Key Takeaways
- You can’t add someone to an existing mortgage without refinancing.
- Adding someone to the home’s title is possible without changing the loan.
- Options like loan assumption or modification exist, but they’re rare and lender-specific.
Life happens, and circumstances change. Let’s say you bought a home in your name alone, but now you want to add your spouse, partner, or family member to the mortgage. But refinancing means you may end up with a higher interest rate and pay closing costs again.
So, is it possible to add someone to your mortgage without starting over? The short answer: No.
While you can’t officially add someone to your mortgage loan without refinancing, there are still other ways to share ownership or responsibility. In this article, we’ll break down what’s doable, what’s off the table, and how to move forward without having to start a whole new loan.
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- Can you add someone to a mortgage without refinancing?
- Option 1: Addition to the title
- Option 2: Loan assumption
- Option 3: Loan modification
Can you add someone to a mortgage without refinancing?
You can’t just “add a name” to an existing mortgage. That’s because mortgages are based on a borrower’s credit, income, and debt.
Adding someone new means adding new risk, so the lender must reassess everything, including credit scores, income, and more. That process requires refinancing.
A mortgage is a legal agreement that can’t be changed without redoing the loan from the start.
Check options to add a name to your mortgage. Start hereWhat’s the difference between a mortgage and a title?
This part trips up a lot of people, so here’s a quick tip: your mortgage is the loan you’re repaying, while the title shows who actually owns the home.
Option 1: Add them to the title (without touching the mortgage)
One possibility is to add someone to the title of the home without changing the mortgage. That’s the most common workaround.
Check options to add a name to your mortgage. Start hereIf you just want the other person to be a co-owner of the home without changing the mortgage (not responsible for the loan), you can add them to the title. This is done with a document called a quitclaim deed.
The person you add will now legally own part of the home, but they won’t be responsible for the mortgage payments. You don’t need the lender’s permission to do this, but it’s a good idea to tell them about the change.
This option is simple, but it doesn’t make them a co-borrower. If something happens to you, they wouldn’t be responsible for the loan, but they’d still be a co-owner.
Option 2: Loan assumption (rare but possible)
Some loans can be assumed, which means another person takes over the loan and its payments. This is different from refinancing because the loan terms stay the same. Your interest rate and loan balance don’t change.
Check options to add a name to your mortgage. Start hereHere’s the catch. Only some loans are assumable. These include:
- FHA loans
- VA loans
- USDA loans
If your mortgage is a conventional loan, it probably can’t be assumed. But if you do have an assumable loan, the new person will need to qualify with the lender. They’ll check income, credit, and other financial info.
It’s not common, but it’s one way to take over a loan without starting a brand-new one.
Option 3: Loan modification (limited cases)
Another option is a loan modification. This is when a lender agrees to change the terms of your loan without doing a full refinance.
Time to make a move? Let us find the right mortgage for youIn very rare cases, a lender might allow a new person to be added to the loan through a modification. But this usually only happens when there’s a hardship, like job loss, divorce, or financial trouble.
This is not something lenders offer often, and it still requires full mortgage approval and financial checks. It’s not a go-to method just for adding someone to a mortgage.
Option 4: Refinance into a joint mortgage loan
We’ve covered how to avoid refinancing, but in some cases, it might be the best solution. This is especially true if you want the new person to share both ownership and loan responsibility.
Refinancing means you’re taking out a brand-new mortgage. You’ll both apply for the loan, and both of your credit will be checked. Both of you will be responsible for the payments.
Yes, refinancing means added closing costs and possibly a higher rate, but it’s also the most official and secure way to add someone to both the loan and the title.
Questions to ask before making a decision
Before moving forward, it’s smart to talk to your lender and maybe even a real estate attorney, especially for deed/title transfers.
- Do I want to share the ownership, the loan, or both?
- Will this change affect my property taxes or insurance?
- Can the other person qualify if needed?
- Do I need to talk to a lawyer before changing the title?
- Have I contacted my mortgage company to ask about my options?
Not adding someone, but dealing with a breakup instead? Here’s how to remove a name from a mortgage without refinancing.
The bottom line
So, can you add someone to your mortgage without refinancing? No, you can’t add someone to the loan itself unless you refinance. But you can add them to the title of the home, which gives them legal ownership.
Other paths like loan assumption or loan modification exist, but they’re limited and not always available.
If you want to share the home fully, both ownership and responsibility, a refinance is the best long-term solution.
No matter which path you choose, make sure to talk with your lender, ask the right questions, and get legal advice if needed. Homeownership is a big deal, and it’s important to make the right move for your situation.
