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Adding someone to the mortgage?

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Valued Contributor

Adding someone to the mortgage?

Is it possible to add someone to your mortgage?

 

Should I add someone to the deed of the house... but they wont be on the mortgage,... or does that requre a refi?







Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

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I WANT to join: Hanscom FCU (For the 2 day early direct deposit).


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Message 1 of 11
10 REPLIES 10
Moderator Emerita

Re: Adding someone to the mortgage?

If you add someone to the mortgage, you will need to refinance.

If you add someone to the Deed you don't need to refinance. Adding someone to the deed is sharing your asset, the property, with that person so you may want to speak to an attorney about the ramifications of adding anyone to your Deed.

Message 2 of 11
Senior Contributor

Re: Adding someone to the mortgage?

If you care to share, what is the scenario/circumstance that has you considering adding someone to you deed?

 

You don't need to refinance to add someone to your deed but the only way to have them on the mortgage is to refinance.

 

Message 3 of 11
Established Member

Re: Adding someone to the mortgage?

I talked to a lender about this before and they would allow it but they charged a $100 fee to do so.  It's been a while so things may have changed but you can always call your lender and ask.

Message 4 of 11
Senior Contributor

Re: Adding someone to the mortgage?

 
Message 5 of 11
Senior Contributor

Re: Adding someone to the mortgage?


@kawaii wrote:

I talked to a lender about this before and they would allow it but they charged a $100 fee to do so.  It's been a while so things may have changed but you can always call your lender and ask.


For an FHA loan? How long ago?

 

I doubt that very much. A portfolio loan I can see a lender allowing it as the lender makes its own rules for portfolio loans. Loans that are resold however, must meet industry/government guidelines.

Message 6 of 11
Super Contributor

Re: Adding someone to the mortgage?


@StartingOver10 wrote:

If you add someone to the mortgage, you will need to refinance.

If you add someone to the Deed you don't need to refinance. Adding someone to the deed is sharing your asset, the property, with that person so you may want to speak to an attorney about the ramifications of adding anyone to your Deed.


 

yep.

any title attorney can handle this

 

Retired Lender
Message 7 of 11
Established Member

Re: Adding someone to the mortgage?

No, it was not FHA. The lender was Countrywide (now B of A).  I have no reason to lie about this.  I called Countrywide and asked if the borrower can have his daughter added to the loan.  I was told yes ...without refinancing.  Cost was $100.  I can't remeber how long ago it was but if I were to guess I'd say seven years.

Message 8 of 11
Valued Contributor

Re: Adding someone to the mortgage?

My mom was going to add me to the house....

 

I know when there is greater than 50% change in lending a home would need to be refinanced anyway... i told her it wouldn't make sense...

 

We own business together... and share income/resources.  The home deed I can be added to... and her name only on the mortgage.... If the event something happened... I would be an owner in the home (deed) and be able to refi the home.... or would it go to the bank b.c i was never on the mortgage?

 

Just trying to get this down for estate purposes







Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

Member of:
Andrews FCU (Share), PENFED CU (Checking/Share), SDFCU (Share), Alliant CU (Checking/Share), NASA FCU (Share), NWFCU (Checking/Share), Ally Bank (Checking/Savings), BofA (Checking/Share), Navigant CU (Share), Greenwood CU (Share), Elements Financial CU (Share), Ocean State CU (Share), SDFCU (Share), Wells Fargo (Checking), RI Credit Union (Share), CashApp, PayPal Premier (for free direct deposit access with cash card), Paypal Business - Grandfathered 1.5% Cash Back on Biz Debit), Apple Pay Cash, and Venmo.

I WANT to join: Hanscom FCU (For the 2 day early direct deposit).


Burned:
DCU, NFCU, Comenity, Synchrony, Barclays, Discover, Amex, Webbank (Avant), Santander, Citi (Shell), DSNB (Macys), TDRCS (Target+Nordstrom), Capital One (Personal & Business, Kohls, and GM), CreditFirst(Firestone)
Message 9 of 11
Senior Contributor

Re: Adding someone to the mortgage?


@kawaii wrote:

No, it was not FHA. The lender was Countrywide (now B of A).  I have no reason to lie about this.  I called Countrywide and asked if the borrower can have his daughter added to the loan.  I was told yes ...without refinancing.  Cost was $100.  I can't remeber how long ago it was but if I were to guess I'd say seven years.


That would have been a portfolio loan or one bundles and sold as junk mortgage securities. All the government-back loans have stricter rules. Seven years ago folks got loans just by having a heartbeat. Those were the days...

Message 10 of 11
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