Can a spouse refinance a mortgage alone if the other is not working?
The situation is this. My wife and I bought a home b4 we had kids. she is now a stay-at-home mom and does not have a paying job. We want to refinance to lower the payments. Does the bank require a credit check on both spouses or is it normal that they only care about the one who has a job? Any mortgage professionals out there with the real answer? Really appreciate it. Thanks.
Tagged with: credit check • job • mortgage professionals • stay at home • stay at home mom
Filed under: Things To Consider When Refinancing
If you live in a community property state your wife’s credit will be pulled and any debt that she has that is not joint will be held against your debt to income ratio. If you qualify with just your income you should be fine.
No, you can refinance without having your wife on the loan. And, no they won’t pull her credit if she is not on the loan. It is not uncommon for just one spouse to do a mortgage…for a number of reasons. However, if you live in a community property state they will still want her to sign the deed at closing.