Sharing partnership with someone in the house ownership is a cost-effective thing. Many people consider doing so when they want to share the burden.

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And it is not only beneficial for both borrowers, but it also equally benefits the lender. It is commonly known as an idea of adding someone to your mortgage.

But how a borrower goes about it depends on terms and conditions issued by certain lenders in the mortgage. That is when you ask the question, “Can I add someone to my mortgage without refinancing?”

Here’s the short and long answer

The short answer is going to disappoint you a little.

So, coming back to the possibility of adding someone to your mortgage without refinancing is not possible. So the answer is unfortunately no, you cannot add someone to your mortgage without considering refinance. Now is the time for the long answer where I’ll try to explain why that’s not the possibility. When you have purchased a house through a mortgage, then you agreed to be a sole borrower at the time.

So you can’t change the terms and conditions of that existing mortgage agreement. You can, however, refinance to be able to add someone to your mortgage.

This will follow the same process, but it will be based on agreed-upon terms. Your lender will start by looking at the interest rate, repayments, and adding the names to the agreement. The terms will not differ, but your co-borrower will be evaluated based on the same factors.

That can include the debt-to-income ratio and credit score, to name a few. Hence, then you’ll be able to add someone to your mortgage with refinancing, of course. Once done, the responsibility of the repayments will be shared between you and the co-borrower.

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