Adding someone to your mortgage means they are equally as responsible for repaying the loan and their credit score will also be on the line. This process, however, can be complicated. Here are some important steps you must follow:
Be sure the person you are adding to your mortgage is trustworthy and responsible.
Call your mortgage company and ask what you need to do to complete the process.
Check the credit score of the person you wish to add to your mortgage. Your rate could increase if they have bad credit.
Shop for mortgages and find out about the interest rate, closing fees, any prepayment penalties, and points added to the loan. Compare these rates with others to get the best deal.
Collect all the necessary documents you will need to prove income, assets and debt. (Pay stubs, tax returns, bank and brokerage statements, loan information, etc.)
Apply for the loan and make sure the details on the loan are precisely what you were told earlier on. Check for any hidden fees and make sure everything is covered and clarified.
Sign the loan with your fellow applicant.