Consumption and Real Estate
Does spouse need to be on deed/title of house to get a mortgage/line of credit?
Question : Does spouse need to be on deed/title of house to get a mortgage/line of credit?
Does my husband have to be on the title or deed to the house for us to get a mortgage or equity line of credit? I live in NYS.
mortgage on line
Best answer:
Answer by Searchlight Crusade
Only if you want to use his income in qualifying. Lenders want the title to reflect the names on the loan.
So long as you can qualify for a loan by yourself, you do not have to have your spouse on the loan.
In regard to the title, it varies from state to state but if he is not on title, some states require that he sign “dower rights”. This is common in states where marital property is divided equally in the event of dissolution of the marriage. He would be acknowledging that he has signed away his dower rights to the property.