poor credit history.

How To Add An Owner To A Mortgage Deed At Closing

When you close on a home, you have no idea what the future will bring. Whether you stay in the house for a few years or a few decades, your circumstances will likely change. If you later get married or find a life partner, adding someone to a mortgage without refinancing isnt possible, but you can add someone to your deed.


You cannot name additional parties on your mortgage loan, but you can add someone else to the property deed.

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Tenants In Common Get What You Deserve

If your partner will eventually invest 20% of the propertys value, while youre investing 80%, then you can arrange it so youll get the same shares back if you decide to sell the property. Of course, the slicing of the pie can get more complicated, but thats just the general principle.

As mentioned, you can define share of the property at the outset, which I think is the fairest way of doing it- you get back what you put in.

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Refinancing And Its Requirements

5 Ways Refinancing Your Home Loan Can Help You

It is compulsory to refinance your mortgage to add a co-borrower. You cannot just informally ask your mortgage company to put another name in your current mortgage deed. Refinancing is essential to change the original terms of the loan. In addition, it helps you to add a partner who will help you repay the loan and help you share all the terms in the mortgage. These terms could be the installments, interest rate, repayment dates, and interest rate. Refinancing can be used for both adding or removing the name of a co-borrower from the mortgage.

Refinance requires you to submit a new application for a mortgage to add a co-borrower. When refinancing, the borrower can either apply to his current mortgage company or look for a new or better lender who can give him a lower interest rate or lenient terms than his current company. But, it is not guaranteed that he will get the approval for the new deed by any of the lenders, whether its the current one or a new company.

There are many factors that a lender considers before approving a mortgage application. These factors may include the credit score, current debts, current employment, past loan repayment graph, or the valuation of the assets owned. These factors apply to both borrower and the co-borrower. Therefore, the mortgage company makes sure that both the borrowers can repay the loan.

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Adding Someone To A Deed With A Mortgage

  • You can add someone to the existing mortgage by contacting a mortgage lender and filing a legal form.
  • You can add someone to the deed with a mortgage if you remortgage and apply for a joint mortgage . This is a new mortgage policy.
  • If you are married, you have equal rights on the property, even the mortgage is in your name. But you can add a spouse to a mortgage if you want to set different shares when you decide to sell the property.
  • You can invest different shares into the property with your partner and make arrangements that you get a proportional invested share when you sell a property.

Where To Find One

Unfortunately, assumable mortgages are not widely available. If you have an FHA or a VA loan, you might be in luck, because they are assumable loans. Other conventional mortgages are rarely assumable. Instead, lenders use a due-on-sale clause, which means that you must pay off the loan when you transfer title to the property.

Lenders dont usually benefit from letting you transfer a mortgage , so they’re not eager to approve transfers. Buyers would come out ahead by getting a more mature loan, with the early interest payments out of the way. Sellers would get to sell their house more easilypossibly at a higher pricethanks to those same benefits.

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When Is A Co

Co-borrowing a mortgage is best when both parties want their name on the property and agree to share the responsibility of paying back the loan. Its typical for partners or spouses who reside in the same property to be co-borrowers.

Having a co-borrower with good credit can also be a good idea if it boosts your chances of being approved for a mortgage , especially if your credit score is on the fairer side.

Its also a good idea if the co-borrowers financial situation means that you can add additional assets and income to your application. A higher income could mean qualifying for a larger mortgage since it indicates to lenders you can make a higher monthly payment.

Effect On Personal Credit Scores

When Should You Refinance Your Mortgage | Mortgage Expert Reveals the Truth about Refinancing

Additionally, putting both of your names on a mortgage loan can help both of your credit scores in the long run.

A mortgage is a type of installment loan. And despite owing a large amount, its actually considered good debt.

So, having a high mortgage loan doesnt hurt your credit score like a high-balance credit card.

Instead, each timely mortgage payment can gradually build a stronger credit score.

Adding a mortgage loan also diversifies your credit profile.

This can also improve your credit score. The mix of credit accounts is responsible for 10 percent of your credit score.

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Can A Spouse Who Is Not On The Mortgage Refinance

In short, no. Only the spouse that is on the mortgage may refinance the mortgage. What are the risks to a spouse who is not on the mortgage or the title? If you are not on the mortgage, your spouse who is on the mortgage can borrow against the equity in your home without your consent or knowledge.

You do not need to refinance your mortgage in order to add your spouses name to the deed to your home. Attorney Tom Olsen: Tina, youre on News 96.5, go ahead. Tina: Hi there. Good morning.

If you want to refinance your home loan with a new co-borrower, he can be added to the title to the house as an owner by a quitclaim deed. In some cases, the refinance lender might offer to have a deed prepared for you to sign during the closing. However, you can complete the deed transaction prior to the refinance loan if you wish. 1

To add a spouse to a deed, start by reading over your mortgage carefully with your spouse. Next, obtain a quitclaim form from the county recorders office where the property is located. If your goal is to avoid probate, be sure to specify on the form that youre claiming as joint tenants with a right of survivorship.

In short, no. Only the spouse that is on the mortgage may refinance the mortgage. What are the risks to a spouse who is not on the mortgage or the title? If you are not on the mortgage, your spouse who is on the mortgage can borrow against the equity in your home without your consent or knowledge.

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What To Consider With Regard To The Mortgage Deed

When two people apply for a mortgage loan together, the mortgage lender will often insist that both parties put their names on the deed.

