The deed is in my name only. I do not want to add my spouse to the deed. But I need my spouse's income to qualify for this cash-out refi. I purchased the house before we married so it is titled in my name only and the existing primary mortgage is in my name only.
My spouse is willing to co-sign the cash-out refi mortgage and the note without also adding his name to the deed. Why is the lender requiring that his name be added to the deed? Is it just this particular lender? If so will I be successful just finding another lender?
Other facts: Pennsylvania. Loan to value ratio only 50%. Both of us have very good credit scores. We are doing this for debt consolidation (primary, equity loan, auto loan, credit cards), so will have no other debt once we obtain this new primary mortgage cash-out refi, and together our incomes meet the front and back ratios.
Parents co-sign for kids without being on the deed (co-sign the note, not sure whether parents usually co-sign the mortgage too) so why can't the spouse co-sign the note and mortgage without being added to the deed?
With a loan to value ratio of 50% (100k loan, 200k house) would seem lender should be willing without forcing me to add spouse to the deed.
Thank you in advance for any insight, solutions, referrals here in Pennsylvania.