Most mortgage loans have repayment terms of 15 to 30 years. During this time you might experience a life-changing event, such as a marriage, that causes you to want to add another person to the title of your home and mortgage loan. Property owners in Massachusetts can add someone to the title by using a quitclaim deed. However, this doesn't make the new person financially responsible for the mortgage loan. To add another person to your mortgage loan, you must apply for a refinance loan with him.
Items you will need
- Financial documents
Contact an attorney to prepare a quitclaim deed. The attorney will need your full name and the other person's name. It might help to provide a copy of the original deed as well.
Choose the way you want to hold the title. This is known as the vesting. In Massachusetts there are three primary types of joint ownerships -- tenancy by the entirety, joint tenants and tenants in common. Tenancy by the entirety is best suited for married couples, while the other two can be used for other non-married owners. Your attorney will advise on the best option for your situation.
Sign the quitclaim deed as directed by your attorney. In Massachusetts, a notary public must witness the signature on a deed.
File the deed with the county's register of deeds so it can be recorded on public record. Recording fees are charged by the register.
Contact your lender to discuss refinance loan options. If they don't have any offers to meet your needs, shop around with other lenders.
Complete the loan application with the refinance lender of your choice. You need to use both your name and the other person's name. Submit any additional documents requested, such as pay stubs or tax returns.
Attend the loan's closing to sign the loan documents and submit payment for the closing costs.
- If you plan to refinance the loan to add another person to the mortgage loan, the lender or title company might be willing to have a quitclaim deed prepared at the same time for you.
- When applying for a refinance loan with another person, his credit will be reviewed and factored into the final approval decision.
- US Legal: How Would I Add Someone to the Deed of My Home?
- FHA: FHA Streamline Refinancing Rules for Adding/Removing Borrowers
- Bankrate: Understanding Quitclaim, Warranty Deeds on Property
- The Massachusetts Real Estate Law Blog: The Anatomy of a Massachusetts Quitclaim Deed
- Lawyers.com: Add a Spouse's Name to Titled Property & Accounts
- Franklin Disctrict Registry of Deeds: Requirements for Recording