How to add someone to a mortgage?

How to add someone to a mortgage?

How to add someone to a mortgage?



Adding someone to a mortgage is a significant financial decision that can have long-term implications. Whether you want to add a spouse, family member, or friend to your mortgage, there are several important steps and considerations to keep in mind. This article will guide you through the process of adding someone to a mortgage, ensuring that you have a clear understanding of the responsibilities and potential risks involved.

Understanding the Mortgage

Before adding someone to a mortgage, it’s crucial to have a comprehensive understanding of the mortgage itself. This includes knowing the terms, interest rates, and repayment schedule. It’s also important to determine if your mortgage allows for additional borrowers or if you need to refinance the loan to add a new person.

Consult with the Lender

The first step in adding someone to a mortgage is to consult with your lender. Schedule a meeting or contact them to discuss your intentions and gather information about the process. The lender will provide you with the necessary paperwork and guide you through the necessary steps.

Considerations for Adding Someone to a Mortgage

Financial Stability: Adding someone to a mortgage means they will share the responsibility for the loan. It’s essential to consider the financial stability of the person you want to add. Evaluate their credit score, income, and debt-to-income ratio to ensure they can handle the financial obligations.

Legal Obligations: Adding someone to a mortgage creates legal obligations for both parties involved. It’s important to consult with a legal professional to understand the legal implications and potential risks. They can help you draft the necessary legal documents, such as a co-borrower agreement or a quitclaim deed.

Impact on Credit: Adding someone to a mortgage can impact both parties’ credit scores. Late payments or defaults can negatively affect the credit of all borrowers. It’s crucial to have open and honest discussions about financial responsibilities and ensure that all parties are committed to meeting their obligations.

Required Documentation

When adding someone to a mortgage, several documents are typically required by the lender. These may include:

Application: The person being added to the mortgage will need to complete an application, providing personal and financial information.

Income Verification: The lender will require income verification, such as pay stubs, tax returns, or bank statements, to assess the borrower’s ability to repay the loan.

Identification: Both parties will need to provide identification documents, such as a driver’s license or passport.

Legal Documents: Depending on your jurisdiction, you may need to prepare legal documents, such as a co-borrower agreement or a quitclaim deed, to legally add someone to the mortgage.

Refinancing vs. Loan Assumption

In some cases, adding someone to a mortgage may require refinancing the loan. This involves applying for a new loan with updated terms and conditions. However, in certain situations, a loan assumption may be possible. A loan assumption allows the new borrower to take over the existing mortgage without refinancing. Consult with your lender to determine the best approach for your specific situation.


Adding someone to a mortgage is a complex process that requires careful consideration and thorough understanding. It’s crucial to consult with your lender and legal professionals to ensure that all parties involved are aware of their responsibilities and the potential risks. Understanding the financial implications, gathering the necessary documentation, and evaluating the impact on credit are essential steps in successfully adding someone to a mortgage.