Posted on: 09th Feb, 2010 09:41 am
I want to add my wife on my house title to ease her troubles in the event of my death. My wife is not on the first mortgage (currently refinancing now without her on application). What is the best procedure to handle this and should I wait to start the process until I close?
your lender can, if they so choose, call your loan due in full if you change the ownership interests on the home. they don't regularly do so, mainly because (i think) they don't know such a transfer was done. you run the risk of having this happen if you add your wife post-refinance. of course, you can do so prior to your closing, but then the lender will require her to sign the mortgage deed - at the least - and perhaps become a borrower as well.
of course, if the lender should call the note, what that'd mean in a practical sense is that you'd have to refinance again with her as a joint owner.
of course, if the lender should call the note, what that'd mean in a practical sense is that you'd have to refinance again with her as a joint owner.