Real Estate

add name to house title (mortgage is a closed rate)

  • Last Updated:
  • May 15th, 2019 6:19 pm
[OP]
Newbie
Aug 20, 2013
8 posts

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?
6 replies
Deal Fanatic
User avatar
Mar 23, 2008
8709 posts
5240 upvotes
Edmonton
TonyJ399 wrote:
May 15th, 2019 2:17 pm
If the mortgage has a closed rated, is it able to add name to the house title?
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.

Sometimes it’s good to add context to a question. As in, what you’re trying to achieve. There’s often multiple ways to approach something.

C
[OP]
Newbie
Aug 20, 2013
8 posts
I just want to know the mortgage has a closed rate, is it possible to add name to title before the current term end?
Jr. Member
May 8, 2014
113 posts
46 upvotes
Toronto, ON
TonyJ399 wrote:
May 15th, 2019 2:50 pm
I just want to know the mortgage has a closed rate, is it possible to add name to title before the current term end?
Closed, open, fixed, variable, doesn't matter.

Call your FI to find out the "add-on" process, which will surely include legal fees for the change to the registration of title.

But as was mentioned above, context would be helpful to know what your objectives are.
A semi-competent prole, having worked in mortgages at a "Big Bank" for a day or two.
Deal Fanatic
User avatar
Mar 23, 2008
8709 posts
5240 upvotes
Edmonton
TonyJ399 wrote:
May 15th, 2019 2:50 pm
I just want to know the mortgage has a closed rate, is it possible to add name to title before the current term end?
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.

So again, talk to your lender.

C
Deal Addict
User avatar
Jan 2, 2012
2886 posts
779 upvotes
Toronto
TonyJ399 wrote:
May 15th, 2019 2:50 pm
I just want to know the mortgage has a closed rate, is it possible to add name to title before the current term end?
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.

This was just 1 lender though, no idea if other's can make changes like this mid-term. You need to call them and ask.

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