Title Insurance Tuesday- Learn Here
Summit Title LDS
Summit Title LDS
Seems Like A Simple Question...
"If only one spouse is borrowing on a refinance, does the other spouse need to be present for the closing?"
ABSOLUTELY YES!
The parties are refereed to as the "borrowing spouse" and the "Non-borrowing spouse." The non-borrowing spouse should be at the closing since they need to be fully aware of the transaction and its terms since the new loan effects their homestead rights.
The non-borrowing spouse must sign documents including, at least, the Truth-In-Lending. Mortgage and Right of Rescission. Be aware that the non-borrowing spouse has as much rights to rescind as the borrowing spouse. it is always best for both of them to be present at the closing to avoid questions of complete disclosure.
ABSOLUTELY YES!
The parties are refereed to as the "borrowing spouse" and the "Non-borrowing spouse." The non-borrowing spouse should be at the closing since they need to be fully aware of the transaction and its terms since the new loan effects their homestead rights.
The non-borrowing spouse must sign documents including, at least, the Truth-In-Lending. Mortgage and Right of Rescission. Be aware that the non-borrowing spouse has as much rights to rescind as the borrowing spouse. it is always best for both of them to be present at the closing to avoid questions of complete disclosure.
Stay tuned for another Title Tuesday- Learn More...
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