Does my husband have to be on the title or deed to the house for us to get a mortgage or equity line of credit? I live in NYS.
2006-08-24 03:34:34 · 7 answers · asked by misymagicg 2 in Business & Finance ➔ Renting & Real Estate
Only if you want to use his income in qualifying. Lenders want the title to reflect the names on the loan.
2006-08-24 03:38:23 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
His name doesn't have to be on title prior to refinancing, but if you add him to the loan, then his name will have to be added at closing. The title company will take care of that. If your state is a community property state, then his name will automatically be added when you buy and/or refinance as a married couple.
Rick Lanicek
www.primelendingonline.com
2006-08-24 03:54:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
So long as you can qualify for a loan by yourself, you do not have to have your spouse on the loan.
In regard to the title, it varies from state to state but if he is not on title, some states require that he sign "dower rights". This is common in states where marital property is divided equally in the event of dissolution of the marriage. He would be acknowledging that he has signed away his dower rights to the property.
2006-08-24 04:03:43 · answer #3 · answered by boston857 5 · 0⤊ 0⤋
If you bought the house when married, then he is automatically on the deed, but if you bought the place before you got married, then he needs to be added if you want to use him to get a mortgage.
2006-08-24 03:40:38 · answer #4 · answered by sq 3 · 0⤊ 0⤋
No. But the loan will be 'tailored' to your income and risk. This would mean. Not as much money at a higher rate.
When push comes to shove you are married and you still would have to share the debt.
2006-08-24 03:40:59 · answer #5 · answered by Puppy Zwolle 7 · 0⤊ 0⤋
definite you may as long as the two are indexed. If she makes sufficient you may properly be extra advantageous off putting it in basic terms in her call to get a extra advantageous fee. while i became into with my ex I had large credit and his sucked yet because my earnings became into no longer sufficient for the homestead we've been procuring we had to place it in the two our names and had a extra robust fee through his very undesirable credit
2016-12-17 16:25:35 · answer #6 · answered by ? 4 · 0⤊ 0⤋
not reallly.
2006-08-24 03:41:07 · answer #7 · answered by DJ 2 · 0⤊ 0⤋