My fiancee wants his name on my house/mortgage

lwells · Joined: 07 Apr 2008 Posts: 1 1.35 Dollars($)

My fiancee would like to have his name on my property. We have been remodeling and have already taken and spent a 20k home equity loan which wast taken out in BOTH our names. There is still a lot of remodeling to be done (16K) but he is reluctant to put money into the house for fear that if something happens between us, he won't get his money back.
He has enough money to pay for the remodeling out of pocket. What should I do? If his name is added to the mortgage, does that mean a refinance? I have a fixed 5.5% rate and want to keep that.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello,

Welcome to the forum.

You can add your fiancé on the deed by using a quitclaim a quitclaim deed even without adding him on the mortgage. But you need inform the lender about the quitclaim the take his confirmation. Now if you wish to add him on the mortgage then you may have to refinance and you may not get the present rate.

Feel free to ask the community if you have any further query.

Niicss · Posted: Tue Apr 08, 2008 4:02 am Post subject:

Welcome,

You should consult with your lender on this matter and request him for navation. Through novation you can add your boyfriend on the mortgage even without refinancing.

For adding him on the deed you can simply use a quitclaim deed.

Let me know if you have any more queries.

All times are GMT - 7 Hours

Page 1 of 1