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Lambo0618

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Adding a new spouse to an existing home mortgage
I have very good credit and my home mortgage will be paid in full within 3 years. Will there be a negative impact for me if I add my new husband with "fair" credit to the mortgage?

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Usually when you add someone to a mortgage, you will be required to refinance.  If you do that, they will use the lowest score--which would be his--in determining your interest rate and payments for the remainder of the loan.  If they will do it without the re-fi, then go for it. Also, you can add your spouse's name to the title, without having their name on the actual mortgage loan if you would rather do that.  You do that by filing a quitclaim deed at your county office.  That gives them joint ownership, but they would not be responsible for any payments if you were to ever default.

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