I just got married and I have a mortgage in my name only. I would like to add my wife's name to it but do not want to refinance because I have such a great rate? How can I do this?
2006-09-19 10:29:33 · 2 answers · asked by psliz 1 in Business & Finance ➔ Personal Finance
I found myself in the same situation as you. I bought a house in 2003 and then got married in 2004.
My first advice is to contact a real estate attorney, I'm sure laws vary from state to state and country to country. My attorney told me not to change the name on the deed. In a way, this is is contrary to common sense. The lender already approved you, why wouldn't they (the lender) want to add another borrower?
Most mortgages have a "due on sale" clause, which means you have to repay the entire principal balance if you sell the house. Changing ownership is considered a sale.
In most states the spouse is automatically the heir in the event of the other spouse's death, so you probably don't have to worry about inheritance rights. Again, its probably best to contact an attorney because laws can vary.
2006-09-19 10:43:07 · answer #1 · answered by Adoptive Father 6 · 1⤊ 0⤋
Talk to the title company that handled your purchase.
2006-09-19 12:35:42 · answer #2 · answered by svikm 3 · 0⤊ 0⤋