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This is where you are wrong. He will not 'get the house' He would need to apply for a loan on the outstanding balance or use any insurance/savings to pay off the outstanding balance.
This is what the attorney said, "You don't sign away your rights to the loan by having your name removed. If something happened to him and you don't have enough life insurance or savings to pay the outstanding balance, then you would need to refi... You could end up being DENIED because of any number of reasons.. Age, Lack of enough income, Credit history."
Decision is... **bleep** the banks. There will be no snap decision and we will live with the higher interest rate. We are pulled the credit reports to see what is going on.
Oh I can't believe this bank! Said we have poor credit because we don't have ENOUGH credit. They suggested we get a credit card!! How stupid is that!
We have our car loan and our house loan! We do not need, nor do we want a credit card loan. OMG! I have bad credit because I don't have a credit card!
Unless you are applying for a reverse mortgage and you are not 62, your loan can't be denied because of age - it's in the Equal Credit Opportunity Act. Does your attorney have a thorough background with real estate/mortgages?
Hoewever you should get your scores here at myFICO.com - you can get your Equifax score which will be identical to what a mortgage lender will pull, and you can also get your TransUnion scores here but it uses an older scoring model (Classic 98 vs. Classic 04) than mortgage lenders use so it won't be 100% accurate, but it should be in the ballpark. If your scores are the same or better than your husbands, then I believe the issue with this particular lender is that they require you have a certain amount of trade lines/history from each individual on the loan. But that is not the case with all lenders, so if your scores are good then I'd suggest you just try a different lender.
Peckkale - I know it seems unfair, but it is what it is. Lenders want to see that you can handle a mix of credit responsibily in order to feel confident about your risk level. It's also about statistics and based on millions of people's credit history, the stats show that people with a good history of using credit cards are lower risk than people without them at all. While a mortgage and auto loan does feel like it should be enough, a lot of people get in trouble with CCs, so it's important for lenders to see that you can be responsbile with them.