Can Someone Be Added to an Existing Mortgage?
Got a search for that, and it occurred to me that it is a valid question. The answer is yes.
The degree varies. You can simply contact the bank to make yourself responsible for payment. They are usually happy to do this, although unlike revolving accounts you typically will not receive back credit on your credit score for the entire length of time the trade line has been open. Nonetheless, if the bank reports the mortgage as paid as part of your credit, it can help you increase your credit score, so long as the mortgage actually gets paid on time every month. One 30 day late is plenty to kill any advantage for most folks. This is typically free. Hey, the bank has one more person to pay the mortgage! This is often used as a way to start rebuilding credit after a bankruptcy or other financial disaster. A friend or family member qualifies for the loan, then adds the person looking to recover to the loan later.
If you want to go one better than that, you can actually modify the deed of trust to make yourself responsible for payment, although it really has no measurable benefit as opposed to simply agreeing to be responsible, and it costs money to notarize and record the modification.
Unless you can get a better rate by doing so, I would advise against a full re-qualification for the mortgage just to add someone. It's a lot of hassle and expense for no particular gain. If you want to get me paid, I'm cool with that, but there are better ways to accomplish the gain to your credit at far less expense.
Caveat Emptor
UPDATED here
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Got a search for that, and it occurred to me that it is a valid question. The answer is yes. The degree varies. You can simply contact the bank to make yourself responsible for payment. They are usually happy to... Read More
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Interesting. When I got married, I wanted to add my husband to our then-mortgage. But the bank said they couldn't do that without refinancing into both our names. And because I was on unemployment and my husband was making barely more than minimum wage, we didn't qualify when we tried to refi. So we ended up having to leave him off.
It made me nervous at the time though. What if something happened to me? Luckily Washington is a community property state.
You most likely ran across the "I want a commission" mentality. In other words, they wanted the commission money more than they wanted to do what was in the best interests of the bank they worked for. The bottom line for the bank is they have an outstanding loan, so anything which increases the probability of it being repaid is a Good Thing. Nonetheless, many employees will tell you to do what causes them to be paid more.