First Time Buyer. Questions on Joint Account savings, but mortgage app on my name

[GetMeSlick]

Hello All,

Finally, we decided to look for our first home. We have some savings on our Joint account with Capital One Money Market Account(Which doesn't have any Checks). Only Online account.

Now I have close to 800 scores on 3 bureaus(not sure how much is the Mortgage scores!). My wife has 750+ scores. 

We are looking at a house price around 420k. We decided to put 10% down.

Now I got a couple of questions

1)If I don't include my wife on the mortgage app, can I still use the money we saved in CapitalOne Joint Savings account?

2)Since the Capital One account is online only account without any checks, how can I pay the down payment? Like electronic transfers for all payments?

TIA.

[JVille]

Is there a reason for not including you wife on the loan? And yes there can certainly be many reasons, but as many important reasons to include her.
And yes you can use your funds in the joint acct.

[H-B]

Your wife has to sign a letter giving you access to funds. 

You can wire the money. 

[GetMeSlick]

There are no specific reasons. Just thought of having only my name on the app and she is fine on that.

I just checked with Capital one, that they dont have link to escrow accounts, but i can be able to transfer the required money from them to my Bank of America checking account with no additional fees.

is it good to have the money on my main bank account earlier or just do it when close by?

[JVille]

For Estate Planning reasons There are many important reasons (Financial & practical) to include her as a Joint Owner and put her in Title.

I will stop as it not my business but you need to discuss the Estate & Tax implications with your Attorney, CPA or Financial Advisor. Leaving a spouse off a mortgage application do to credit issues or qualification debt issues has been advised on this board by myself and others but don’t do it just for convenience. The financial repercussions can be costly.
Ok I’ll get off my soap box

[emferrari]

I just had this EXACT same situation. My wife is not in the loan but we have a joint savings account. She is not in the Loan as she had a employment gap (we were living overseas and she decided to stay at home for a while). The only thing the bank asked for was a letter which she signed giving access to the funds.

Here is an example of the letter (short and sweet): http://teamprimary.com/wp-content/uploads/2010/11/Account-Access-Letter-for-Joint-Bank-Statements.do...

Keep the money where it is easier to show paper trail. If you move to BofA, make sure you print a current statement showing the funds going out of CapOne and arriving at BofA, don't move anywhere else until the u/w gives you the C2C.

[GetMeSlick]

Thanks for the info. That's helpful