How To Refinance Mortgage
Can we Refinance Mortgage in only one spouse's name? Please help … Thank you!?
My husband and I have a current mortgage and second mortgage on both our names. I is now a stay-at-home mom no income. My husband has good credit and a decent income. I think he would qualify the loan-to-income ratio wise. I have OK credit and a lot Credit card debt (in my name only), which is how I paid for college. Is there any reason we can not refinance both Mortage into one in his name only? I plan starting my own business and would like to keep my debt down as much as possible. Is this a possible / good idea? If so, I'd have to quitclaim the house to him before we apply for a mortgage? Would we have to explain to the bank, why we do this or will it matter? Thanks for your help.
I will guess you might have to leave the claim first, but I am not a lawyer. I'll just go to the bank and ask or call them. But quit making claims on the property would place you in a bad situation if there ever was a divorce. You would have no rights to the house at all. My husband signed one after we split up. I was the only working anyway. We were owner financed by his step father, so it was not a problem for me to pay the house and obtain title deed in my name.