Buying A Home
megsw4
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Just married, do we add him to my house loan/mortgage?
We just got married last week and I own my townhouse. He's been living with me for a year. Now we are wondering should we add his name to everything or not? Would it make a difference in his credit score, our ability to get a home loan on a new house later, etc??
Re: Just married, do we add him to my house loan/mortgage?
Yes, if you add him, it goes on his credit.
We own multiple houses, all of which are only in 1 person's name. When you guys need to buy a new car or get a loan, both of your DTIs will reflect that mortgage. We put the house only on 1 person's credit so that the other person's credit is available for life's needs.
Note that adding him to the mortgage is not the same as adding him to the title, which may be required by law in your state.
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Thinking of doing cosmetic updates to a dated home? These were our costs.
You will need to refinance the mortgage to add him to it and yes it would go on his credit. Often, refi's cost money although there are some no closing cost refi's out there. Depending on your interest rate and his/your credit score it might make sense to do this.
Adding him to the title of the house is a much more simple and less expensive process. That will not change his credit at all.
This. We own our house only in H's name because I had debt and was in school when we bought it. I can add my name to the title at any time, and am choosing to wait until my school debt is paid off just to give myself piece of mind and so I don't have to claim property if I apply for a new loan when/if I go back to school, we will keep the morgage payments in his name only, but in reality the morgage comes out of our joint account anyways.
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It is better to consult a financial planner than a lawyer for this. And if you want to do this only to add title then no need to refinance, you can always add him to the paperwork without adding him to the loan. .
I owned my own home free and clear when I married DH. I didnt add him. When I sold it, all the $ went into our new house which is also in my name only because we built it on land I owned and the deed to the property was in my name. I never even changed it to my married name and its been 12 years now.
I wouldn't.
If you guys ever divorce (not saying you will), the town home is yours because you bought it before marriage.