When you take out a home mortgage loan it's a long-term commitment lasting anywhere from 15 to 30 years on average. Over this time a life changing event -- like a marriage -- might occur, causing you to need to add someone to your mortgage or deed. In Florida, you add someone to your deed through a quitclaim deed. To add someone to your mortgage loan you will need to refinance.
Hire an attorney to prepare a quitclaim deed. The attorney needs some important information including your full name, the other person's full name and the property's address.
Choose the way you want to hold the title -- also known as "vesting" -- with the other person. Your attorney can advise on the best option for your situation. In Florida there are three primary ways for co-owners to hold title: estate by the entirety, joint tenancy or tenants in common.
Sign the deed once the attorney has it completed. The other person being added -- called the grantee -- doesn't need to sign. However, in Florida a notary public needs to acknowledge your signature and sign the deed. Additionally, two other witnesses are required to sign.
Submit the signed deed to the county clerk for recording. There's a small fee charged to record a deed.
Contact your current lender to see if it has a refinance loan offer available. If the offer doesn't suit your needs, shop around with other lenders for a better rate or terms.
Fill out the loan application provided by the lender you chose. Both your and the other person's information need to be included on the application because you are both applying for the loan.
Submit any documents the lender asks for, such as pay stubs or tax returns, to verify your income. Wait for the lender's decision.
Meet with your loan officer or representative for the loan's closing. Sign the loan documents as instructed. You'll need to bring a cashier's check for the closing costs.
Items you will need
- Financial documents
- If you plan on adding someone else to both the mortgage and the deed, the lender will more than likely have a quitclaim deed prepared for you to be signed at the closing. This eliminates the need to hire your own attorney.
- When refinancing, both of your credit histories and incomes will be considered for the loan approval. If the other person has unfavorable finances, it might hinder the lender's decision to approve the refinance or put you at a higher interest rate.
- Martha O. Haynie, CPA Comptroller Orange County Florida: What Are The Requirements For Recording a Deed?
- North American Title Company: Common Ways of Holding Title to Real Property
- US Legal: How Would I Add Someone to the Deed of My Home?
- FHA: FHA Streamline Refinancing Rules for Adding/Removing Borrowers
- Lawyers.com: Add a Spouse's Name to Titled Property & Accounts
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