How to Add a Co-Borrower to Refinance a Home. When refinancing a mortgage, your lender reassesses your income and debt. Any change to your financial situation, such as a decrease in income, an increase in debt or a lower credit score, can affect your ability to refinance. If you fear that a lender will deny your refinancing application,
I put 10 percent down and pay pmi (private mortgage insurance). The principal that I owe on my house is approximately $308,000. I am thinking about refinancing to a 15-year fixed-rate mortgage. My.
Refinancing Without Being on the Loan (or Title). Put simply, banks and mortgage lenders often want verification that whoever is. if the current titleholder/mortgagor has a low credit score and the spouse has a great score.
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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. But keep in mind that while your spouse will then obtain a legal ownership interest in the home, he will not be required to make mortgage payments unless his name on the loan.
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Contact the Lender Call your lender and tell them you’d like to add your spouse to the mortgage. 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.
Once you have the quitclaim form filled out, you’ll need to have your spouse come in to the lender who is handling your refinance and sign the quitclaim with you in front of the loan officer, who will then notarize the document, taking your spouse’s name off of the property deed as well as the mortgage.
A mortgage loan can’t be modified or changed once its established. If you want to add your spouse to your existing mortgage, you would need to refinance the loan in both names. The new loan replaces the current loan. The terms may also change, including the interest rate, loan duration and payoff date.