Financing in Frederick>Question Details

Allie, Home Buyer in Silver Spring, MD

we want to refi, but the mortgage is in his name only, if I add my name to the deed before the refi, will we have to use my credit for the refi

Asked by Allie, Silver Spring, MD Mon Aug 9, 2010

My husband and I recently purchased a home but the loan is an arm, we want to refi soon to a 30 yr fixed rate, but because we recently got married (after buying the house) and my credit wasn't great, we did the loan in his name only. Now that we are married he wants to add my name to the deed, but we still don't want to use my credit for the refi. If my name is added to the deed now, how will that affect our refi ?

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I'm a real estate agent in Maryland. My wife and I a few years ago helped our daughter buy a home in Alabama. Our daughter did not have good credit, so she was not on the application for a mortgage. The title company that did the settlement included our daughter on the title/deed. She was not part of the financing processing, but still is a legal part owner of the property.
I would think that your husband could go throught the re-finance mortgage process alone, and you and he could be placed on the deed/title.
I am not an attorney and cannot give you legal advice. I suggest that you speak to a real estate attorney (perhaps one who would also do the re-finance settlement) and he/she could give you the legal advice you need.
0 votes Thank Flag Link Fri Aug 13, 2010
Thanks Brent...
Area experts as yourself do make a difference. Shows how crazy California is.
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0 votes Thank Flag Link Thu Aug 12, 2010

Brian raises a good point but in Frederick or Montgomery county spouses are exempt from county transfer tax. Same with the state taxes. Counties can do things differently but spouses are in good shpae. If you want to do that regardless of the refinance I know some excellent attorneys if you need a referral.
0 votes Thank Flag Link Thu Aug 12, 2010
Hi Allie...

Not to be a barer of bad news...this may cause a transfer tax to be charged depending on your area. I'm no where near it but ask the lender and title or attorney involved.

= ) Best of luck, Brian
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0 votes Thank Flag Link Wed Aug 11, 2010
Hi Allie,

Congratulations on the wedding! This is what I would do. Let hubby refinance and have him on the mortgage. After the refinance he can add you to the Deed. You might want to consider estate planning while you are at is to maximize efficiency and pay one time for you to be added to Title and then for the property to be placed into your Family Trust.
I hope this helps. Good luck!

Hannah Fliegel, FICO Pro
0 votes Thank Flag Link Tue Aug 10, 2010
It should not affect anything, Josh is correct, it's common to have two owners and only one borrower. However why take any chances at all and why do this in two steps. I am not an attorney but refinance now and just add yourself to the deed at closing. Any loan officer you select will speak to the title attorney and ensure everything is done correctly and as easily as possible. Scott had a good point also, talk to your current lender and see what they can do and also talk to one of us and see which one makes the most sense. We can ask the types of questions that allows you to make a smart choice. Also let us know when you bought the home, it could be an issue if you just bought it a few months ago. Let your loan officer know everything so they can best advise you. Please let me know if you need more information. Thanks,
0 votes Thank Flag Link Mon Aug 9, 2010
This should not affect your refinance at all. Simply have yourself added to the title and deed at the time of settlement. it is not unusual to have 2 people on title and only 1 on the loan.

Josh Burley
301.663.8087 x231
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0 votes Thank Flag Link Mon Aug 9, 2010
If you are looking to refinance, you should probabily hold off on addiing her to the deed until the refinance is completed. If you just purchased a home, why were you even put in an adjustable mortgage with rates at industry lows. You should contact your lender and ask if they can modify your loan into a fixed rate now. It is worth the rty as it will save you alot of money in new closing costs.

if they will not, then contact a loan officer to refinance you, make sure there are no prepayment penalties or with teh new loan there is any seasoning requirements, let your loan officer know when you purchased and why you want to refinance.

good luck with working things out
0 votes Thank Flag Link Mon Aug 9, 2010
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