Should I Buy an Investment or Rental Property? Stephanie Mojica has been a journalist since 1997 and currently works as a full-time reporter at the daily newspaper "The Advocate-Messenger" in Kentucky. Photocopy and provide all required documents. As of 2010, credit reports ordered online usually cost about $9 depending on your state of residence and the type of document requested. Call your current mortgage company once you’ve determined that your spouse doesn’t have any serious credit problems. Use this as an opportunity to do a quick mortgage health check of your interest rate, the fees you’re paying and the features you want to have access to. If your new spouse is not creditworthy, then you might not be able to add her to the loan. Adding your spouse to an already existing mortgage isn’t as easy as it might initially sound, according to Bills.com. How to Buy a House Jointly When You Are Not Married, How to Refinance a Line of Credit to a Fixed Mortgage. Ask the Mortgage Guru: Using Quitclaim Deed to Add Spouse to Title After Marriage, Consumer Action: Before You Add Someone to the Title, Federal Trade Commission: Free Annual Credit Reports, How to Add a Family Member to Home Mortgages, How to Obtain a New Mortgage After a Divorce. Likely, you’ve recently married and want to add your partner to your home loan. If your spouse has already used his free credit reports for the year, updated reports may be purchased online using a credit or debit card. If they are willing to simply add your spouse’s name, ask what paperwork they’ll need and gather the appropriate documents. AnnualCreditReport.com is the only federally approved website where Americans can get one free credit report each year from each of the three nationwide credit reporting companies. The terms may also change, including the interest rate, loan duration and payoff date. If you want to add your spouse to your existing mortgage, you would need to refinance the loan in both names. She holds a bachelor's degree from Athabasca University. Her articles have also appeared in newspapers such as "The Philadelphia Inquirer" and "The Virginian-Pilot," as well as several online publications. Call your existing mortgage servicer -- the company to which you already send your mortgage payments -- and explain that you'd like to add your husband's name to your existing mortgage loan. Call your current mortgage company once you’ve determined that your spouse doesn’t have any serious credit problems. Chances are, if it’s been a while since you took out the loan in your single days, … If you are planning on refinancing your loan and adding your partner, then it is advisable to use this chance to make sure you’re still getting a good deal on your mortgage. There are often two options for those wanting to add a spouse onto the mortgage: Tenants in common– typically the couples in this situation each own a percentage of the house, which they are able to pass down to their children in the event of their death. Then you can contact your lender and explain that you want to add your spouse to the mortgage. It would very rare for the provider to just accept adding the name. If you’re denied a refinanced mortgage with your spouse, consider whether you want to add her name to the deed using a “quitclaim” deed. Interest rates can increase whenever you refinance a mortgage, especially if the transaction involves adding another person to the loan. Once you refinance in both names, you and your spouse will be equally responsible for the mortgage. In most cases, lenders want to vet your husband to make sure that he is financially healthy enough to make your mortgage payments in case you can … If you're lucky, your lender will simply add the name. Homes and Real Estate. The new loan replaces the current loan. You’ll have to fill out an application and submit … Sign and deliver the necessary paperwork either in person or by providing documents signed before a notary public when your request for the refinanced mortgage has been approved. Typical topics include the name of a relative, a former street address, the name of a former creditor, or the amount of the monthly payment on an existing loan. How to Get a Mortgage Loan Modication on a FHA Mortgage. What Are the Benefits of a Co-Applicant Mortgage? You should not check your spouse's credit reports without his permission. They’ll nearly always demand a refinance because a loan is a legal contract between you and the lender, and you’re adding a name to the contract.
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