How To Change Name On Mortgage After Marriage?

Contact your mortgage company. Contacting your mortgage lender and notifying them of the change in your name will be the initial step. Your bank account details must be updated, and they may ask you for proof of the difference in your name.

Make sure you publish your evidence. Your mortgage provider will likely ask you to prove your new name. This could be a duplicate of your marriage license, driver’s license, or even your Social Security card.

You must sign a new mortgage contract. The mortgage lender may request that you agree to a new contract once they confirm the new name. In doing so, you can alter the name on your mortgage agreement to reflect your current legal identity.

Be sure to pay any applicable fees. Changes to the address on your mortgage could be an issue. It depends on the lender you use and the mortgage you get. The cost will vary.

How To Change Last Name On Mortgage After Marriage?

Change the name on your driver’s license and your Social Security card first if you are a state resident and have a legal name change due to divorce, marriage, or any other legal process. After that, submit copies of your new identity and the official certificate changing your name to the mortgage company.

Request a copy of the marriage certificate

It’s the official document that demonstrates that you have switched your names. You can request the marriage certificate at the county clerk’s office in the county where you were married.

Contact your mortgage lender

If you’ve received the marriage certificate, call your mortgage company and inform them that you’re interested in altering the address on your mortgage. They’ll likely request that you supply them with the marriage certificate and any other documents, like a driving license and a Social Security card with your new name.

Complete the required paperwork

The lender will supply you with the required paperwork to change the name of your mortgage. This could include an application for a name change, a duplicate of the marriage certificate, and a fee.

Make sure you submit the documents in the mail to your lender

After you have completed the necessary paperwork, could you send it to your loan provider? They will examine the document and then process the name change.

Update your records

If your name is altered on the mortgage you have, you’ll have to correct your records to reflect your new name. This could mean updating your driver’s license, social security card, and other essential documents.

Do I Need To Change My Name On My Mortgage After Marriage?

Legally speaking, you’re not required to do so; however, doing so is recommended, especially if you intend to remortgage shortly. If you don’t, the lender could face issues and delay responding. It doesn’t matter if you’re applying your partner’s name to the loan or if they’re using your name; you must follow these guidelines.

Refinancing

If you plan on refinancing your mortgage shortly, it could be simpler to do this if the creditor’s name is identical to the name you have on other documents, such as your driver’s license and passport. It is because mortgage lenders have to confirm your identity and employment background, and it could be more difficult when the name on your mortgage has been changed.

Selling the Property

If you intend to market the home shortly, it is simpler to sell it when the name on the deed is the same as the name on the mortgage. This is because buyers are looking to ensure that they are dealing with the legitimate owner of the house.

Identity Theft

If the name on your mortgage is not in line with the legal standing of your spouse, it could make you more susceptible to identity theft. This is because a person could use your last name to open accounts or obtain loans in your name.

Convenience

It could also be more practical to have your name on your mortgage correspond to the legal standing of your business. This is because you do not have to worry about proving the change in your name every time you call your lender.

If you choose to change the name of your mortgage, you’ll be required to contact your lender and request a change of name form. You’ll also have to prove the name change with something like a marriage certificate or court order. Once you’ve completed the form for a name change and have provided evidence of the change, Yo lender ill make the necessary changes to their records.

Cost To Change Name On Mortgage?

Every lender will have a particular form to be completed. The majority of lenders will charge fees for processing it. You should allow between $200 and $500. You must pay the government’s state fees to cancel and re-register your mortgage. Set aside between $200 and $250 to cover this.

Government Fees

The first expense you’ll be charged is the government fee. The fees differ for each state but generally vary from $200 to $250. You’ll need to pay these charges to pay off your mortgage and register an entirely new one under the new name.

Lender Fees

In addition to the government fees, you will also have to pay fees to lenders. These charges vary from lender to lender but typically range from $200 to $500. The lender might charge a fee for processing the paperwork in order to change their information.

