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IN California can my husband refinance only in his name the new loan? He claims is faster if he does it only on his income i

by Yolie2000200212 from , California. May 26th 2016 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info needed... It's not any faster to do it in one name vs. two.. but there could be reasons why you would want to do it in one name only.. If one person has sufficient income to qualify on their own and the non applying spouse has a lower credit score, then it's possible the rate would be lower.. Loan pricing is based on the lowest MID score of ALL borrowers.. Also, if the non borrowing spouse has a credit issue that has a mandatory waiting period, I could see a benefit there as well.. but aside from that.. There is no other benefit.. Unless he is doing something scrupulous.. Understand that if the home is in both names, then he cannot refinance it without your signature.. And if you do allow him to refinance in his name only, you would be signing your rights away to the home and any of it's equity.. you still might have rights given to you by the state, but typically, you need to go to court to reclaim them.. You should try contacting a local real estate attorney and have him advise you.. Only then will you have a full understanding of your scenario. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

May 26th 2016
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