Question by KTL: Can you add a spouse to the mortgage within months of refinancing under one name?
My fiance recently refinanced the house we have been living in for 3 years. He bought it right before we met. He got a great rate and we are saving a ton on the mortgage. We are getting married in a few months and we are hearing from other people that we may not be able to add my name to the mortgage w/out refinancing? but he just did? Does this mean we have to wait for my name to go onto the mortgage or are there other options?
Best answer:
Answer by anniewog
He can add you to the deed. It is not necessary to be on the loan. And I would suggest you look at all the penalties you might get yourself into if you do refinance in such a short time. All the fees and the pre-payment penalty.
What do you think? Answer below!
They are right. But what is the need to add you to the mortgage? Why would you want to be a coborrower yet not a co-owner?
You can add your spouse to title at anytime. Either go to the recorders office or use a title/escrow company. My advice is to wait until you have all of your documents changed over to your new married name ( drivers license, etc. ) They will ask for ID. The fee for doing this is usually pretty small $ 90- $ 150 dollars.
This is different from adding your name to the mortgage. If you want to do that, you would both have to be approved by a lender and refinance again. This is a lot of work and you might not get the same rate. Both of your credit histories will be evaluated to refinance again.
I would wait to add your name to a mortgage until you need or want to refi again. just add your name to the title.
If you have any other Questions feel free to contact me .
James Blaylock
Keller Williams Realty
(916) 367-3584
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NO – not without your name on the deed and then refinancing.
Being on the deed and mortgage will obligate you to the debt.
Why would you want to do that ?
If your fiance wants you to have an interest in the property, he can record a deed as tenancy by the entireties or in common with rights of survivorship after you are married.
Consult an attorney.
Hey KTL, that’s ok to have your name added to it, without refinancing. Learn more on mortgage refinance from: http://www.4refinancemortgage.com/mortgagerefinance/mortgagerefinance.html