It is impossible to predict what the future may hold when you get a mortgage and buy a new home. If you live in that home for a few years or several decades, your circumstances will almost certainly change.

For instance, you may get married (or remarried) and want to live with your new spouse in your home. While this is the most common reason, there may be other times you want to add someone to your existing mortgage.

But is that possible? Can you add someone to a mortgage or would you have to get a new mortgage with them instead?

Below you’ll learn what your options are when it comes to adding someone to your existing mortgage loan. 

Can You Add Someone To A Mortgage?

No, you cannot add another person to your existing mortgage loan. Unfortunately, it is not as easy as just informing your lender that you want to add that person, and your lender instantly agreeing to your request. Adding a new person requires a refinance.

Adding another person to a mortgage loan is different from adding them to a property deed. Here is how they differ:

Adding another person to the property deed puts the property in both names. Even if the person whose name is on the deed passes away, the surviving property owner will be able to continue to live in the house.

If you marry or include another person in your deed, the person may agree to pay all or a portion of your home loan, depending on the circumstances.

If you and the other person agree verbally, but their name isn’t on the mortgage loan, they aren’t obligated to follow through on the agreement. By adding this person’s name to the mortgage, they will become personally liable for the debt and thus more likely to adhere to the payment agreement in the future.

How To Add Someone To Your Mortgage

You can only add another person to your mortgage loan if you refinance. Adding a co-borrower to an existing mortgage is not an option because lenders issue mortgages based on the creditworthiness and financial circumstances of the person named on the mortgage. 

A refinance in both of your names will be required if you want to share your loan with someone else. This means that you will have to go through the approval process again.

A refinance is a loan that allows you to modify the terms of your existing home loan. The interest rate, the pay-off date, the monthly payment, and the names on the mortgage are all examples of changes that can be made.

If you want to refinance your mortgage loan and include a co-borrower, you’ll need to complete and submit a new mortgage application jointly. There is no guarantee that a mortgage application will be approved, whether you use your current lender or a different lender altogether. 

A refinance involves the lender re-evaluating your financial situation, and if you are adding a co-borrower, the lender takes into account the financial situation of your co-borrower. This includes information about one’s employment status, credit scores, and current debt balances. In addition, the property must meet the requirements for refinancing.

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