If I am married, can a lender or broker turn down my application for a mortgage or home equity loan in my own name?
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If you’re applying for individual credit in your own name, a creditor – such as a lender or broker – can’t deny you credit because of your marital status.
If you are creditworthy, you can get your own mortgage or home equity loan based on your own qualifications, and a lender or broker generally can’t require your spouse to co-sign the loan.
A lender or broker, however, can request information about your spouse, or former spouse, in the following cases:
- They’ll be responsible for paying debts on the account
- You are relying on their income to repay the loan
- You reside in a “community property” state
- You are relying on property located in a “community property” state to repay the loan
- You are relying on alimony, child support, or separate maintenance payments from a spouse or former spouse to repay the loan
If you’re unable to make your payments, your spouse’s signature could be required on documents that make the property available to satisfy the debt. For example, a lender or broker may require your spouse to sign documents to create a valid lien or pass clear title.