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Does spouse need to be on deed/title of house to get a mortgage/line of credit? |
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. Only if you want to use his income in qualifying. Lenders want the title to reflect the names on the loan. Source(s): Loan Officer and Realtor in San Diego. Website http://www.danmelson.com/ 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. 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. not reallly. 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 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. |
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