subject: How To Add A Spouse To A Home Mortgage [print this page] There are many legitimate reasons to add a name to your home mortgage title or property deed. Marriage, divorce, displacement and aging can all change the structure of a family's living arrangements. In a marriage, as two people come together to share their lives, it makes sense that they would want to combine their assets and debts as well. When the new person moves into an already mortgaged home, it can be a good idea to have that person listed on the mortgage. But adding your spouse to your home mortgage is a big step. Not only is there a great amount of paperwork involved, but it makes your spouse liable for the repayment of the home loan. Once added on the mortgage, the new occupant is also listed on the deed. This protects the new occupant from legal issues or possible eviction in the case of the death of the original owner.
Most companies of mortgages may require you to refinance your home mortgage in order to add your spouse's name. The first step is to assess the spouses credit score, debt ratio and other qualifying factors provided by the mortgage companies to qualify for the loan. You may then negotiate with your existing mortgage company and ask what the requirements to refinance your mortgage are so that the new occupant can be added to the loan and the deed. Also you may ask the mortgage company for the current interest rates. If you are staying with the same mortgage company, you may request them to make the change without incurring refinance fees. You may also like to research various lenders to help you decide whether you want to stick with your current mortgage company or find a new one offering better terms.
Real estate documents can be confusing, especially when dealing with a mortgage. There are a number of documents that deal with conveyance, or the transfer of ownership from one person to another. The different deeds protect the grantor and the grantee. However, to add a spouse to the title of your home, you may need to use the quit claim deed. A quit claim deed will legally transfer property ownership, but doesn't acquit the homeowner who has filed it from the responsibility of paying off the original loan. For this, you may have to hire a real estate attorney or pay a notary public a one-time fee. One of these persons is needed to complete the quitclaim deed that may be witnessed and signed by at least a notary public. Primarily you, as the grantor, may have to fill out your property address and name. Your spouse is the grantee and may have to complete this section. The notary public may have to witness this process, sign under the notary public section, and affix his stamp and embossed seal. The original goes with the notary public for recording or alternatively, you can record the deed yourself at the Registry of Deeds. It is ideal to make photocopies of the quitclaim deed for yourself and your spouse. The last step is to confirm that the deed was recorded at the Registry of Deeds. Or you may have to visit the Registry either online or at the physical address. Search by your name and property address to confirm that the deed you have signed is recorded with an official book and page number. This confirms it as a legal document where your spouse has been successfully added to your home mortgage.
