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Home Equity/refinance question..

The last post in this topic was posted 3465 days ago. 

 

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Hello,

 

My husband & I may be getting a home equity loan but I have a few questions first. We live in Florida & we own our house free and clear (no mortgage). We just ran into a financial problem and need about $10K fairly soon.

We are planning on applying together although I am the only one earning income right now. The reason I have to involve my husband on the loan, despite him not having a job, is because the home title is ONLY in his name. My question is: Can I (with him) apply for a home equity loan if the home is not in my name? Some people say it's o.k. because we're married and he will be on the loan also. Then others say it's not possible for my name/credit to be associated with a home equity loan if my name isn't on the deed. Any advice on this?

 

Thanks...

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KFisher;

 

The answer is yes. As long as your Husband's credit meets the requirement, he can be on the loan with no employment income with you as a co borrower.

 

Best Regards;

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Not Necessarily,

 

You can have a co borrower on a loan and not on title and they do not have to be added at closing. I am 100% sure of this.

 

Your name would need to be on title as well to get the loan however that is something they can add when you close - It should not be a problem.

Good Luck

B

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Not Necessarily,

 

You can have a co borrower on a loan and not on title and they do not have to be added at closing. I am 100% sure of this.

 

Your name would need to be on title as well to get the loan however that is something they can add when you close - It should not be a problem.

Good Luck

B

It might be allowed with some banks however it would be foolish to be held accountable for a loan that is not for something you own. I would never advise anyone of doing this and not all banks will allow it.

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Banks allowing you to have a trailing co borrower is slightly more likely than a bank allowing you to take your property as a primary residence with a husband that works in india. Brian; When a couple is married and one of the spouses doesn't want to be on title to protect the home whether its due to their occupation or numerous other reasons. It is a verry common instance to have a trailing co borrower not on title but on the loan and most banks do allow it these days.

 

Best Regards;

 

 

Not Necessarily,

 

You can have a co borrower on a loan and not on title and they do not have to be added at closing. I am 100% sure of this.

 

Your name would need to be on title as well to get the loan however that is something they can add when you close - It should not be a problem.

Good Luck

B

It might be allowed with some banks however it would be foolish to be held accountable for a loan that is not for something you own. I would never advise anyone of doing this and not all banks will allow it.

Edited by DBleynis

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