My partner and I bought a house a year ago, with him and his mother on the mortgage as we are both in grad school and the DTI ratio was horrible with student loans and the 1-2% assumption for payment on them if both of us were to be on the mortgage.
Fast forward to now, and we are now married, and we've discussed adding my name to the Deed for protection from probate if anything were to happen, and to make it easier on us since I normally deal with all the bills anyway. I spoke to US Bank Home Mortgage 800 number and they told me that I can't be added to the Deed without being added to the note without triggering the Due on Sale Clause in the security note. They advised that we either refinance (not gonna happen with the interest rates... we have a 3.95% rate...) or go through the "Assumptions" process.
Does anyone know what the "Assumptions" process entails to add a spouse to the mortgage note/deed? I don't want the issue of DTI to come up. US Bank would only tell me that they look for "creditworthiness", whatever that means. Does this mean they look at the credit score and make sure there aren't any derogatories? Or do they run the full process as if you were applying for the mortgage and look at DTI, credit score, etc.?
1) You certainly can be added to the title and you don't need the banks permission either. IN fact, the bank has nothing to do with this.
2) If you are looking to get on the loan, you might just be better off refinancing out of the US bank loan and going to a portfolio lender like us
3) your interest rate of 3.95% is good but you can get pretty close to that now in a refinance.
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