I own a home which is titled and with a mortgage in my name only. I wish to add my fiance to the title as a "Joint Tenant". Do I have to get permission from the lender and/or do I have to get a new mortgage with myself and my fiance as co-borrowers?
Answer
If the lender consents to the transfer, all you need to is record a deed from You to You+Fiance as Joint Tenants with Right of Survivorship. Note that if your loan is FHA-insured, you can often add a family member who resides in the house as a joint tenant by quit claim deed without triggering the due-on-sale clause.
No comments:
Post a Comment