I own my own home. I have a mortgage that I paid before I even met my husband and now that we're married, I want to add him to it. I've already added him to the deed, but I figure if he's paying half the mortgage with me now, he should get the credit for it on his credit report, too, since it's a nice, big, positive. I know if you add someone as an authorized user on a credit card account, it'll report on both credit reports, but is there a way to do this with a mortgage?
2006-08-01 05:04:03 · 6 answers · asked by Mellie 2 in Business & Finance ➔ Renting & Real Estate
You have to refinance to put him on the loan. But look at the rate you're at now, and find out if it will be financially responsible to refinance. If you'll be paying more than you were, wait until rates drop before you refi. I can help you with information or the loan process if you like. E-mail me at jskerrett@ffbcorp.com
2006-08-01 15:16:33 · answer #1 · answered by Jonathan S 2 · 0⤊ 0⤋
You have already added your husband to the deed? I guess what's done is done. My real estate attorney advised me not to do this. Like you, I bought a house before I got married. My attorney told me that changing the deed may trigger the "due on sale" clause in the mortgage (virtually all mortgage loans are payable in full when you sell the house). Legally you have changed the owner(s) of the house and the lender might be able to call the loan. It is entirely possible that your mortgage lender doesn't know about the change in ownership. As long as you make all your payments, the lender might not care. I'm afraid that maybe you have given your lender the right to call the loan, which they are more likely to do in a rising interest rate environment.
I recommend contacting a real estate lawyer for advice on your specific situation.
As far as your original question goes, can you add your husband as co-borrower on you mortgage loan? Logic seems to say yes, the lender will gladly add another obligor. In reality, I would not be a bit surprised if the person answering the phone at you lender has no concept of what you are asking. The lender might not want to deal with the hassles of making any changes to the loan.
2006-08-01 12:17:16 · answer #2 · answered by Adoptive Father 6 · 0⤊ 0⤋
No. Unless you happen to have an assumable mortgage (common with option ARMs, but very very rare outside of those). You'll need to refinance, or just leave it as-is. It's probably not worth doing for just the credit benefit, unless you have excellent credit and he has average or worse, or unless you happen to want to refinance anyway (for a better payment, cash out, faster payoff, etc.).
2006-08-02 03:33:58 · answer #3 · answered by rogerv_dotcom 1 · 0⤊ 0⤋
No, you can't. You'll have to refinance the mortgage to add him.
That was pretty dumb adding him to the deed! If you should split up for any reason, he'll have half of the house and NONE of the debt! I take that back. It wasn't pretty dumb. It was amazingly stupid!
2006-08-01 12:09:55 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋
You would have to refinance to get his name on the mortgage. I'm a loan officer, if you have additional questions. =)
2006-08-01 12:14:37 · answer #5 · answered by staceydian 2 · 0⤊ 0⤋
debt consolidation
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-08-02 05:13:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