Buying A Home
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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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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Should my name be on the mortgage??
My husband just told me he only put his name on the mortgage but we both signed the contract. It's our first house and I'm not sure if it matters or not.
Re: Should my name be on the mortgage??
We will both sign the deed. But DH is the one financially purchasing the house. Having my name on the mortgage application would have hurt us because I'm a SAHM/Evening student right now. No income of my own. This will be our first house as well.
I would say it depends on if you have an income and credit score that will help the mortgage process. It isn't uncommon for only one spouse to be on the mortgage for one reason or another.
I didn't think that one spouse could not be on the mortgage and then be on the deed at closing. I thought that had to be done later (the other spouse added to the deed). Clearly, I'm wrong, but that had been my understanding.
What happens if the marriage splits up? The person on the mortgage is liable for the mortgage, but both parties are entitled to their share of the house? Not trying to be argumentative, just trying to understand.
Not entirely sure but that is just what our agent told us, because financially I'm no help on actually purchasing the home at this time. In Pennsylvania its all community property anyway. Even if it was just DH's name on the deed I'd be entitled to half. Maybe it depends on what state you're purchasing a home in. I know I had to sign our contract with our agent and when I questioned why he said it was because my name will go on the deed just not on the mortgage.
This is true, my DH's name is only on the deed.
I think you need to determine what's legal in your state. You also need to understand the difference between "mortgage" and "deed".
A mortgage is the financial responsibility for home ownership. It is who the mortgage holder (a bank or mortgage company) will go after for payment. If your name is not on the mortgage that may not necessarily mean you have no financial liability; the laws may vary by state.
A deed is the actual legal document that confers ownership. It's what is filed with the city/county/state to show who owns the home, or has a mortgage on it. This also varies from state to state. For example, in Michigan where I live, a woman who owns a home before marriage does not have to put her husband's name on the deed. This goes way back to the times when women outlived men, and a widow with home ownership would not have to put her new husband's name on the deed.........intended to keep possible "gold diggers" from getting a widow's property. So, you need to know what your rights are in your state. The ownership only matters in case of death or divorce.
If this really bothers you, I'd recommend you talk to an attorney.
I understand about the community property and being entitled to half. I'm wondering if you would be liable for the mortgage if you guys split up (This is just purely academic on my part; just completely curious! Also, not at all implying that your marriage won't make it!!)
Thanks for the info to everyone ~ I'm just always curious about all this stuff.
When we bought our house, per the law of the state both of our names had to be on the mortgage or their is this other process. Anytime one of us took out credit and the other was not on the credit application they creditor had to contact the other. I think you should check out the laws of your state.
You should really consult your attorney about it. In NY and FL, you can be on the deed but not on the mortgage. I have checked into the first time home buyer stuff since I have owned a home in the past and even if I was not on the deed for the new house, my DH is still not considered a 1st time home buyer because we are married, (this is for NY). If you decide not to go on the mortgage, I suggest getting your name on the deed.
You do NOT have to be on the mortgage in order to be on the deed.
You MUST be on the deed IF you are on the mortgage.