should we put both of our names on the mortgage?

bjordan6

my husband makes close to three times my salary, and his credit is also a bit better than mine.. should he just get pre-qualified for the mortgage and just have his name on it? or should we try to put both of our names on it. i don't want to drag us down any, and if we can get what we want on what he can afford alone, then that's great right? just need some advice! thanks in advance!

musictchr25

I believe that you can have your name on the deed for the house but not necessarily on the mortgage. Leaving your name off the deed could financially hurt you in case of a separation or divorce (just trying to give you the worst case scenario - not saying that will happen). I don't see a problem leaving your name off the mortgage, but do understand that you both should be prepared financially to cover all expenses if your husband were to lose his salary, so don't go overboard just based on his income alone.

simplyelise

Is your credit bad or just lower than his? Is there debt in your name that is not in his name?

MommyLiberty5013

Even if you're not on the mortgage loan be sure you are a part owner in the deed of the home.

minionlover

I agree with the other posters - make sure that your name is at least on the deed.  The mortgage doesn't matter so much.

jtmh2012

Here's the way it was explained to us by our mortgage company.  It is possible to put both names on the deed and one name on the mortgage.

However, lets think worst case here.  If your husband dies, the mortgage was in his name only.  You are not a party to that loan and the way it was explained to me was that the loan essentially becomes due upon his death.  So you either need to have enough life insurance/emergency money out there to pay the loan in full or you need to be able to qualify for your own loan and whatever the prevailing interest rates would be at that time.

So at a minimum, ask your bank what happens should your husband unexpectedly pass away before you pay off the loan by whatever method (fully paying the loan, moving/selling, etc.).

BlueBirdMB

We went through this.  If only one person's name is on the mortgage then the deed will only have that person's name. You would need to hire a lawyer to have your name added to the deed.  You 100% want your name on the deed.  So basically you can either do this now or later.

emily1004

BlueBirdMB said:

We went through this.  If only one person's name is on the mortgage then the deed will only have that person's name. You would need to hire a lawyer to have your name added to the deed.  You 100% want your name on the deed.  So basically you can either do this now or later.

That's not entirely true. OP, check your state laws or ask your REA. In our state, we did not need to hire a lawyer to have my name added to the deed at the time of closing. My name is not on the mortgage.

Sisugal

A lender requires that the person with the mortgage be on the deed. There is no restriction by the lender to have another person on the deed.

NoneForUs

My husband will be the only name on our mortgage. 

He makes far more money than I do and he has better credit. For us it is practical decision. 

cmoran

I am a licensed loan officer. You can have both your names on the title and only his on the mortgage. If he has better credit than you and can qualify in his name then you should stay off the mortgage as your pricing in terms of rates will be more if you are on the mortgage loan. Pricing is based off the borrower that has the lower middle credit score so if for example he has a 740 and you have a 650, then rates are going to be based on the 650. 

lovemesomemonster

Have your loan officer run it with both and just his to see what the difference would be in terms of interest rates.. Also, do you have debt that he doesn't? that is the only way that you will negatively impact what you are approved for. We have two houses (both bought before marriage) we are both on the mortgage and deed of the first house.. FI is the only one on the second house mortgage because I'm the only one with "debt" that isn't the other house (school loans) so I dragged us down on that one.. but I AM on the deed.

amhill87

Some states are community property states, example in Florida or Texas a married person can purchase a property with their name only on the deed and their spouse is on the mortgage. I work in title research so I see deeds and mortgages all day every day.

GarnetAndBlack

This. I am a real estate agent and investor. We never put both names on the mortgage and I don't suggest it for several financial reasons.