How to Add a Borrower to an Existing Mortgage

Adding another borrower to an existing mortgage is possible if you know the proper steps to take. You can add another person using either the current lender you have or through a new lender.

Refinancing Your Loan

To add another borrower to your existing mortgage, you may have to refinance your loan. Generally, it is not viable to just add another borrower or modify your existing loan. You have to refinance it first and allow the other person to apply with you.

Application Process

During the application process for the refinancing of your loan, the income and credit score of the second borrower is taken into consideration. This process, also referred to as joint mortgage, adds the incomes of both you and the other borrower. It is based on this added income that the terms and limits of the loan are determined. However, it is important to remember that the credit score of the one with the higher income is the only one considered. Lenders use this to set the rates of the loan.

In this regard, if the second borrower has a lower income than yours then the amount of the loan may not change since lenders will still consider your credit score as primary. On the other hand, if the second borrower has a higher income then his or her credit score will be considered. So, in essence, it is not possible to add a borrower to an existing mortgage, because a new mortgage will have to be applied for.