Promissory Notes and Deeds

[SandLot]

What is the name of your state? Connecticut.

If I'm buying a house, and I have both my name and my wife's name on the deed to the house (my wife is a stay-at-home mom with no income), does my wife's name also need to be on a promissory note for a loan for the house, or can I only have my own name on the note? Also, can somebody refer me to a specific law which holds the answer to this question?

Thanks you, in advance, for the help.

[moburkes]

You'll need to ask your lender that question. Just because she is a stay at home mom now, doesn't mean that she won't have income in the future should you default on the loan.

[SandLot]

Does that mean that it is up to the lender to decide whether it is allowed or not? There's no law one way or the other, it just depends on the terms which the lender sets?

Thanks.

[moburkes]

Originally Posted by SandLot

Does that mean that it is up to the lender to decide whether it is allowed or not? There's no law one way or the other, it just depends on the terms which the lender sets?

Thanks.

Yes, it is up to the lender.