Do we have to uncover support for both owners, or can only a single get a loan formed upon their income solely.
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There is a closing. Since both of you own the property, both of you will have to sign.
This makes sense, doesn’t it? Would you be satisfied if your husband could take out an equity loan on property you both own just on his own signature?
You can rely solely on one income to obtain a home equity loan, however if your spouse is on the deed to the home, that person will have to sign off on the loan since that person stands to loose their rights to the home in the event you default on the note.
Having said that, be aware that some states have different laws concerning this. For information in your area, simply call a local financial institution that does home equity loans and ask a loan officer the question. It doesn’t have to be the company you are going with as they all should have the information. Also, various lenders will have their own requirements.
Good luck.
You may obtain a loan solely in your name, but this does not take your husband’s name off the deed. Furthermore, your husband will need to approve this transaction with the lender because he is on the deed – i.e. an owner…even though only you would be on the home equity loan.
To be approved on your own, your financial stats would have to be approved by the bank. Then your husband would have to approve.
If you do this, you will have sole legal responsbility to repay the loan, but your husband will still be on the deed – i.e. own the property.