Can my wife use my income for a loan?
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Can my wife use my income for a loan?
Under their laws, any debts or income incurred after you’re married belongs to both spouses, including most assets acquired. As such, California law allows a mortgage lender to count your spouse’s debt against you even if you apply for the mortgage by yourself.
Why does a non borrowing spouse have to sign the mortgage?
The mortgage or deed of trust says that if you don’t, the lender can foreclose on the house. If your spouse isn’t your co-buyer, she doesn’t have to sign the note, but the lender may insist she sign the mortgage. That ensures the lender’s claim on the property trumps any marital rights she has to the house.
Can I add my wife to my mortgage?
Before putting your spouse on the deed, contact your mortgage lender. If you want to add your spouse to the mortgage, you will generally have to refinance your loan. A spouse with bad credit means you will pay a higher rate, so in that case, it doesn’t make sense to add them to the mortgage.
Can you add someone to your mortgage loan without refinancing?
Refinancing is Required to Add a Co-Borrower Adding a co-borrower to a mortgage loan isn’t as simple as calling your mortgage company and making a request, and you can’t add a co-borrower without refinancing the mortgage. A refinance allows you to change the original terms of your home loan.
Can your name be on the title but not the mortgage?
A person’s name can be on the deed but not the mortgage. In such circumstances, the person is an owner of the property but is not financially liable for mortgage payments.
How can I get my ex off my mortgage without refinancing?
You usually do this by filing a quitclaim deed, in which your ex-spouse gives up all rights to the property. Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner’s name from the property deed and the mortgage.
How do you buy your partner out of the mortgage?
Once you have your valuation, simply deduct the amount of mortgage you owe to find out how much equity you have. You’ll then owe your partner around half of this figure if you wish to buy them out from the mortgage.