Title Insurance

If you are insured with title insurance, you may be required to pay a once-off cost to upgrade your policy. The price will differ based on the kind of title insurance that you have and the firm that you purchased it from.

Total Cost

The cost to change the name of a mortgage will vary based on various variables, including the state you reside in, the lender, and if you are covered by title insurance. But you should expect to spend between $500 and $1,000 for the entire amount.

How Do I Change The Name On My Mortgage Following The Divorce?

The co-borrower and you may seek an assumption or a modification that would eliminate your name from the loan to prevent your name from being associated with a mortgage. Your co-borrower has to refinance the home with a new mortgage if the lender refuses to modify the current loan.

Assume the Mortgage

If you have good credit and enough money, it is possible to take over the mortgage in your name alone. This means you’ll assume all mortgage payments and take on the entire mortgage.

To assume the mortgage, you must get your spouse’s consent and then have the lender accept the assumption. They could charge an additional fee to take over the mortgage.

Sell the House

When you or your spouse cannot agree on who should be the homeowner, you might be forced to sell the property. The sale profits can be used to settle the debt or divide the equity between the spouse and you.

Get a Cosigner

If you don’t qualify to refinance or assume, then you might be eligible for a cosigner for the mortgage. A cosigner accepts responsibility for the repayments if you must catch up on repaying your loan.

A cosigner is an excellent option if you are not creditworthy or do not have enough money to qualify for an individual loan. It is crucial to remember that the cosigner is responsible for payment if you fail to pay, and you must have someone you trust to become a cosigner.

Other alternatives

Sometimes, it is possible to negotiate with your lender to devise an alternative method of removing any spouse’s name from the mortgage. For example, your lender may allow you to make the loan payment earlier or modify the conditions of the mortgage.

If you’re considering one of these options, you must talk with your lender to learn which options are open.

FAQ’s

How do I change my name on a mortgage after getting married?

To change your name on a mortgage after marriage, you will need to follow these steps:

1. Obtain a certified copy of your marriage certificate.
2. Notify your mortgage lender about your name change and provide them with the necessary documentation.
3. Fill out any required forms provided by your lender to update your name on the mortgage.
4. Review and sign any updated mortgage documents reflecting your new name.
5. Ensure that your new name is updated on all relevant legal and financial documents.

Can I change my name on a mortgage without refinancing?

In most cases, you can change your name on a mortgage without refinancing. By notifying your mortgage lender about your name change and providing the required documentation, they can update their records and issue new documents reflecting your new name. Refinancing may not be necessary unless you wish to make other changes to your mortgage terms.

Are there any fees associated with changing my name on a mortgage?

The fees associated with changing your name on a mortgage can vary depending on your lender. Some lenders may charge a small administrative fee for updating your information, while others may not charge any fees at all. It’s best to contact your mortgage lender directly to inquire about any potential fees.

How long does it take to change my name on a mortgage after marriage?

The timeline for changing your name on a mortgage after marriage can vary. Generally, it can take a few weeks for the process to be completed. This includes submitting the necessary documents, having them reviewed and processed by your lender, and receiving updated mortgage documents reflecting your new name. It’s advisable to contact your lender early on to initiate the process and get an estimate of the timeframe.

Do I need to update my name on other legal documents after changing it on the mortgage?

Yes, it is important to update your name on other legal documents after changing it on the mortgage. This may include updating your driver’s license, passport, Social Security records, bank accounts, and other financial and legal documents. It is recommended to notify the relevant authorities and institutions about your name change to ensure consistency across all your records.

Can I change my name on a joint mortgage if I am the co-borrower?

If you are a co-borrower on a joint mortgage and wish to change your name after marriage, the process is similar to changing the primary borrower’s name. Notify your mortgage lender about the name change, provide the necessary documentation, and follow their instructions for updating your name on the mortgage. It’s important to involve all parties involved in the mortgage to ensure a smooth name change process.