But what if only one person applies for a mortgage loan? Does only their name appear on the deed?

The short answer:

Your name can appear on the deed even if it isnt on the mortgage loan.

A mortgage deed is a document that names the owners of a property.

If your name isnt on the mortgage loan, adding your name to the deed gives you legal ownership.

And with equal ownership, your partner cant sell the property without your permission.

When putting a non-borrowers name on the deed, it is best to add their name at closing.

Depending on your lender, you could run into problems if you attempt to add a name later on. Some lenders dont allow ownership changes unless the property is being refinanced.

However, in most cases:

Adding a name to the deed wont be an issue, as long as an original owner also maintains ownership.

Its not uncommon to add a current spouse, new spouse, or a child to a mortgage deed.

How To Remove A Cosigner From A Mortgage Without

How To Refinance Your Home Loan

Step 1: First of all, make sure to get yourself a professional as your guide. Step 2: Make sure you and the other party have talked and come to terms with the mortgage payments and prices that should be made between the two of you. Step 3: After that, you have to refinance the loan to get new loans.

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Quitclaim Deeds And Your Loan Agreement

So lets say your lender approved the new mortgage to be in your name only yay! Now its time to file a quitclaim deed. At this point, your spouse/partner/roommates name has been removed from the mortgage but they are still on the mortgage deed. The result of filing a quitclaim deed will be the transfer of the home solely to you. The other person that was previously on the mortgage and deed surrenders all rights to the property. If you have a lawyer, they can get you the necessary form, but you can also find it with a quick online search. After signing it in front of your lender, who will notarize it and file it with the country clerk, you are good to go.

Speaking of lawyers, consulting one as you go through this complex process is always a good idea. Removing a name from a mortgage is not simple, but its not insurmountable either. Like anything in life, financial and living situations often change and with those changes come new obstacles to overcome. Now that you have the knowledge and resources to tackle one of these obstacles, hopefully the other changes happening will become a little easier to bear. To learn more about mortgages and what your options are, visit

Get approved to refinance.

How To Add Another Name To A House Title For A Refinance

If you want to refinance your home loan with a new co-borrower, he can be added to the title to the house as an owner by a quitclaim deed. In some cases, the refinance lender might offer to have a deed prepared for you to sign during the closing. However, you can complete the deed transaction prior to the refinance loan if you wish. 1

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Does A Mortgage Have To Be In Both Married Names

Walking down the aisle is a common reason why a homeowner wants to add another persons name to a mortgage refinance. If youve recently said I do and one of you owns a home, a mortgage refinance is one way to merge your assets. But often, lenders wont just add another person to an existing mortgage loan. You have to refinance the loan to do it, points out Daniel Cohen, a former mortgage loan officer and current member of the team.

I Want To Transfer My Mortgage To A Family Member

Can You Add a Car Loan to Your Mortgage

The good news is that transferring a mortgage from one person to another is usually possible and, with the help of a professional mortgage advisor, the process can be straightforward, which means you can also transfer a mortgage to a friend or family member in the UK.

This can be done through a Transfer of Equity without remortgaging, but the new person who is joining the mortgage will need to satisfy the lenders affordability and eligibility assessments.

Transferring a mortgage to a friend or family member is often done for purposes such as inheritance tax planning. Under those circumstances, its important to speak to a tax advisor before anything is agreed. Its also possible to gift a property to a relative, even if theres still a mortgage in place on it. The outstanding mortgage balance would, however, need to be paid off as part of the transaction or before the property changes hands.

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Sometimes Lenders Won’t Enforce A Due

Sometimes a lender will agree to forgo the enforcement of the due-on-sale provision if it means it will start receiving a steady stream of payments from someone. The lender might also agree to an assumption if the current market value of the property is less than the outstanding indebtedness, and the purchaser is willing to make up the difference in cash.

How Can I Buy A House Without A Co

Buyers who qualify for financing can purchase a house without a co-signer. Using a variety of online tools, homebuyers might be able to determine their buying power. Buyers can contact credit union representatives, bankers and mortgage companies to apply for a home loan. A loan officer can review a buyers qualifications for a home loan.

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Who Is The Owner Of The Home

Homeownership is determined solely by the deed. If you are listed on the deed, but not the mortgage, you are an owner of the home. This is determined when you are buying a home, when the previous owner transfers his or her deed to you after the satisfaction of the mortgage contingency. A homebuyer should ensure that the conveyance document and purchase agreement for the new home lists everyone that is intended to be an owner, typically both spouses.

Correctly identifying the owner of a home is important for a number of legal reasons, not to mention simply having peace of mind. If you have questions regarding ownership of your home, contact Moshes Law, P.C. today. Our experienced real estate attorneys can ensure that your legal right to your home is protected.

How To Remove A Name From A Mortgage

When Should You Refinance your Mortgage

If youre interested in removing a name from a mortgage, a big life change is likely happening. Whether its divorce, splitting up with your partner, or just wanting to have the mortgage in one persons name to allow the other to have a little more financial flexibility, the circumstances compared to when you took out the mortgage have clearly changed. Getting the mortgage together no doubt had some clear advantages, including drawing on two incomes when determining how much you could get and/or utilizing the of two people to bring down your interest rate. It made sense at the time, but life happens and now, for whatever reason, youve decided its time to remove someone from the mortgage. Frankly, its not the easiest process in the world, but here are some steps and considerations that will help you get it done.

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