To add a person to your home mortgage, the person must be listed as an owner on the deed to your house. To add someone to the deed, you will need to refinance your mortgage. This is a complicated and costly process, but there are reasons you may want to do it, such as wanting to share ownership with a family member or partner.
Contact your lender and tell them that you want to add a person to your mortgage. Before you add someone to the deed, check to see if there is a clause in your mortgage that would cause the loan balance to become due upon changing the ownership.
Do your research. Think about who you want to handle the refinance. Don’t assume that your current mortgage lender is the best choice. Research several lenders to find out who can give you the best terms. If you have trouble finding a lender, a mortgage broker may be able to help you shop around for the best refinancing deal.
Negotiate the refinance. By researching mortgage rates on websites such as Bankrate.com., you may be able to get a better rate depending on the length of the mortgage or the type of you select from the various options, which include interest-only, fixed rate and adjustable rate.
Schedule a closing. The closing will add the new person to the deed and refinance your home under the terms of the new mortgage, with the person listed on the loan. Schedule the closing soon after you negotiate the mortgage terms, as interest rates can rise in the meantime.
Pay the refinancing fees. Refinancing your mortgage isn't free. You will have to pay fees for the title change, credit check, title search, refinance application and attorneys. Make sure you allow money for these. You will need to get a certified check to pay the fees and any additional payment toward taxes or escrow, if required.
- PrimeLending. "Types of Refinance Loans." Accessed April 28, 2020.
- Freddie Mac. "Working With Your Lender to Refinance Your Loan." Accessed April 28, 2020.
- Consumer Financial Protection Bureau. "Request Multiple Loan Estimates." Accessed April 28, 2020.
- Consumer Financial Protection Bureau. "Is There Such Thing as a No-cost or No-closing Loan or Refinancing?" Accessed April 28, 2020.
- Freddie Mac. "Costs of Refinancing." Accessed April 28, 2020.
- Redfin. "What Is a Yield Spread Premium?" Accessed April 28, 2020.
- Consumer Financial Protection Bureau. "Should I Refinance?" Page 2. Accessed April 28, 2020.
- Wells Fargo. "Thinking About Refinancing?" Accessed April 28, 2020.
- Citi. "Thinking of Refinancing?" Accessed April 28, 2020.
With more than 15 years of professional writing experience, MiShaun Taylor specializes in legal- and wedding-related articles. Her work has appeared in "Pediatrics for Parents," "ISBA News" and Recipestoday.com. Taylor holds a Bachelor of Arts in English from the University of Illinois and a Juris Doctorate from the Chicago-Kent College of Law.