Married … Buying a house .. Thus, a mortgage? Or just me?

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What should I do if my wife has a decent amount of college debt, it is still in school and household income did. Is it better to apply for and buy a house just under my name? Or do they automatically include male and female income required / debt mortgage loan approval? Thank you for your answer!

8 Comments
  1. Reply
    golferwhoworks
    May 16, 2011 at 4:41 am

    the note can be done only in your name but she needs to be entitled as a joint owner. So her credit and income will not be used to qualify the loan at all

  2. Reply
    cottonlily84
    May 16, 2011 at 4:57 am

    They don’t make it mandatory. If she’s not contributing then I see no reason for her to be on the loan. However, I, as a wife, would want my name on the deed of my house and then it would also have to be on the mortgage itself BUT not the loan.

  3. Reply
    xenadsl111
    May 16, 2011 at 5:25 am

    Your mortgage rep should be able to run it both ways. If you are primary, they really use your credit score mostly to determine the rate. They can pull your credit a bunch of times in one day and it doesn’t affect your score, so have your rep run it both ways and you’ll see which is better for you both. She is still in school, but does she contribute any income? If not, then her debts will hurt you. If so, then you may qualify for a larger mortgage even with her debts.

  4. Reply
    Worldly25
    May 16, 2011 at 6:11 am

    Just your name gets you the better rate. Young couples do that all the time.

  5. Reply
    tricia
    May 16, 2011 at 6:34 am

    The mortgage on our house is in my husbands name, as my credit isn’t good. Yeah, you can have it your name only, it’s possible.

  6. Reply
    susdavmurph
    May 16, 2011 at 6:40 am

    Here is the deal.
    If your spouse’s monetary obligations will harm your chance of best rates and settlement, then you alone should apply.

    Later on after her situation is better you can add her to the mortgage. She will not lose any entitlement to the property if she is worried about that. Make sure after you purchase that you have a legal and binding will that gives her the property and estate to avoid any interference from the State or others who may have interest.

  7. Reply
    John
    May 16, 2011 at 7:32 am

    One other thing to think about and this is a worst case scenario…

    If just your name is on the title and you die, then your wife will have to go through legal channels to take ownership.

    If both names are on the title with right of survivorship if one dies the house automatically transfers without question to the other.

    It might make it harder to get the loan but if the worst should happen you might have wished you waited until you both could go on the loan.

    Just an additional thought.

    But yea pretty sure like everyone else is saying you can just go on the loan yourself if that’s what you need to do.

    Best of luck

  8. Reply
    TheOtherChris
    May 16, 2011 at 7:52 am

    All of these answers are dependent on the laws of the state in which the property is located. Some state laws require both spouses to sign the Mortgage/Deed of Trust if it is their primary residence; even if one of them is not on the title. Ask the title company how they have been instructed to prepare the deed BEFORE you have to sign it.

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