Can we refinance mortgage into only one spouse's name? Please help...Thanks!?

My husband and I have a current mortgage and 2nd mortgage in both of our names. I am now a stay-at-home mom with no income. My husband has good credit and a decent income. I think he would qualify loan-to-income ratio wise.

I have OK credit and a lot of credit card debt (in my name only) which is how I paid for college.

Is there any reason we can%26#039;t refinance both mortages into one in his name only? I plan to start my own business and would like to keep my debt down as much as possible. Is this a feasible/good idea? If so, would I have to quitclaim the house to him before we apply for the mortgage loan? Would we need to explain to the bank why we are doing this or would it matter?

Thanks for your help.

Can we refinance mortgage into only one spouse%26#039;s name? Please help...Thanks!?

I was in the same exact position you are about 3 years ago...and yes, my husband refinanced in his name alone....We both still remain on the deed. The mortgage company (Wells Fargo) actually suggested this since my credit was not as good as my husbands, and he could qualify for a lower rate. This is not as uncommon as you think and can be done easily as long as your husband makes enough to cover the mortgage. But PLEASE!!!!....Make sure your name remains on the deed!!!!

Can we refinance mortgage into only one spouse%26#039;s name? Please help...Thanks!?

Sure, if his credit will support it. I don%26#039;t think you need to explain why, although why you%26#039;re doing it is perfectly justifiable.

I don%26#039;t think you need to quitclaim it either. Your name (may depend on your state) should be able to be on the deed without being on the mortgage, but I%26#039;m not 100% sure - you should check with a real estate attornery, or even a quick question to some RE forum somewhere.

Can we refinance mortgage into only one spouse%26#039;s name? Please help...Thanks!?

Wow! You opened so many cans of worms here.

The short answer is %26quot;Yes.%26quot; The long answer follows.

You will need to quit claim the house to him to close the loan in his name, but you want him to quit claim the house back to both of you afterwards. Your escrow/title officer can help with this.

As regards starting your own business, you will want to set-up credit in the name of the business. The easiest way to do this is to set-up a new corporation or LLC, and then set-up the business credit in the name of the business. If one of you, or a good friend, has a credit score north of 700, you can get up to $300,000 is unsecured business credit lines in 6-12 months.

You can always use the business credit to pay off the personal debt, but this takes some counselling.

You don%26#039;t have to tell the bank anything regarding the quitclaim and recapture, because in most states, it is legal for one spouse to own/refinance property in his/her own name. Just make sure that the property is quit-claimed back to both of your names after the refi, so that if your marriage goes south, you don%26#039;t lose any personal rights.

If you need more information or assistance, feel free to contact me directly. I would be happy to help you, but your financial issues should be kept out of a public forum. Good luck!