Question by jasonex: 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.
Answer by Irish Eyes
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.
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