Can you get a mortgage on a house you already own?

Getting a mortgage on a house you already own lets you tap (or borrow from) your home equity without selling. The type of mortgage you’ll qualify for depends on your credit score, debt-to-income …

Can a spouse’s name be added to a mortgage?

If only your spouse’s name is on the mortgage, you may be able to add your own name to the mortgage. To do so, you would need to contact your lender to make the request. Your lender will either decline to add your name, due perhaps to credit concerns,…

Can you refinance a house in your spouse’s name?

Refinance the Home. If you can get your spouse’s approval to let you keep the house, you’ll want to remove him from your mortgage and title. You can do this by refinancing the home in your name only.

How can I add my name to my home loan?

Your lender will either decline to add your name, due perhaps to credit concerns, or agree to add your name by means of a simple mortgage modification. The other method of adding your name to an existing mortgage is through a refinance. A refinance is where you get an entirely new loan for your home, and you would apply for the loan as a couple.

What does it mean to have both names on a mortgage?

In short, a mortgage is an agreement to pay back the loan amount borrowed to buy a home. A title refers to the rights of ownership to the property. Many people assume that as a couple, both names are listed on both documents as 50/50 owners, but they don’t have to be. Listing both names might not make the most sense for you.

Is the title of a home separate from the mortgage?

The title or deed of a home is separate from the mortgage or loan. Homeowners’ names can appear on the title and not on the mortgage. Learn the ownership implications of your name being on the deed of a home verses the financial responsibility of your name showing up on the mortgage.

Getting a mortgage on a house you already own lets you tap (or borrow from) your home equity without selling. The type of mortgage you’ll qualify for depends on your credit score, debt-to-income

Can you have both names on the title of a home?

Both names can be on the title of the home without being on the mortgage. Generally, it’s best to add a spouse or partner to the title of the home at the time of closing if you want to avoid extra steps and potential hassle.