Refinancing at a longer repayment term may lower your mortgage payment, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your mortgage payment, but may lower the total interest paid over the life of the loan. Contact us to discuss the option that best meets your needs.
Refinancing Your Mortgage to Add or Remove a Borrower
Add or remove someone from your mortgage.
Make sure your mortgage reflects your situation
Refinance to add or remove a borrower and create a new loan.
Things to consider when refinancing to add or remove a borrower
- Financial responsibility
Consider the distinction between ownership and responsibility for the loan, and coordinate with lawyers or financial attorneys as it makes sense for you. - Review of documents
You and any new borrowers will need to provide credit, income and debt information, even if you provided it for the old loan. - Interest rates
Compare the rate you’re paying now to today’s rate, and make sure it makes sense.
Check interest rates
FAQ
It means you are sharing legal and financial responsibility.
- Credit
- Income
- Debt obligations
- Marriage or domestic partnership.
- Divorce or separation.
- Estate or family planning.
- Removing a co‑borrower no longer contributing.
Here are a few other things you need to consider:
- The remaining borrower must qualify alone.
- Property ownership vs. loan responsibility distinction.
- Legal vs. financial implications.
- The impact on rates and terms.
Want to Talk About Refinancing?
Talk through your situation with a mortgage specialist.
Important Notice to Servicemembers and Their Dependents. If you are currently eligible for benefits provided by Servicemembers Civil Relief Act (SCRA), refinancing current debt may not be beneficial.
PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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