How to Add Someone to Your Mortgage

Adding someone to your mortgage means that you are adding them as a co-borrower or co-signer on the loan. This can be beneficial if you want to share the financial responsibility of the mortgage with someone else, such as a spouse, partner, or family member. Here are the steps to add someone to your mortgage:

1. Check with your lender: The first step is to check with your lender to see if adding someone to your mortgage is possible. Some lenders may require a new loan application, while others may simply require a few forms to be filled out.

2. Determine the type of co-borrower: There are two types of co-borrowers: a co-borrower who is jointly responsible for the mortgage payments, and a co-signer who is responsible only if the borrower defaults on the loan. Determine which type of co-borrower you want to add to your mortgage.

3. Gather financial information: The co-borrower will need to provide their financial information, such as income, credit score, and debt, to the lender. This information will be used to determine if the co-borrower qualifies for the loan.

4. Apply for the loan: If the co-borrower meets the lender's requirements, you can apply for the loan together. The lender will evaluate both of your financial information and credit scores to determine if you both qualify for the loan.

5. Sign the documents: If approved, both you and the co-borrower will need to sign the loan documents, including the promissory note and mortgage deed.

6. Complete the closing process: Once the loan is approved and the documents are signed, you will need to complete the closing process. This involves paying any closing costs and fees associated with the loan.

Adding someone to your mortgage can be a complex process, so it's important to work closely with your lender and a real estate attorney to ensure that everything is done correctly. It's also important to understand the financial and legal implications of adding someone to your mortgage, such as how the ownership of the property will be affected and who will be responsible for making the mortgage payments.