Can I refinance my home solely in my name from it currently being solely in my wifes name?

Question

We purchased a home 2 years ago, and at the time my credit was poor, and my debts were high. In the last 2 years, my score has raised significantly, and have paid almost everything off.

The current mortgage my wife applied for and was approved alone. We are both on the title/deed, but just herself on the mortgage.

I am looking to do a refinance, and want the new mortgage to be solely in my name. I currently make more than her, and our "scores" are within points of eachother using the free FICO evaluators our CCs give us, and places like CreditKarma/CreditSesame.

Will there be any issues to run into?

SCATTY c · Answer

Firstly, unless you have a mortgage in the first place, you can't remortgage. Your wife can remortgage, but you can't.

Basically, you will have to take out a new loan in your name only.   I suggest you talk to a mortgage broker

But given, you have nearly cleared the loan anyway, why do you want the expense of taking out a new loan ??

Slickterp · Answer

The only issue is that it is unlikely you would both go on the deed without both being on the mortgage.  That is odd and rarely happens.

babyboomer1001 · Answer

In my state, both spouses must be on the mortgage.  If you qualify, there's no reason why you can't refinance in your own name.  However, since so many marriages don't last, I would recommend that you refinance in both of your names.  Talk to your lender about it and you might want to get legal advice on that too.

Judy · Answer

You probably can if your credts is good enough.

curtisports2 · Answer

Scores are only one of many factors. You say you have paid 'almost' everything off. What remains unpaid is one potential issue. Why would you not want to refinance jointly, and greatly increase your chances for success?

Trending News

Can I refinance my home solely in my name from it currently being solely in my wifes name?

5 Answers