Financing in Mims>Question Details

Mims, Home Buyer in Mims, FL

Husband bought a house in cash, only he is on deed. We want to get a 1st mortgage. Can I be the only one on the mortgage or do I need to be on deed?

Asked by Mims, Mims, FL Sat Sep 26, 2009

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Mims, I am guessing you are looking to take cash out right? Then the 1st question I need to ask is how long ago was the home purchased? In situations like this, most lenders are requiring a certain amount of time of ownership before they allow a cash out transaction.

I guess the next question is why do you want just you on the loan. It is a complicated issue, so it is important for us to discuss the ultimate goal and find thepath of least resistance with the current underwriting guidelines.

I would be glad to discuss,

Andrew Kashella
0 votes Thank Flag Link Mon Sep 28, 2009
Basically, whoever does the mortgage will be the ones to determine their requirements as to who they want on the deed. Typically the person that is signing for the mortgage and responsible for it will be required to be on the deed. That doesn't mean someone else can't also be on the deed in some instances. There are many reasons to take title in various ways. The mortgage holder will want to be the first lien on the property and protect their interest no matter who is in title. An estate attorney can help you determine the best way to take title, but the mortgage lender will determine who will be required to be on title for their initial mortgage requirements.
0 votes Thank Flag Link Sun Sep 27, 2009
Dear Mim's wrong advice. If you and yoru hsunad are not on the deed together in the fiorst place and iof soemthing happens to either of you, the other will be spending a lot of money on probate. Maake sure both of you are on the deed as husband and wife so if anyhting hapopens to either of you it automatically reverts to the survivor. Also make sure your will is in order after you do this. For expert advice with people that handle this every day I am going to ask you to call Tracey Kendall at Supreme Title at (321) 725-0115. and then for expert legal advice I am going to ask you to call John Lack of Lack & lack P.A at (321) 953-5115

Never ever have one person of a married couple on a deed. Also I have a question, Why are there only one of you on the mortgage? It does not make sense at all.
0 votes Thank Flag Link Sun Sep 27, 2009
Who ever is on the mortgage, will be on the deed. You will need to be put on the deed and refianance in your name and then have your husband taken off teh deed. So in the end it will be just you on the mortgage and the deed
0 votes Thank Flag Link Sun Sep 27, 2009
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