Question
Can I refinance my mortgage without listing my spouses income?
I bought my current townhome before I got married. We are now looking into moving to a bigger home, but I'm the only person listed on my mortgage. I also have one of those bad loans where I'm upside down, so it's a problem if I sell right now. Can I refinance this existing loan without including my spouse on it? And in that case he would have to get a house in his name alone, since I'm already on this mortgage. I'm at a loss cause I don't know what to do, it feels so complicated.
1 month ago - 5 answers
Best Answer
Chosen by Asker
The best bet is to possible speak with the loan modification department of your lender. In these particular situations. Some financial institutions are willing to negotiate with current home owners that are running into situations on paying their current mortgage. Your lender might want to consider household income in determining the debt to income ratio. However, if you still find yourself having problems on paying the current mortgage. Then this would be the best opportunity for you. Refinancing wouldn't be an option if you owe more on the home than what the current value suggests.
by jpocia03
1 month ago
Asker's Rating: 
Other Answers
Yes, you can refi in your name only if your income qualifies you. But how are you going to refi if you have negative equity?
by jlf- 1 month ago
yes you can try. with negative equity you will be denied.
by David Z- 1 month ago
You can't refinance if you owe more than the house is worth. You can buy another home if you plan to live in it, but would have to qualify for both house payments & can't use rental income until you show it on tax returns for 2 years.
by Beverly S- 1 month ago
yes you can refinance if you dont want his income included and you can also put your name on the other mortgage with his if the bank qualifies you either way, your husband wont qualify for the tax credit because you are married
by I gotz that wicked clown love- 1 month ago