Newly Wed & Looking to Add Your Spouse as an Owner to Your Home?

 Do You Need to Refinance Your Mortgage to Add Your Spouse as an Owner?

Yes, it is my job to originate mortgage loans. It is much more my job to educate & provide information so people can make the best financial decision for themselves. With that in mind..

No, you do not need to refinance your mortgage to add your spouse to the ownership of your home. Ownership of the home and responsibility for the mortgage loan are two separate things. Here’s what you need to know:

Adding Your Spouse to the Title (Ownership)

You can add your spouse to the property title by filing a quitclaim deed or warranty deed with your local county recorder’s office. This legally adds them as a co-owner of the home. However, this does not change the mortgage, meaning you will still be solely responsible for the loan.

Adding Your Spouse to the Mortgage (Loan Responsibility)

If you want your spouse to be financially responsible for the mortgage as well, you will need to refinance the loan in both of your names. This would require:

• Your spouse meeting lender qualification requirements (credit score, income, debt-to-income ratio, etc.).
• A new loan application and approval process.
• Potential closing costs associated with refinancing.

Things to Consider

• Loan Terms: If your current mortgage has a low interest rate, refinancing may not be the best option unless necessary.
• Legal and Financial Protection: Adding your spouse to the title gives them ownership rights but does not make them liable for the mortgage unless they are also added to the loan.
• State Laws: Some states have marital property laws that automatically grant certain rights to a spouse, so check with a real estate attorney or title company.

If you only want to add your spouse to the title, I will gladly connect you with a local title company that can help with the deed transfer. If you want them on the mortgage as well, let’s discuss whether refinancing makes sense for your situation!

Would you like help exploring refinancing options? I’d be happy to walk you through the process and see what works best for you both.