add name to house title (mortgage is a closed rate)
If the mortgage has a closed rated, is it able to add name to the house title?
May 15th, 2019 2:17 pm
May 15th, 2019 2:29 pm
AFAIK, generally speaking if you’re on title, you need to be on the mortgage. So you’d likely have to talk to your lender, and see what their requirements are. Plus you’d have legal fees for the title change, most likely.
May 15th, 2019 2:50 pm
May 15th, 2019 3:47 pm
Closed, open, fixed, variable, doesn't matter.
May 15th, 2019 3:54 pm
Anything is possible (in most situations). Worst case scenario you have to break the mortgage and refinance it. But that would cost big penalties. So it depends on how important it is to you.
May 15th, 2019 3:55 pm
In my case, I got home/mortgage while single and later tried to add my wife to title/mortgage after we got married. The lender flat out did not allow any change to closed mortgage whatsoever. They said my only option would have been to cancel the current mortgage, pay all fees, and re-qualify for a brand new mortgage with her on title. So instead we just waited for the closed term to end and added her to the next mortgage.
May 15th, 2019 6:19 pm