Adding a person to my mortgage loan – The steps to take

Did you know that in order to add a person to your home loan, the name of the person needs to be listed in the deed to your house? And if you wish to add someone to the deed of your house, you have to refinance your home loan. Refinancing your home in order to add a person to the mortgage loan often becomes a complicating and expensive process but the reasons for which you may want to do this are worthy enough to take the pain. Check out the steps by which you may be able to share ownership of your home.

·         Negotiate with your lender: The first step that you want to take is to contact your mortgage lender and tell him that you want to add a person to the deed. However before you take the decision of changing the deed or adding a person, you should ensure whether or not there is any clause in the mortgage agreement where the balance of the loan will become due on changing the ownership.

·         Make a complete research: As you have to refinance in order to add that person’s name to the mortgage deed, you should make a comprehensive market research of the lenders and the loan products that they’re offering you. Though your present mortgage lender may be a good choice, that doesn’t mean that you won’t look for other lenders. If you face trouble facing the actual lender who has your best interests in mind, you should hire a refinance broker.

·         Negotiate a refinance loan: After you look for the mortgage rates in various websites and from different lenders, you should choose the loan that offers you the best rate depending on the terms and conditions of the loan. Choose among an interest-only loan or a fixed rate mortgage and an adjustable rate mortgage.

·         Pay the fees and close the deal: You can’t refinance your home loan for free and you’re supposed to pay some fees for the title change, the credit check and for the refinance applications. Pay all the fees and schedule a closing to add the new person to the deed and under the terms and conditions of the new refinance loan.

So, if you had a doubt regarding the way in which you can add a person to your mortgage loan, first go through the above mentioned steps and refinance the loan.