Question by alex1983: How can I add myself to my mom’s mortgage?
My mom is getting older and she’s been thinking about adding me to her mortgage. I am currently in respiratory tech school and I have about a yr ago. My problem is my credit is so bad they won’t even take my cash!! Sorry for the joke. If she refinances with me is that going to affect the mortgage payment?
Answer by WeiX
You should check with your lender…all loan agreements vary.
What do you think? Answer below!
why do you want to be added to the mortgage? If mom wants to add you to the title to the home, she can do that.
The only way to add you would be to redo the mortgage…this might mean paying a penalty to get out of it. As for affecting the payments, yes they probably will change, however with rates as low as they are right now, it’s likely they’ll decrease if anything…just don’t stretch the payments out beyond what the current amortization is right now.
The bank will look at both of your fico scores & they will use the lowest one (yours I assume) to make their decision on what the interest will be.
For what purpose would you even want to be added to the mortgage? Let your Mom refi on her own then add yourself on the title with a Quit Claim Deed if you need to be an owner with her. A word of advise…..first talk to a CPA before you add yourself to the title. Doing so has some major tax disadvantages.
If your credit rating is as bad as you say you will not be able to be on your Moms refi. You will not help, but hurt her ability to refi the property.
She will not be able to add you, simple as that.
She can try adding you to her deed, but her present bank is not likely to go for it with you not on the mortgage.
This is a really bad idea, if your credit is that bad she may have her house seized to pay for your debts if she adds you to her deed.