can refinancing change ownership?

[ElliesMomma]

when i bought my house i was single and working. my name is the only one "on the house." now, since having two kids, i am a SAHM, not working. the house is still in my name. we are probably going to be refinancing soon. since my husband is the only one with an income, i assume it will be his name on the new mortgage. will this affect my "ownership" of the home? or is there some "title" to the house, that will still be in my name, even if i am not named as responsible for paying the mortgage.

i'm asking b/c the house needs to stay in my name, for a variety of important reasons.

i appreciate any advice before heading into this. thanks!

[sunnysandiegan]

Refinancing does change the title/deed to the house. The rules depend on a few factors, though, so you would get better advice from someone local (regarding county laws) and your lender (regarding their rules).

We live in San Diego and our lender changed the way our deed is when we refinanced recently. I have no income, but am listed first on the deed now simply because our lender goes by who is listed on the qualifying account. Our lender and main financial institution is a credit union. They have weird rules and the joint account where my name is listed first (original owner) was the only qualifying account at the time we refinanced. (Our previous loans had the joint account where DH is listed first as the qualifying account, so those loans - various types - have him listed first on the title/deed/etc.) DH has the verifiable income and is listed second on house deed. We had a good laugh over that.

Anyway, your name can be on the deed with or without verifiable income. Just make sure you fill out the paperwork correctly at the lender and ask questions.

[Kristine233]

His will probably have to be on it since he's getting the mortgage for it, but yours can stay on it too. Just because you have no income doesn't mean you can't be on the mortgage. My name is on ours even though I wasn't working and the mortgage was done based on DH's income.

[mnnice]

In order to refi in our current situation I would highly suspect that you are going to have to add DH to the title.

If his credit is terrible you are unlikely to qualify to refi for any terms that you want to take.

Depending on where you live it may already be half his house regardless of what the title says (i.e. a community property state). If you were to divorce in a non community property state he would have a pretty complying case that it was part his house if his income payed the mortgage for a lengthy period of time.

[mum4boys]

I am not seeing why if you needed dh's name on the title for refinance that once it goes through why dh cannot quit claim his rights back to you thus removing his name from the deed. It would not effect the finances at all.

[velochic]

I added dh to the house deed through a refi many years ago. I bought it before we were married and I remain on all the paperwork.

[BathrobeGoddess]

My dh is the only one on our mortage BUT I am on the deed, insurance, etc. As a SAHM, I made no income so I wasn't on the actual loan...though sometimes having the non wage earner on the note can rasie the credit score, in our case it did not.

[Mama Lo]

To second what most have said...
The house can stay in your name but your husband's will have to be added because he is going to have to be on the mtg since you have no income.
You will both have to be on the deed.