Can One Spouse Cash Out a Refinance?

Refinancing a home mortgage loan could position you to obtain the cash-out you need. However, if you're unemployed, your spouse may be able to obtain cash-out during a refinance transaction, provided she qualifies for the loan. You can speak with your banker about obtaining a cash-out refinance loan.

Refinancing can enable a homeowner to obtain cash-out for restructuring large amounts of consumer debt or to lower her mortgage payment. A married couple could jointly apply for a mortgage loan or an individual could apply without using her spouse's income or credit. However, to receive a loan approval the applicant must qualify for financing on her own.

Refinancing to receive cash-out generally requires a home appraisal. A state-licensed real estate appraiser generally prepares a written report that reflects a property's fair market value. A mortgage lender uses the appraiser-provided report to determine the percentage of equity that a borrower may use. You should discuss the amount of equity that you intend to borrow with your spouse before finalizing a cash-out refinance loan.

A borrower who opts for a cash-out loan has typically initiated a refinance transaction for a purpose other than obtaining more favorable interest rates or terms on an existing home loan. A borrower who has met qualifying income, credit and equity conditions could refinance to obtain cash-out without using her spouse. Borrowers are urged to use cash-out wisely, as the loan proceeds are secured against their home.

If you apply for a cash-out refinance loan, your lender should provide a rescission period that lasts for three business days. During this period you get an opportunity to cancel if you change your mind about refinancing. A closing agent will explain the terms of your loan and inform you of the funding date. If your spouse is listed on the title to the home, she may need to sign certain documents at closing that grants permission for you to obtain cash-out.

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