I bought my house before i got married. i want to re-fi the house. do i need my wife to sign an homestead exmp
Answer:
I believe Illinois is a dower state which means your wife will not have to be on the loan but she will need to sign the security or dower papers. Those consist of the HUD-1 or settlement statement, Truth in Lending disclosure, Mortgage and Rescission notice. Basically once you were married she retained half interest in any property you owned unless you had something drawn up prior. If you need further assistance you can contact me at cbrown@structuredmortgageltd.c. or (614) 985-3771.
Thank You,
Curt
if mortgage is also comes in the papers. But you told us that you only bought it when before your marriage. she needs to a special power of attorney on that I guess.
No, she does not need to be on it. The only reason you may need her on it is if you need her income to repay the refi. The wife and I were married and I bought our house solely in my name. I did have her name put on the deed should something happen to me. She is not on the mortgage and I refi'd it also.
They say in realestate it takes one to buy two to sell. A few weeks ago I had to have my husband sign off on all 3 of my properties because of the refi issue. My answer is yes she would more than likely have to sign with you.
No, your wife does not need to be involved at all in the refi.
I'm not sure on the homestead exemp, because how can you claim exemption if you don't own the property? I think you need to die first, then have the property transfered to her, then she can exempt it.
Regards
That depends if your state has dower rights. If so when it time to sign the closing documents, your wife will have to sign even if her name is not on the deed or mortgage. She can sign-over her dower rights; therefore, your signature will be the only one needed to close the loans.
She does not need to be on the loan. As long as you still qualify for the loan using your income, and not have to use her income to qualify. Lenders will need 2 years W's, 1 month paystub's, your homeowners policy.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
no
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: