How to Add Someone to Your Mortgage

Steps to Adding Someone to Your Mortgage

Adding someone to your mortgage is an important financial decision that can have lasting implications for both parties involved. Knowing the steps and requirements needed to add someone to a mortgage can help you understand the potential impacts and ensure you and the person you’re adding are aware of the consequences.

1. Contact your mortgage lender and inform them of your intention to add a co-borrower to your existing mortgage.
2. Collect all documentation required by your lender. Most lenders require at least two forms of ID, proof of address, and evidence of income from the person being added.
3. Provide proof that the added person is financially capable to qualify for the loan. Your lender will assess this person’s credit score, outstanding debts, and current income in order for them to be approved.
4. Sign the documentation provided by your lender and authorize the addition of the person to the mortgage. This will make the added person financially responsible for ensuring the mortgage payments are made and the loan is repaid.