Can I Add Someone to My Mortgage Without Refinancing in 2024?

When someone runs out of liquid funds, the best option they look for is taking money on credit or loan. There are many ways to raise a loan or borrow money. First, you can ask a friend or family to lend you some liquid funds. Second, you can borrow money from the banks. But a friend can lend you when none of these options are available, or you want more funds than the banks.

Can You Add Someone to a Mortgage?

Yes, you can add someone to a mortgage without refinancing by contacting your lender and paying the required fees. The process of adding someone to a mortgage is easy. However, some situations may warrant adding a co-borrower to your mortgage loan. Additionally, you can remortgage and apply for a joint mortgage.

mortage approved

A mortgage loan, or simply a mortgage, is money borrowed by keeping an asset, primarily a commercial property, as collateral. The property owner gives possession to the lender until the loan is repaid. In most cases, the loan repayment period is fixed, and the borrower has to repay the loan within that time to get the property back. However, it all depends upon the terms and conditions set when the loan is taken. Different sources have different terms and conditions.

Since a mortgage loan is not a small loan, it affects your credit score to a great extent. This kind of loan raises a red flag on your credit report and becomes a barrier if you want to raise money. One can apply for a mortgage loan with a co-borrower to share the responsibility and increase your chances of raising more money. Two people sharing a big loan would have a more negligible effect on their credit scores than one with a bigger loan.

There are two ways to add a co-borrower to a mortgage. You can put both names when raising the loan. Or you can add a co-borrower after you have already taken the loan. However, adding someone to a mortgage has rules and conditions that must be followed.

Can I add someone to my mortgage without refinancing?

Yes, you can add someone to your mortgage without refinancing. In that case, you need to submit a new mortgage loan application and provide information about the co-borrower related to the co-borrowers employment status, credit scores, and any existing debts.

When considering refinancing your mortgage to add a co-borrower, it’s essential to consider the costs associated with this process. These costs can include an appraisal of your home and closing costs, typically ranging from 2-5% of your total loan balance. Additionally, some lenders may allow you to finance these costs into your loan balance, so you won’t have to pay them won’t.

While adding a co-borrower can benefit certain situations, some potential downsides should also be considered. For example, adding a new person to the mortgage will increase your monthly payments and may also increase the overall length of the loan term. This could mean that you pay more interest over time and may even extend the size of your mortgage beyond what you originally planned.

Overall, it’s essential to consider the costs and benefits of refinancing your mortgage to determine whether adding a co-borrower is right for you. Suppose you decide that adding a co-borrower is suitable for your situation. In that case, choosing a lender with experience working with joint loans is essential to navigating this process smoothly without any significant setbacks or complications.

Refinancing your mortgage can be a great way to lower your monthly payments or open up additional borrowing options, but it is not the only way to add someone to your mortgage. If you want to add a co-borrower without refinancing, there are a few steps you will need to take.

First, you must complete and submit a new mortgage loan application. This application will require information about you and your co-borrower, including employment status, credit scores, and any existing debts. The property must also qualify for the addition of a co-borrower, so make sure that it meets the lender’s requirements for the lender’s financing.

If you are applying with your current lender, they will likely be able to help you with this process. However, suppose you want to switch or use a new lender altogether. In that case, they may require additional documentation before they can approve the addition of your co-borrower.

Once your application is approved, the lender will reevaluate your situation and your co-borrowers to determine whether adding them to your mortgage makes sense for both parties. If everything checks out, congratulations—you have successfully added someone else to your mortgage without refinancing!

Can I add my spouse to my mortgage without refinancing?

Yes, you can add your spouse to your mortgage without refinancing, and the process can be a helpful way to tap into home equity or increase your borrowing power. 

Can I add my spouse to my mortgage

When adding your spouse or partner to your mortgage, there are several things you should keep in mind. Adding someone to a mortgage typically involves refinancing your existing loan.

One of the first steps in this process is to speak with your lender about whether they will allow you to add another person to your mortgage. This can depend on several factors, including the amount of debt you currently have and your credit history.

