Okay guys I need some advice! We’re looking on buying a house before the wedding. Is it normal that my fiancé wants to be the only one on the mortgage and that’s it? Is it usually just one person on a mortgage?
Absolutely NOT. NORMAL!!! This is a huge NO. After we get married we are merging all resources together. No financial secrets. However ,we will have our own accounts to spend and save for things we want or for each other but, both will be accesible to us.
No. It’s not normal. When you talk to your real estate agent, ask for a reference for a real estate attorney, they can provide advice about owning property jointly. Furthermore, if anything were to ever happen to your husband (god forbid) and your name isn’t on the mortgage, the law may not allow you to live in the property if your name isn’t on the mortgage or property deed. (This depends by state but it’s always best to get your name on everything-I also believe all cars should be jointly owned after marriage)
What’s the reason your fiancé gave for wanting to only but his name on the mortgage? If you both have stable incomes, good credit and are willing to take on the mortgage I don’t think it’s necessarily normal to have just one name on the mortgage. Only my partners name is on our home because he bought our flat before I moved to the UK. I was involved in the process but have no credit since moving here (super annoying!) so it would have been a really bad idea to try and add me to the mortgage. If there’s no practical or financial benefit for having it in only one name I would feel very uncomfortable.
There are several reasons you two would choose to only have one if you on the mortgage, around credit score, debt to income ratio, programs for first time home owners. But it seems your FH wants to without looking at all the options, that is weird. Their are lots of reasons you should be on it. You can call in if there are problems, there is no doubt you are the person to handle things if he were to unexpectedly die, if both of you are contributing to the mortgage payment, you should be on the mortgage. It is also important to have on your credit, a mortgage is a good long term long, that can be great on your credit (after a year or so, it can reduce it at first)
Its not normal, since you will be married. If you don't have any credit built up, that may be the reason? Including your name on the mortgage will help you build credit. If it was your choice, it would be one thing....I would want to know the reason behind it for sure. Trust is wonderful, but your spidey sense is going off for a reason Good luck! Stand up for yourself.
No, if you take out a loan (and want both your credit scores & incomes to contribute to the loan amount) you will need to be a co-borrower on the loan. If his name is the only one on the mortgage, it means the company won't take into account any of your credit/income/debt and the loan won't be in your name so you'll have no legal right to the house as an owner.
Haven’t read the responses but actually you not being on the mortgage means you are not responsible for the debt. And that’s not a bad thing. You need to be on the deed/title. That’s where your rights of homeowner are. If your credit is poor totally ok for him to carry the mortgage. As long as you are on the deed he can’t do anything regarding ownership without your approval.
Most have said it’s not normal but what if he feels that this is another way of providing for you? Just talk to him about it. It sounds like to me that maybe he’s got a tinge of old fashioned in him and that’s ok. I will not be on our mortgage as my credit isn’t shot but I do have a substantial amount of student loan debt that will hinder a good mortgage. My FH has excellent credit and no student loan debt.
And I wouldnt say it’s “normal” but it happens more often than you realize. I know many couples where one is rebuilding credit so this is better for the couple. Higher interest rates add hundreds to a mortgage payment. And it doesn’t have to be permanent. If you are uncomfortable you guys can signs. Contract stating you will refinance in x years once your credit score had hit 700 or something. Once you refinance you can always be added back on. It really boils down to trust. And he is trusting you just as much that you want leave him hanging with all this debt.
We purchased our home over a year ago and actually the only way to make it work was for me to “sell” my car to FH and me to buy the house only in my name because from his previous job and taxes were all messed up. We were not engaged yet when we did this. We will have his name on everything once we are married and vice versa with my car.
Many of these posters are confusing mortgage/deed of trust with deed. The mortgage/deed of trust lists who is financially responsible for the property. The deed lists who has legal ownership rights to the property. It's actually advantageous to be listed on the deed but not the mortgage - you have legal ownership of the property without the financial responsibility.
However, if your FH is the only one on the mortgage, only his credit score and his income will be taken into consideration when determining the amount of credit you're eligible for. This could be advantageous if you have no or bad credit, but it could severely limit the amount you are approved for. I would take all of this into consideration and ask him why he wants to be the only one on the mortgage.
However, just because he is the only one on the mortgage does NOT mean he is the only one who owns the property. He can still choose to place you on the deed and make you a legal owner. This will be my and FH's arrangement once we are married. We are not going to refinance his house just to place me on the mortgage, but we will be filing a new deed so I have legal ownership of the house. I'm currently living in his/our house, but I am not and will not contribute towards the mortgage until I am listed on the deed.