If your lender is willing to approve this change, you must prepare certain documents, such as proof of income and employment for yourself and your spouse. You may also need to provide information about any assets you own jointly with your partners, such as bank accounts or investments.

Once these documents have been submitted, you and your spouse must sign the new loan documentation. This typically involves having lenders re-assess your eligibility for a mortgage based on the combined incomes and debts of both spouses or partners involved in the transaction.

Adding a spouse or partner to your mortgage can be a valuable way to tap into home equity or increase your borrowing power. However, you must approach this process carefully and do due diligence before making significant financial decisions about your home.


Why Do You Want to Add a Co-borrower?

Apart from sharing responsibility, some people may want to share ownership of the property with other people. The person could be anyone: your spouse, child, parent, or friend. Instead of adding this person as a co-borrower, you can add this person to your mortgage deed. This is because when you give someone a share of your property, you may want them to share your loans or debts. The person may even agree to it, but proof of this agreement must be made to make the other person obligated towards the repayment. This is why adding the co-borrowers names to the co-borrowers is considered better.

But adding a co-borrower to a mortgage is not a piece of cake. One has to pay a fee and add the name to a deed. Some situations may restrict adding a co-borrower, while some may assert you to the co-owner’s name as a co-owner. Add someone to a deed with a mortgage.

  • You can add someone to the existing mortgage by contacting a mortgage lender and filing a legal form.
  • If you remortgage, you can add someone to the deed with a mortgage and apply for a joint mortgage (refinancing). This is a new mortgage policy.
  • If you are married, you have equal rights on the property; even the mortgage is in your name. However, you can add a spouse to a mortgage if you want to set different shares when you sell the property.
  • You can invest different shares into the property with your partner (for example, 70% and 30%) and arrange to get a proportional sponsored share when you sell a property.


Refinancing and Its Requirements

It is compulsory to refinance your mortgage to add a co-borrower. You cannot informally ask your mortgage company to put another name in your current deed. Refinancing is essential to change the original terms of the loan. In addition, it helps you to add a partner who will help you repay the loan and help you share all the terms of the mortgage. These terms could be the installments, interest rate, repayment dates, and interest rate. Refinancing can be used to add or remove the name of a co-borrower from the mortgage.

Refinancing requires you to submit a new mortgage application to add a co-borrower. When refinancing, the borrower can either apply to his current mortgage company or look for a new or better lender who can give him a lower interest rate or lenient terms than his current company. However, it is not guaranteed that he will get approval for the new deed from any of the lenders, whether the current one or a new company.

A lender considers many factors before approving a mortgage application. These factors may include the credit score, current debts, current employment, past loan repayment graph, or the valuation of the assets owned. These factors apply to both the borrower and the co-borrower. Therefore, the mortgage company ensures both borrowers can repay the loan.

Can you pay someone’s mortgage anonysomeone’s?

You can pay someone’s mortgage, someone’s gift, or as a relative or friend who wants to help. In practice, you can arrange to be anonymous with a mortgage lender company or make the payments using a money order mailed with no return address.


Adding a co-borrower may sound promising as it helps you lay down some of your burden on a partner. However, refinancing to add a co-borrower comes with costs that must be incurred and cannot be ignored. For example, when you apply for a new loan, you must close the old mortgage deed to add a co-borrower, including a closing cost. This cost may be between 2% to 5% of the entire loan cost. This closing cost is paid at the time when the mortgage is closed. But if you are refinancing the mortgage from the same company, they may consider adding it to your loan balance. This may increase your interest as well as the installment amount.

So, always weigh the consequences and the benefits of adding a co-borrower before applying for refinancing.

Daniel Smith

Daniel Smith

Daniel Smith is an experienced economist and financial analyst from Utah. He has been in finance for nearly two decades, having worked as a senior analyst for Wells Fargo Bank for 19 years. After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management. At, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification. Read more on Daniel Smith's biography page. Contact Daniel:

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